How we made it in Africa

How we made it in Africa

Behind the scenes of building a private equity firm in Nigeria

Adesuwa Okunbo Rhodes, founder of Aruwa Capital Management, on building and running an investment firm in West Africa.

How we made it in Africa
Jul 31, 2025
∙ Paid
Adesuwa Okunbo Rhodes

Our new book, How we made it in Africa II: Real stories of entrepreneurs turning opportunity into profit, is available here.


Interview with Adesuwa Okunbo Rhodes
FOUNDER and MANAGING PARTNER, ARUWA CAPITAL MANAGEMENT

Lives in: Nigeria


Adesuwa Okunbo Rhodes launched Lagos-based Aruwa Capital Management to tackle a significant funding gap for small businesses in Nigeria and Ghana, particularly those led by women. About six years on, the private equity firm has completed more than a dozen investments.

How we made it in Africa editor-in-chief Jaco Maritz spoke to her about building and running an investment firm in West Africa.

Topics discussed during the interview include:

  • What it takes to launch and grow a private equity firm in West Africa

  • One of Aruwa Capital’s most successful investments so far

  • Deals she passed on but now wishes she had backed

  • How private equity firms make money

  • The toughest parts of running an investment firm

Watch the full interview below:

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