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.

This groundbreaking initiative aims to catalyse the growth of Nigeria’s impact investing ecosystem by fostering collaboration, driving impactful research, and building capacity within the industry.

The NIIRIC aims to be the leading collaborative platform driving impactful research and industry engagement in Nigeria’s impact investing sector and was established with grant funding from FCDO’s Research and Innovation Systems for Africa (RISA) Fund.

The NIIRIC’s mission is to coordinate, facilitate, and disseminate high-quality research, industry insights, and capacity-building programmes, that will strengthen the impact investing ecosystem in Nigeria.

Key dignitaries at the event include Mrs. Alice Omisore-Dada, the Country Technical Lead for Nigeria at RISA Fund; Dr. Chinyere Almona, Director General of Lagos Chamber of Commerce and Industry; Julius Lamptey, Senior Research and Policy Officer at Impact Investing Ghana; and Ms. Etermore Glover, CEO of Impact Investors Foundation.

“The launch of NIIRIC marks a pivotal moment for impact investing in Nigeria,” said Ms. Etemore Glover, CEO of the Impact Investors Foundation. “We believe that by harnessing the power of collaboration and research, we can unlock the immense potential of impact investing to drive sustainable development and create positive change.”

Alice Omisore-Dada, country lead for Research and Innovation Systems for Africa (RISA) Fund added,

“The establishment of NIIRIC represents a significant milestone in our efforts to foster innovation and research in Africa’s impact investing sector. By providing a platform for collaboration and knowledge sharing, we are confident that NIIRIC will play a crucial role in unlocking Nigeria’s potential as a hub for sustainable and impactful investments.”

The NIIRIC will focus on four key areas to achieve its mission. They are research and data generation, capacity building, policy advocacy and investor network development.

At the event, eight (8) organisations were appointed as members of the Steering Committee of the NIIRIC.

These organisations are Lagos Business School (LBS), Lagos Chamber of Commerce and Industry (LCCI), The Private Equity and Venture Capital Association (PEVCA), Ideanest Investments, International Center for Energy, Environment and Development (ICEED), ARI Initiative, Ashoka Africa and  ACT Foundation.

The potential for impact investing in Nigeria is immense, with opportunities across various sectors including agriculture, healthcare, education, and renewable energy. The NIIRIC aims to position Nigeria as a leading impact investing hub in Africa by providing the necessary resources and support to industry stakeholders.