Nigeria’s private capital industry has evolved from a $35 million fund closed in 1998 into one of Africa’s most active markets, now attracting 31.4 percent of the continent’s private equity investments, according to a report by Banwo & Ighodalo.
The sector’s roots trace back to Africa Capital Alliance’s pioneering CAPE I fund, which laid the foundation for an industry now valued in billions. More than 30 firms are active in Nigeria, with global players such as Actis investing in landmark projects, including Ikeja City Mall, and retaining stakes in Heritage Place, Ikoyi, and Azura Power in Edo State.
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According to BusinessDay, here are highlights five players shaping Nigeria’s $2 billion private equity market
Okechukwu Enelamah – Africa Capital Alliance
Okechukwu Enelamah is recognised as the pioneer of Nigeria’s private equity growth. A physician turned investment banker, Enelamah later served as Nigeria’s Minister for Trade, Industry, and Investment between 2015 and 2019, but his financial legacy is tied to ACA, where he was chief executive.
On the Afropolitan podcast, Enelamah explained ACA’s entry into private equity, citing MTN Nigeria as one of its most successful deals. The firm reportedly achieved a 46x return on its exit. ACA had joined MTN Nigeria through its maiden CAPE I fund, securing minority protections that included a partner serving as board chairman. At the time of entry, MTN Nigeria was valued at $400 million; by ACA’s exit, the company’s valuation had risen to $13 billion.
Beyond MTN, ACA’s CAPE III fund invested $3.5 million in Associated Bus Company (ABC Transport) in 2013, exiting in 2018 with $51 million. ACA has raised about $1.2 billion across CAPE I–IV and its Capital Alliance Property Investment Company (CAPIC) fund. Its portfolio includes Aradel Holdings, Wakanow, FilmOne, Cornerstone Insurance, and First Hydrocarbon Nigeria.
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Danladi Verheijen – Verod Capital
Danladi Verheijen co-founded Verod Capital in 2008 and serves as managing partner. The firm initially operated on a deal-by-deal basis, backing nine companies, before launching its first fund, the $55 million Verod Capital Growth Fund I, in 2014.
Since then, Verod has raised about $380 million across multiple vehicles, including the $60 million Verod-Kepple Africa Ventures, a venture fund in partnership with Kepple Africa Ventures. Its portfolio includes Emzor Pharmaceuticals and CSCS Plc. Verod was also an early investor in Niyyah Foods, producers of the “Farm Pride” juice brand.
More recently, the firm participated in Moniepoint’s $110 million Series C round and in 2024 acquired a 65 percent stake in the fitness chain i-Fitness for $12 million.
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Adesuwa Okunbo Rhodes – Aruwa Capital Management
Adesuwa Okunbo Rhodes launched Aruwa Capital Management in 2019 after a career in finance and private equity in the United Kingdom. The firm was set up to channel capital into women-led and women-focused businesses.
Aruwa has raised $55 million across two funds. Its first, a $20 million fund, invested in Lifestores Healthcare, operators of OGApharmacy, as well as FairMoney Microfinance, KoolBoks, and OmniRetail. The second fund, Aruwa Capital Fund II, has raised $35 million to date and invested in ventures including footwear maker Yikodeen and the restaurant chain Toasties. Rhodes’ focus on gender inclusion marks a distinctive approach within Nigeria’s private equity market.
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Mezuo Nwuneli – Sahel Capital
Mezuo Nwuneli is co-founder and managing partner of Sahel Capital, which manages the $65.9 million Fund for Agricultural Finance in Nigeria (FAFIN). The fund is supported by the Nigerian Sovereign Investment Authority, the African Development Bank, British International Investment, and KfW Development Bank.
FAFIN has provided investments ranging from $500,000 to $8.2 million in several agribusinesses, including Dayntee Farms, Crest Agro, TradeDepot, and LADGroup. Nwuneli has played a central role in driving financing for Nigeria’s agricultural value chain.
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Maya Horgan Famodu – Ingressive Capital
Maya Horgan Famodu founded Ingressive Capital in 2017, creating Africa’s first female-led tech fund. Since then, the firm has raised $60 million across two vehicles: the $10 million Ingressive Fund I and the $50 million Ingressive Fund II.
Ingressive invests up to $500,000 at the pre-seed or seed stage in exchange for about 10 percent equity. Its portfolio spans 52 companies with six exits, including early investments in Paystack, Bamboo, Tizeti, SeamlessHR, Mono, Grey, and Carry1st. About 40 percent of its portfolio is female-founded, reflecting Famodu’s emphasis on inclusive investment.
