Nigerian Businesswoman Adesuwa Okunbo-Rhodes: First Investment Banking Job at 18

From Lehman Brothers at 18 to Leading Africa’s Investment Space: The Rise of Adesuwa Okunbo-Rhodes

Nigerian billionaire businesswoman and impact investor Adesuwa Okunbo-Rhodes has revealed that she landed her first investment banking job at just 18 years old, a move that set the stage for a career spanning nearly two decades in global finance and later, a pioneering role in African private equity.

In a recent podcast interview that has since gone viral, the founder and Managing Partner of Aruwa Capital Management opened up about her journey, detailing how a precocious start at the now-defunct Lehman Brothers catapulted her into the upper echelons of the financial world .

A Career Forged Early

Okunbo-Rhodes shared that her passion for finance was evident from a young age. While most teenagers were preparing for university, she was already making inroads into the high-pressure world of investment banking.

"I’ve always been interested in finance. I got my first job in investment banking at 18 years old, at Lehman Brothers," she stated during the interview . By the age of 20, she had already transitioned to J.P. Morgan in London, working in the Mergers & Acquisitions and Leveraged Finance teams .

This early exposure to the industry, which she has described as a "unique privilege," provided her with a robust foundation . During her time at J.P. Morgan, she was involved in transactions worth approximately $5.6 billion across emerging markets, including her home country, Nigeria .

The Shift to Impact Investing

While her career in investment banking was thriving, a pivotal moment came when she transitioned into private equity. According to Okunbo-Rhodes, a specific experience—working on an investment in a Ugandan company that manufactured antiretroviral and anti-malaria drugs—changed her perspective on the role of finance .

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"I saw that intersection between profit and purpose," she explained . This realization led her back to Nigeria in 2014, where she co-founded Syntaxis Capital Africa before eventually launching her own firm, Aruwa Capital Management, in 2019 at the age of 29 .

Filling the Funding Gap

Aruwa Capital Management is a growth equity and gender-lens fund, focusing on investing in small and medium-sized enterprises (SMEs) across Nigeria and Sub-Saharan Africa .

Okunbo-Rhodes identified a significant gap in the market: less than two percent of funding was going to female entrepreneurs . She has since made it her mission to bridge this divide.

"Stories would not change for female entrepreneurs if we don’t have more women actually writing checks," she noted . Her firm has since raised over $20 million from global institutions like the Mastercard Foundation and Visa Foundation, making her the first solo female General Partner in Nigeria to raise more than $10 million in an institutional venture capital fund .

Beyond the Balance Sheet

Okunbo-Rhodes emphasizes that success in Africa requires more than just capital. She and her team actively help portfolio companies build stronger governance structures and financial functions, ensuring sustainable growth .

The daughter of the late Nigerian business magnate Captain Hosa Okunbo, she credits her father’s work ethic and sacrificial nature for instilling the drive that has defined her career . Her work has earned her numerous accolades, including being named Global Woman Fund Manager of the Year in 2023 .

Conclusion

Adesuwa Okunbo-Rhodes’ journey from an 18-year-old analyst at Lehman Brothers to a leading figure in African impact investing is a testament to the power of early ambition and the drive to create change. By leveraging her formidable background in global finance to address local challenges, she is not only generating returns for investors but also rewriting the narrative for women in business across the continent.