This strategic expansion reflects IIF’s commitment to strengthening Nigeria’s impact economy and advancing innovative solutions for inclusive and sustainable development.

The newly appointed board members include Ms. Adesuwa Okunbo-Rhodes, founding partner and CEO, Aruwa Capital Management; Dr. Godwin Ehigiamusoe, CEO, LAPO Group; and Mr. Adewale Ajayi, Partner and Head of Tax, KPMG Africa, and their appointments became effective on September 1, 2025.

The combined expertise of the new board members will further enhance the foundation’s governance, strategy, and advocacy on unlocking impact capital in Nigeria.

Ms. Adesuwa Okunbo-Rhodes is a trailblazing private equity executive and one of Africa’s leading gender-lens investors. A

s Founding Partner and CEO of Aruwa Capital Management, she has successfully mobilised capital to back women-led and women-focused enterprises across West Africa.

With her proven track record of building inclusive businesses and advocating for women’s economic empowerment, Ms. Okunbo-Rhodes will provide IIF with critical insights into unlocking gender-smart investment opportunities.

Dr. Godwin Ehigiamusoe, is a pioneer of Nigeria’s microfinance sector and the founder of LAPO Group. With more than three decades dedicated to financial inclusion, he has impacted millions of low-income households through innovative microfinance models.

His deep knowledge of grassroots finance and social enterprise makes him a strong voice for expanding access to opportunities within underserved communities.

Mr. Adewale Ajayi is a seasoned tax and advisory professional and a Partner at KPMG Nigeria. With decades of experience advising corporations, governments, and nonprofits, he specializes in helping institutions create sustainable value through sound financial management and corporate governance. His strategic perspective will strengthen IIF’s operational excellence and accountability.

Welcoming the new trustees, Mr. Frank Aigbogun, the chairman of Impact Investors Foundation, said:

“We are honoured to have such accomplished leaders join our Board. Their diverse expertise in gender-lens investing, microfinance, pensions, and governance will be invaluable as we deepen Nigeria’s impact investing ecosystem. We will work together to position impact capital as a driver of inclusive economic growth and resilience in Nigeria.”

With these appointments, IIF remains committed to its vision of fostering an enabling environment for impact investors, intermediaries and social entrepreneurs.

Guided by its Board of Trustees and the Nigerian National Advisory Board for Impact Investing (NABII), the Foundation is well-positioned to unlock capital for social investments, promote financial inclusion, and advance sustainable development.

The engagement included representatives from key government parastatals under the Ministry, including the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), the Nigeria Sovereign Investment Authority (NSIA), and the Development Bank of Nigeria (DBN).

The primary objective of the visits was to reinforce collaboration and secure the government’s $50 million commitment to the WIIF, aiming for a first close target of $100 million.

The IIF delegation emphasized that this partnership was crucial for mobilizing private sector investment towards inclusive and sustainable development across Nigeria.

During the visit, Senator Bagudu and Mr Wale Edun reiterated the government’s commitment to mobilising capital for the Wholesale Impact Investment Fund, a $1 biilion fund of funds designed to address the critical financing gap faced by Micro, Small, and Medium Enterprises (MSMEs).

Ms Oloworanran also expressed interest in impact investing, recognising its potential to drive economic growth, while announcing plans to increase the allocation of pension funds to alternative investments from 5% to 10%.

This development presents a significant opportunity for impact investing to play a more active role in the ecosystem, with pension funds contributing to its growth.

Mrs. Awosika highlighted the WIIF’s potential to generate employment, empower SMEs, and contribute to Nigeria’s national development goals.

She also stressed the importance of close collaboration with government bodies to build local investor confidence and establish Nigeria as a leader in the impact investing space.

Ms. Elizabeth Boggs Davidsen, CEO of GSG Impact, shared insights on how government participation in similar funds globally has successfully attracted significant private capital, underscoring the value of a strong partnership.

Mr. Wale Adeosun, CEO of Kuramo Capital Management and the WIIF Fund Manager, outlined the Fund’s investment strategy, noting the progress made with a 20% first-loss guarantee from Afreximbank and considerable interest from domestic pension funds and international development finance institutions.

The Impact Investors Foundation delegation conveyed their gratitude for the Ministry’s support and reaffirmed their commitment to collaborating with all relevant government bodies to position the WIIF as a strategic national investment vehicle that effectively addresses Nigeria’s economic, social, and climate priorities.

The training, which brought together leaders and programme managers from across Nigeria’s entrepreneurial ecosystem, focused on equipping participants with practical methodologies to drive sustainable enterprise growth.

Through immersive sessions, industry experts provided deep insights into the Argidius SCALE framework, a globally recognised approach for optimising business support services.

This initiative, funded by the  UK International Development of the UK Government in the third phase of the RISA Fund’s Sustainable Systems for Research and Innovation Financing Project (SSRIF III), marks a significant step toward strengthening Nigeria’s enterprise development landscape, ensuring that business support organisations can effectively improve the quality of their services, reach more entrepreneurs, enhance business sustainability, and drive economic growth.

Participants gained hands-on experience in applying the Argidius SCALE framework to improve business support models, developing sustainable strategies for scaling ESO services, measuring and enhancing impact through evaluation best practices, creating actionable roadmaps for implementing SCALE across diverse business environments and fostering collaboration and peer learning to build a stronger entrepreneurial ecosystem.

Speaking on the impact of the training, Etemore Glover, CEO, Impact Investors Foundation, said, “By equipping ESOs and BDS providers with the right tools and frameworks, we are strengthening Nigeria’s entrepreneurial support system. This training will not only improve service delivery but also enhance the overall sustainability and scalability of the businesses they support.”

The Programme Manager, Nigeria ESO Collaborative, Ucha Unimke-Ulayi, said, “Through the 20 trained ESOs, we are set to support 100 SMEs over the next nine months, with a strong focus on inclusivity. This includes 20 women-led enterprises, 20 businesses led by persons with disabilities, and 20 youth-run ventures, ensuring that impact-driven support reaches those who need it most.”

With the successful completion of this training, IIF remains committed to fostering enterprise growth by ensuring that ESOs and BDS providers are well-positioned to support entrepreneurs effectively.

The Foundation will continue to drive capacity-building initiatives, knowledge-sharing opportunities, and collaborative efforts that unlock the full potential of Nigeria’s impact-driven enterprises.

Under his leadership, IIF will deepen its influence in shaping the country’s impact investment landscape, fostering collaboration among stakeholders, and championing innovative solutions that address Nigeria’s most critical challenges.

Mr. Aigbogun brings several years of exceptional leadership, management, influence and significant contributions to advancing and promoting impact investing in the media space.

He started his career as a journalist and later became the publisher of BusinessDay newspaper, which he co-founded in 2001.

He began his journalism career at The Guardian newspaper and moved on to Vanguard newspaper where he rose to the position of editor of all the titles of the newspaper.

He served for many years as the Lagos correspondent of the Associated Press, AP. Mr. Aigbogun holds a degree in Mass Communication and is an alumnus of the Lagos Business School.

Mr. Aigbogun was a member of the Vision 2010, assigned by the government to formulate a long-term economic vision for Nigeria. Notably, he served as the alternate rapporteur for the sub-committee on competition and deregulation. He has also served on the governing board of Nigeria’s National Competitiveness Council.

Commenting on his appointment, Aigbogun, said,

“This is an exciting opportunity to contribute to shaping the trajectory of impact investing at a time when investments that deliver meaningful and measurable change for Nigeria have become even more paramount. As one driven by continuous growth and innovation, I firmly believe that through collaborative efforts, we can achieve meaningful progress within our industry.”

The Nigerian National Advisory Board on Impact Investing (NABII), an advisory board under IIF, is equally delighted to welcome two prominent industry leaders.

Tokunboh Ishmael, managing director and co-founder of Alitheia Capital, and Gbenga Hassan, managing partner at Argentil Capital, join NABII with their wealth of experience and expertise in Impact Investing, Gender Lens Investing, Fund Management, Venture Capital and Private Equity.

As the Chair of IIF, Aigbogun also joined the NABII as Vice Chair of the Advisory Board. Their addition underscores NABII’s commitment to harnessing exceptional talent to accelerate the growth of Nigeria’s impact investment ecosystem.

Ishmael said,

“Joining NABII provides a unique opportunity to contribute to the scaling of impactful solutions that address societal challenges while driving economic growth. I look forward to working with this dynamic team to advance our shared vision.”

Hassan added,

“Impact investing holds the power to unlock Nigeria’s potential and create lasting value. I am excited to join NABII in its mission to mobilise capital and inspire action for sustainable development.”

Ishmael is a renowned advocate and pioneer of impact, fintech, and gender lens investing. Over the past two decades, she has been a leader in creating innovative financial solutions that address systemic inequalities to achieve inclusive and shared prosperity.

As Manager Director and Co-Founder of Alitheia Capital, a female-led private equity firm that embodies the philosophy ‘profit with purpose’, she is a leader in the mainstreaming of impact investing within the private equity asset class.

Ishmael also co-founded Alitheia IDF where she raised over $100 million, establishing the first and largest Gender Lens fund to invest in female-led businesses across Africa. Some of the companies where she has invested are already changing and redefining their sector.

Prior to founding Alitheia Capital, Ishmael worked at Salomon Brothers on Wall Street, New York, where she conducted over $5 billion in M&A transactions.

She also previously led the establishment of the private equity firm, Aureos Capital, in West Africa and the development of Avante Capital where she led M&A activity for the Ocean and Oil group. Her extensive experience in fund management and investment strategy makes her an invaluable asset to NABII.

Hassan brings over two decades of leadership in venture capital, private equity, and financial services. As Managing Partner and co-founder at Argentil Capital, he has led transformative investments across sectors, driving sustainable growth and innovation.

His expertise in structuring deals and managing portfolios will play a key role in advancing NABII’s objectives.

He has led key investments including Sygen Pharmaceuticals and First Modular Gas Systems Limited and Àrgentil’s investments into two fund managers and early-stage investments.

Previously, Gbenga was responsible for identifying, originating, and executing private equity transactions in West Africa at Aureos Capital, specialising in deal structuring, valuation, and portfolio management. He also worked with Standard Bank London and Stanbic Bank Nigeria in various corporate and project finance roles.

Etemore Glover, CEO of Impact Investors Foundation, said, “Given the new board members’ impressive careers championing sustainable investment and driving transformative change, I am confident that their diverse and extensive skillsets, combined with their vast experience in industry will play a pivotal role in helping to steer the direction of the foundation.”

Under the guidance of Aigbogun and with the strategic expertise of Ishmael and Hassan, IIF and NABII are well-positioned to drive impactful investments, foster economic empowerment, and promote sustainable development in Nigeria.

These appointments reflect a shared commitment to shaping a thriving impact economy and unlocking new opportunities for growth and resilience.

LEAP Africa, a youth-focused leadership development organisation committed to raising leaders that will transform Africa, has formed an alliance with IIF and its existing partners to celebrate trailblazing organisations as part of their continued recognition of the substantial impacts of enterprises, investors, and non-governmental organizations (NGOs).

The IIF Annual Awards, renowned for celebrating leading institutions and/or individuals who have made significant environmental and social contributions through their investments, products, services or innovations, and the LEAP Africa’s SIPA Awards, dedicated to supporting the growth of innovative youth-led enterprises, have joined forces to create a powerhouse platform for acknowledging outstanding entities driving positive change in the society.

Combining these awards comes at a crucial time when the world is increasingly turning its attention towards sustainable business practices and social impact.

The IIF Annual Awards for Impact Investing and SIPA Awards aim to amplify the recognition of organisations that are not only profitable but also making meaningful contributions to environmental and social causes.

The award recipients would be celebrated at a spectacular awards night in Lagos on the 13th of November 2024 as part of the 2nd West Africa Deal Summit. This event promises to be bigger and more impactful than ever before, bringing together investment leaders, innovators, and change-makers from across various sectors under one roof to celebrate their collective efforts towards building a better world.

The 2024 IIF Annual Awards for Impact Investing are in the following categories:

1. Impact Investor of The Year
2. Social Enterprise of The Year

The 2024 LEAP Africa  Awards  are also in the following categories:

1. Outstanding Fellow Award
2. Seyi Bickersteth Award for Financial Accountability

The Innocent C. Chukwuma Awards are in the following categories:

1. Innocent C. Chukwuma Award for Social Impact (ICA) in West Africa
2. Innocent Chukwuma prize for youth and gender empowerment in South-East Nigeria

Eligible individuals or organisations should visit the award website to read more about the selection criteria and submit nominations before June 14, 2024.

Ms Etemore Glover, the chief executive officer of Impact Investors Foundation (IIF), said,

“The support and nominations we have received over the years remind us that our ambitious goal to transform Nigeria into an impact economy is possible. We’re delighted to be working with changemakers and partners in Nigeria to spotlight the innovative and courageous organisations that are committed to being the voice of social and environmental change.”

Commenting on the recognition, Ms. Kehinde Ayeni, the executive director, LEAP Africa, said,

“As we celebrate the achievements of these outstanding contributors under the Seyi Bickerseth Award for Financial Accountability, the Outstanding Fellow Award and the Innocent Chukwuma Award for Gender Empowerment, we are reminded of their vital role in shaping a more sustainable and equitable future for all. There is a conscientious effort by multilevel stakeholders to adequately resource enterprise innovation, however organisational growth, financial resilience, and gender inclusion and equity are key focal areas these Awards are seeking to promote and support. Their dedication and innovation serve as inspiration for others to follow suit, driving us towards a world where business success is synonymous with social and environmental stewardship.”

Speaking on the award, Mrs Josephine Effah-Chukwuma, the executive chair, Innocent Chukwuemeka Chukwuma Empowerment Foundation (ICCEF), said,

“Many non-profits and civil society organisations are empowering their communities by addressing critical issues such as poverty, inequality, and access to clean water and healthcare and we want to acknowledge and celebrate their achievements in honour of the legacy of the Late Innocent Chukwuma. We look forward to identifying organisations that are implementing projects that benefit humankind.”

In 2023, Aruwa Capital Management, an impact investment company that invests in untapped economic segments won the Impact Investor of the Year award; Eha Clinics, an innovative and comprehensive healthcare service provider, won the Social Enterprise of the Year award while Women’s Right and Health Project (WRAHP), a non-profit that promotes reproductive health, rights and general development for women, young girls and communities, clinched the Innocent C. Chukwuma Award for Social Impact. 

Gift Muoneke, founder Greenera Technologies: Winner of the Innocent Chukwuma Award for Youth and Gender Empowerment in South -East Nigeria.

Jolis Nduwimana, founder WEGE Companies: Winner of the Seyi Bickersteth Prize for Financial Accountability.