Afrinvest MD credits Tony Elumelu’s $1 million loan for firm’s recovery

Ike Chioke, the Managing Director of Afrinvest Group, has credited billionaire Tony Elumelu with providing a $1 million personal loan in 2011 that helped the firm navigate the aftermath of the global financial crisis. Chioke stated that the funds were essential for the company to rebuild and recapitalize during a period of significant uncertainty.

There are differing descriptions regarding the nature of the funds. Chioke characterized the transfer as a personal loan to him, whereas Elumelu described it as an unsolicited investment in Afrinvest made out of belief in Chioke and his partners. While both parties agree the money was repaid with interest, their timelines differ slightly: Chioke’s letter indicates the final repayment occurred in June 2026, while Elumelu noted it was repaid “just recently.”