Five notable Nigerian private equity and venture capital deals

We highlight five Nigerian private capital transactions, as featured in our sister publication, Africa Private Equity News’ Dealmaker’s Log, a database of reported investment deals, exits, and fundraising closes.

1. DPI and Verod invest in Nigeria’s Pan African Towers

Pan African Towers (PAT), a digital infrastructure company based in Nigeria, has announced a strategic investment from Development Partners International (DPI) and Verod Capital.

Established in Nigeria in 2017 to capitalise on the growing demand for wireless communications across Africa, PAT has emerged as a prominent telecommunications and tower infrastructure provider in Nigeria. Since founding, PAT has built a successful business model centred around establishing tailored, long-term contracts with blue-chip customers, including Nigeria’s leading mobile network operators (MNOs) and internet service providers (ISPs). Read the full article

2. Aruwa Capital makes follow-on investment into Nigerian hibiscus exporter

Aruwa Capital Management, an early-stage growth equity and gender lens fund investing in Nigeria and Ghana, announced an additional investment into AgroEknor, a hibiscus flower exporter and wellness brand.

Since Aruwa’s last investment in December 2022, AgroEknor has achieved significant milestones, achieving rapid growth through strategic diversification and backward integration. The company has completed its hibiscus flower processing chamber, making it one of only seven approved chambers in Nigeria. This development has significantly boosted AgroEknor’s export capacity and quality, allowing the company to command higher prices for its products and increase its margins. Read the full article

3. Nigeria: Goodwell backs OmniRetail

Goodwell Investments has made an investment in Nigeria-based OmniRetail, a B2B e-commerce platform digitising sub-Saharan Africa’s informal supply chain. Working in collaboration with long-term partner Alitheia Capital, Goodwell invested via its uMunthu II fund, effectively kickstarting OmniRetail’s Series A fundraising round.

Founded in 2019, OmniRetail provides the necessary digital infrastructure to tackle some of the most pressing challenges within Africa’s commerce value chain, particularly by addressing the needs of informal retailers. This often-overlooked group constitutes the backbone of commerce across sub-Saharan Africa, contributing significantly to the region’s GDP and providing livelihoods to millions of individuals. Despite their economic importance, these small businesses grapple with uncoordinated supply chains and fragmented distribution networks, hindering their growth and economic stability. Read the full article

4. Nigeria: Verod in fitness chain deal

Private equity firm Verod has invested in i-Fitness, West Africa’s fastest-growing fitness chain. This investment from the Verod Capital Growth Fund III, marks the sixth addition to the fund’s portfolio.

Founded in 2015 by Foluso Ogunwale, i-Fitness has 21 branches in Nigeria. Read the full article

5. TLG Capital invests in Nigerian recycling plant

TLG Capital and Wema Bank have joined forces to invest $10 million in the largest sustainable aluminium recycling plant in Nigeria.

This climate finance deal will recycle metal equivalent to three Eiffel Towers in the next five years and achieve 95% lower CO2 emissions compared to primary sourced aluminium. Read the full article

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