How Adesuwa Okunbo-Rhodes Landed Her First Investment Banking Job at 18 and Built an $80 Million Investment Firm

How Adesuwa Okunbo-Rhodes Landed Her First Investment Banking Job at 18 and Built an $80 Million Investment Firm

Aruwa Capital Management's Managing Partner, Adesuwa Okunbo-Rhodes, has shared the inspiring journey that took her from securing an investment banking role at just 18 years old with Lehman Brothers to building one of Africa's leading women-focused private equity firms managing $80 million in assets.

The respected investor made the revelation during an appearance on the Nigerian Audacity podcast, where she reflected on the career decisions that shaped her success in finance, private equity, and impact investing.

Her comments come weeks after she attracted widespread attention following a viral interview with a popular US-based content creator.

Adesuwa Okunbo-Rhodes Started Investment Banking at Just 18

Okunbo-Rhodes revealed that her passion for finance began early, leading her to secure a highly competitive position at Lehman Brothers at the age of 18.

By the time she turned 20, she had already advanced to global investment banking giant J.P. Morgan, where she gained even deeper experience in financial markets.

«"I've always been interested in finance. My first job was in investment banking. I got my first job at 18 years old at Lehman Brothers, and then at 20 years old, I was already working for J.P. Morgan," she said.»

Why She Returned to Nigeria

According to Okunbo-Rhodes, working in private equity exposed her to a powerful idea—earning strong financial returns while creating meaningful social impact.

She explained that this realization inspired her to return to Nigeria in 2014 to help bridge the country's massive financing gap.

«"When I saw that intersection between profit and purpose, I knew I wanted to do something like this back in Nigeria where I could use my finance knowledge while improving people's lives."»

The $150 Billion SME Funding Gap She Identified

After returning home, Okunbo-Rhodes discovered that thousands of promising Nigerian small and medium-sized enterprises (SMEs) were unable to access growth capital.

She estimated that Nigeria and Ghana alone faced a staggering $150 billion growth equity funding gap.

According to her, businesses seeking between $1 million and $3 million struggled because they were considered too small for most private equity firms, while banks often demanded collateral many entrepreneurs could not provide.

«"Most private equity funds would tell you you're too small, while most banks would not provide capital without collateral."»

Less Than 2% of Investment Capital Went to Women

Another issue that caught her attention was the severe lack of funding available to female entrepreneurs.

Despite Africa recording the highest rate of female entrepreneurship in the world, she said women received less than 2% of available investment capital.

She described the imbalance as a major missed opportunity for investors.

«"That didn't make sense to me because Africa has four times the rate of female entrepreneurship than Europe."»

How Aruwa Capital Was Born

Determined to solve these challenges, Okunbo-Rhodes bought out her former employers in 2019 and launched Aruwa Capital Management, a private equity firm focused on investing in women-led and women-focused businesses.

Instead of pursuing a massive fundraising target from the outset, she deliberately started with a modest $20 million fund.

«"Instead of raising $100 million, I said let's raise $20 million first, build a track record and prove the model."»

The strategy proved highly successful.

Today, Aruwa Capital manages $80 million across two investment funds and has invested in 16 companies, helping businesses unlock growth while delivering financial returns.

«"What started as a $20 million first fund is now $80 million under management across two funds."»

She added that investing in underserved SMEs and female entrepreneurs continues to reveal significant untapped opportunities across Africa.

What Investors Look for Before Funding Startups

Sharing advice for entrepreneurs seeking investment, Okunbo-Rhodes stressed that investors back people—not just business ideas.

According to her, founders must demonstrate:

- A clear understanding of the problem they are solving.

- Strong resilience and leadership.

- Sound corporate governance.

- The ability to adapt to changing business environments.

She also explained that Aruwa Capital provides far more than funding.

Beyond capital, the firm helps businesses strengthen financial management, improve governance structures, recruit experienced finance professionals, and develop long-term growth strategies.

«"We don't just invest with money. We help companies build stronger finance functions, governance structures and strategies because capital alone is not enough."»

A Model for Africa's Next Generation of Entrepreneurs

Okunbo-Rhodes believes Africa's biggest investment opportunities lie in businesses that have historically been overlooked, particularly SMEs and women-led enterprises.

With $80 million now under management and a growing portfolio of successful investments, she says Aruwa Capital is proving that combining profitability with social impact can generate sustainable returns while transforming lives across the continent.