Okunbo-Rhodes said the opportunity marked the beginning of a career path that would later take her through global financial institutions, private equity, and eventually into impact investing focused on unlocking opportunities for African businesses.
BrandIconImage reports that the investor gained widespread attention two weeks ago after an interview with a popular United States-based content creator went viral, sparking renewed interest in her career journey and investment philosophy.
Speaking on the Nigerian Audacity podcast published on YouTube on Tuesday, Okunbo-Rhodes explained that her early exposure to global finance helped her understand how capital could be used not only to generate returns but also to create measurable social impact.
She said, “I’ve always been interested in finance. My first job was in investment banking. I think I got my first job in investment banking at 18 years old at Lehman Brothers, and then at 20 years old, I was already working for J.P. Morgan.”
According to her, her transition from investment banking into private equity gave her a deeper understanding of the challenges and opportunities within African markets.
She explained that while working in investment investing, she discovered a connection between profitability and social development, which influenced her decision to build a platform focused on businesses that could deliver both financial growth and societal impact.
“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 said.
Returning to Nigeria and Identifying the Funding Gap
Okunbo-Rhodes said her decision to return to Nigeria in 2014 exposed her to significant challenges facing small and medium-sized enterprises, particularly businesses seeking growth capital.
She noted that many promising companies struggled to access funding because they fell between the requirements of traditional banks and private equity firms.
“One gap that I saw was that small businesses were not getting funded. If you were an SME in Nigeria and you were looking to raise anywhere between one and three million dollars, the market had decided that that segment was not worth their time.
“Most private equity funds would tell you you’re too small, while most banks would not provide capital without collateral. I estimated the growth equity gap at about $150bn for Nigeria and Ghana alone,” she said.
Beyond SMEs, she highlighted the difficulties faced by women entrepreneurs, describing the lack of investment flowing into female-led businesses as a major missed opportunity.
“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,” she said.
She explained that these gaps motivated her to acquire her former employers’ business in 2019 and establish Aruwa Capital Management, a private equity firm designed to invest in women-led and women-focused small and medium-sized enterprises.
Building Aruwa Capital from a $20m Fund
Okunbo-Rhodes revealed that she intentionally started with a smaller fund size to prove the viability of her investment approach rather than immediately pursuing a larger fundraising target.
“Instead of raising $100m, I said let’s raise $20m first, build a track record and prove the model,” she said.
She added that the strategy helped the firm demonstrate the potential of investing in overlooked businesses, with Aruwa Capital now managing significantly more capital across multiple funds.
“Today, 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.
“And if you invest in women, you’re also able to uncover what we think is one of the best asset classes left in the alternative investments industry,” she said.
What Investors Look for in Entrepreneurs
The Aruwa Capital Managing Partner advised entrepreneurs seeking investment to understand that investors evaluate more than just business ideas.
She said strong leadership, resilience, transparency, and the ability to adapt are critical qualities that determine whether a company attracts 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,” she said.
Okunbo-Rhodes added that Aruwa Capital’s role goes beyond providing financial resources, as the firm works with portfolio companies to strengthen their internal systems and prepare them for sustainable growth.
“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 added.
Through Aruwa Capital’s model, Okunbo-Rhodes said she hopes to continue demonstrating that African SMEs and women-led businesses represent significant investment opportunities that have historically been overlooked.