Adesuwa Okunbo-Rhodes, founder and head of Aruwa Capital Management, has revealed that she began her investment banking career at the age of 18 with Lehman Brothers, one of the world's largest investment banks at the time. By 20, she was already working for J.P. Morgan. Now, she manages $80 million across two funds at Aruwa Capital, which has invested in 16 companies.
Early Career and Global Experience
Speaking on the Nigerian Audacity Podcast, Okunbo-Rhodes explained her early interest in finance. “I’ve always been interested in finance. I think I got my first job in investment banking at 18 years old, at Lehman Brothers and at 20 years old, I was already working for J. P. Morgan.” Her comments have sparked widespread discussion, with many Nigerians reflecting on their own career paths at such a young age.
After gaining experience in global finance, Okunbo-Rhodes returned to Nigeria in 2014. She identified a critical funding gap for small and medium-sized enterprises (SMEs) in Nigeria and Ghana, estimated at $150 billion. She noted that most private equity funds considered these businesses too small, while banks demanded collateral that many lacked. This realization drove her to launch Aruwa Capital.
Addressing the SME Funding Gap
Okunbo-Rhodes emphasized the intersection of profit and purpose. “When I saw that intersection between profit and purpose, I said I wanted to do something like this back in Nigeria where I could use my finance knowledge and also improve people’s lives at the same time.” She was particularly struck by the lack of funding for women-led businesses. “There was less than two per cent of capital going to female entrepreneurs. That didn’t make sense to me because Africa has four times the rate of female entrepreneurship than Europe.”
According to her, the funding gap for growth equity in Nigeria and Ghana alone amounts to $150 billion. Aruwa Capital was launched in 2019 after she bought out her former employers, starting with a modest $20 million fund to build a track record. “Instead of raising $100m, I said let’s raise $20m first, build a track record and prove the model,” she explained.
Growth and Impact
Today, Aruwa Capital manages $80 million across two funds and has invested in 16 companies. “To the glory of God, what started as a $20m first fund, we’re now at $80m under management across two funds. We’ve invested in 16 companies so far, and we’re continuing to showcase that if you invest in SMEs, you’re able to uncover a lot of hidden opportunities that have been overlooked and underserved.” She added that investing in women represents one of the best asset classes in alternative investments.
Okunbo-Rhodes also shared insights for founders seeking funding. “We’re investing in people. We want founders who can clearly articulate the problem they’re solving, demonstrate resilience, have good governance structures and show adaptability.” Aruwa Capital provides more than capital; it helps portfolio companies strengthen their finance functions, governance, and hiring strategies. “We don’t just invest with money. We help companies build stronger finance functions, governance structures and strategies because capital alone is not enough,” she said.
