Afrinvest Repays Elumelu's Undocumented $1m With Interest

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Afrinvest Repays Elumelu's Undocumented $1m With Interest

LAGOS — Heirs Holdings Chairman Tony Elumelu says investment firm Afrinvest has repaid, with interest, $1 million he sent it after the 2008 financial crisis without any documents or agreed terms. In a Facebook post, Elumelu said he made the transfer because he trusted Afrinvest's Group Managing Director, Ike Chioke, who later led a team on a courtesy visit to him. Neither side disclosed the interest rate or the total amount repaid. Afrinvest was founded in 1995 as Securities Transaction and Trust Company and now has more than 200 staff and six subsidiaries.

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