The Group Managing Director of Afrinvest, Ike Chioke, has credited billionaire businessman Tony Elumelu with helping the investment firm survive a major financial crisis in 2011.
Elumelu provided a personal loan of $1 million when Afrinvest struggled to rebuild its business after the global financial crisis. Chioke said the support came at a time when the firm’s future was uncertain.
Elumelu’s intervention in 2011
In a letter of appreciation dated October 14, 2026, Chioke recalled how Elumelu offered the financial support. He said the businessman placed his confidence in both the company and his ability to rebuild it.
According to Chioke, the loan helped Afrinvest recapitalise and recover from its financial difficulties. He described the gesture as an extraordinary act of trust and friendship.
He also explained that Elumelu’s support went beyond providing funds. It gave the company an opportunity to rebuild its operations and strengthen its position in Nigeria’s financial services industry.
Afrinvest completes loan repayment
Meanwhile, Chioke confirmed that the company had fully repaid the $1 million loan in June 2026. The repayment brought a 15-year financial obligation to an end.
He said settling the debt meant more than fulfilling a financial commitment. It was also an opportunity to honour someone who supported the company during a difficult period.
Since then, Afrinvest has grown into a diversified financial services group. Its operations include investment banking, asset management, securities trading, research and consulting.
Elumelu’s support for African businesses
Chioke also linked the experience to Elumelu’s philosophy of democratising access to business opportunities. Through the Tony Elumelu Foundation, the businessman has supported entrepreneurs across Africa with funding and mentorship.
He described himself as an early beneficiary of the philosophy. He noted that access to capital and the right support could change the direction of a struggling business.
Furthermore, Chioke said the experience reinforced the importance of investing in people. He expressed gratitude to Elumelu for believing in Afrinvest when the company needed support most.
Source: BusinessDay (November 5, 2026)Afrinvest repays Tony Elumelu’s $1m personal loan after 15 years
