Afrinvest’s senior leadership team on a courtesy visit to Mr Elumelu Nigerian billionaire investor Tony Elumelu has revealed that he transferred $1 million to Afrinvest West Africa without a written agreement or specified repayment terms after the 2008 global financial crisis, relying solely on his confidence in the company’s leadership.
Mr Elumelu, chairman of Heirs Holdings, said the investment had recently been repaid with interest, more than a decade after he extended the financial support to the investment firm during a difficult period. In a post published on his verified Facebook page on Thursday, Mr Elumelu said he made the unsolicited investment because he believed in the leadership and resilience of Ike Chioke, Afrinvest’s group managing director, and his partners.
He said he requested the company’s account number, transferred the money and told its leadership to repay it when business conditions improved. “There was no documentation, no agreements, no terms,” Mr Elumelu said, describing the arrangement as an act of confidence in the company’s ability to overcome its difficulties. Mr Chioke subsequently led members of Afrinvest’s senior leadership team on a courtesy visit to Mr Elumelu to express appreciation for the support.
Mr Elumelu said the repayment represented more than recovering his capital and the interest earned on it. He said it showed that the company had honoured the trust placed in its leadership, reinforcing his willingness to support other promising businesses. “The act of repaying trust, not just capital, is inspiring and encouraging,” he said.
Mr Elumelu said he hoped the experience would encourage financially successful Africans to invest in people and businesses with potential, particularly when they face difficult circumstances. He warned that beneficiaries who betray investors’ confidence risk discouraging them from extending similar support to others.