Tony Elumelu played a supreme role in getting investment bank Afrinvest back on track in 2011 after the global financial meltdown pushed the investment bank to the brink, its chief executive recalled in a letter to the tycoon seen by PREMIUM TIMES.

The multisectoral magnate, who is the top shareholder of United Bank for Africa, the Transcorp Group, and Seplat Energy, granted a soft loan of $1 million to Ike Chioke, the CEO of the financial institution, as a mark of urgent support when the firm direly needed the cash to recapitalise, the latter said.

“Fifteen years ago, Afrinvest was navigating one of the most challenging periods in its history, as we struggled to rebuild and recapitalise the business in the aftermath of the global financial crisis,” Mr Chioke said.

“At that critical juncture, when the future was far from certain, you made the remarkable decision to lend me US$1 million of your personal funds. You placed your confidence not simply in the prospects of a business but in me as an individual, my integrity, my determination and my conviction that Afrinvest could emerge stronger from adversity.”

This June, Mr Chioke eventually completed the repayment of the credit, according to the letter, describing the gesture as an extraordinary act of friendship, generosity and trust.

READ ALSO: Afrinvest repays undocumented $1 million from Elumelu with interest

Mr Elumelu, whose economic vision is anchored on what he calls “Africapitalism” – an investment philosophy that prioritises the private sector’s role in democratising the wealth Africa needs to power large-scale growth, has been involved in active philanthropic initiatives on the continent.

In March, his foremost charity project, the Tony Elumelu Foundation, turned sixteen, and he said the initiative had disbursed over $100 million in seed capital to 24,000 entrepreneurs in Africa and created more than 1.5 million jobs over the period.

The foundation expects to fund an additional 3,200 entrepreneurs this year, it said in September.

Mr Chioke applauded the profound impact Mr Elumelu’s financial assistance has had on Afrinvest, notably transforming it into a diversified regional financial services group with an expanding universe of clients and operations in asset management, investment banking, research & consulting, and securities trading.

The New York Times Company has reportedly “entered exclusive negotiations” to acquire Letterboxd for $330 million, according to a report from The New York Times itself.

Letterboxd, an online platform for movie lovers that could be compared to Goodreads for movies, has grown dramatically in recent years. Letterboxd reported 3 million users in January 2021, a figure that grew to 28 million by April of this year. More than half of its users are under 35.

Letterboxd was previously reported to be seeking a new owner. According to the Times, film studios A24 and Sony were interested in the acquisition, but A24 was priced out.

Letterboxd is free, but users can access advanced features with a paid subscription. Its projected earnings for this year are estimated at $15 million, which is only about 4.5% of what the Times is supposedly offering to buy the company for.

The New York Times Company declined to comment on the acquisition to its own paper (lol). Personally, we wouldn’t be surprised if these anonymous tips were coming from inside the house, so we’re inclined to take this report pretty seriously.