Investor upbeat about retail, healthcare, and tech in Africa
Richard Okello, co-founder of African investment firm Sango Capital, sees strong potential across a variety of sectors.
Richard Okello, co-founder of African investment firm Sango Capital, sees strong potential across a variety of sectors.
Okello is particularly keen on African retail. “The transformation from unorganised retail to organised retail is underway,” he notes.
One of Sango’s standout investments has been Sundry Markets, the parent company of Marketsquare, a Nigerian supermarket chain founded by entrepreneur Ebele Enunwa. (Our first book tells the in-depth story of how Enunwa built his business. It is available here).
Despite the steady rise of air-conditioned malls and modern grocery chains, roughly 90% of retail transactions in Nigeria still flow through informal channels – a vibrant ecosystem of roadside stalls, open-air markets, and hawkers weaving through gridlocked traffic.
Yet, as Okello notes, a growing number of Nigerians increasingly prefer the convenience of organised retail over haggling at informal markets. Anticipating that shift paid off: Sango partially exited its stake in Sundry Markets a few years ago, securing what Okello describes as a “very high” dollar multiple on the investment.
He additionally sees significant upside in fast food, an industry propelled by rapid urbanisation.
Private healthcare presents another promising avenue, from pharmacies to clinics dealing with conditions like diabetes and high blood pressure. “As African wealth rises, those diseases move in and you have to have service providers for them,” he explains.
Okello is also upbeat about the technology sector across both early and growth stages. He points to platforms addressing online education, digital payments, and the onboarding of unbanked small traders into the formal financial system as attractive areas.
Read/watch our full interview with Richard Okello: How to build a $1bn African investment firm