Adesuwa Okunbo-Rhodes says she got her first investment banking job at 18 — and it changed her life forever

• Adesuwa Okunbo-Rhodes got her first investment banking job at 18 with Lehman Brothers.

• She joined J.P. Morgan at 20.

• She returned to Nigeria in 2014 after identifying a $150bn SME funding gap in Nigeria and Ghana.

• Her firm, Aruwa Capital Management, now manages $80 million and has invested in 16 companies.

Adesuwa Okunbo-Rhodes has shared how she got her first investment banking job at just 18 years old, a story that has left many Nigerians asking themselves what they were doing at that age.

The Aruwa Capital Management boss said she started her finance career with Lehman Brothers, one of the biggest investment banks in the world at the time, before joining J.P. Morgan at 20.

Speaking on the Nigerian Audacity Podcast, Okunbo-Rhodes said she had always been interested in finance.

“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.”

Her comments come weeks after she went viral online following an interview with a popular US-based content creator.

READ ALSO: Adaobi Beverly Akonobi revolutionizes bank e-commerce with consumer behavior insights

Okunbo-Rhodes explained that while working in private equity, she realised investments could do more than make money, they could also solve real problems.

“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 returned to Nigeria in 2014 and noticed that many small businesses, especially women-led businesses, struggled to access funding.

“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.”

One statistic that shocked her was how little investment was reaching female entrepreneurs despite Africa having one of the highest rates of women-owned 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.”

READ ALSO:

Rather than chasing a huge fund immediately, she said she started small.

“Instead of raising $100m, I said let’s raise $20m first, build a track record and prove the model.”

That decision eventually led to the launch of Aruwa Capital in 2019, after she bought out her former employers.

Today, the firm manages $80 million across two funds and has invested in 16 companies.

“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.”

READ ALSO: MTN's XtraTime is back: Here's how to borrow airtime and data again

She also shared advice for founders looking for funding, saying investors care about more than just business ideas.

“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.”

According to her, Aruwa Capital also helps companies improve governance, finance operations and hiring.

“We don’t just invest with money. We help companies build stronger finance functions, governance structures and strategies because capital alone is not enough.”