Amidst much pomp and pageantry, Afrinvest marked its 30th anniversary on September 10 with a dinner event in Lagos. The evening brought together members of staff, alumni of the firm, and some of the most familiar names in Nigeria’s financial space.
The dinner was a tapestry of Nigerian cuisine, but beyond the wining and dining, the night was rich with conversations. A highlight was the panel session moderated by Rolake Filani-Akinkugbe, a foremost business journalist and executive.
The panel session featured Edu Okeke, CEO of Azura Power; Iyin Aboyeji, a serial tech entrepreneur and co-founder of Andela and Flutterwave; Rahul Somani, CFO of Tolaram Group; and Amal Hassan, CEO of Outsource Global.
Beyond the panel, the story of Afrinvest was retold by three figures central to its foundation, Godwin Obaseki, Philip Iheanacho, and Ike Chioke. The journey began with Godwin Obaseki, former governor of Edo State, who returned to Lagos after a stint in investment banking in New York. In 1995, he established Securities Transaction and Trust Company Limited (SecTrust), while his friend Philip Iheanacho founded Afrinvest Limited in London.
In 2006, SecTrust acquired Afrinvest Nigeria under the leadership of Ike Chioke. The merger created a formidable investment banking institution known not just for transactions, but also for its annual “Nigerian Banking Sector Report,” which has since become a reference point in the industry.
Afrinvest’s Board Chairman, Donald Lawson, reflected on the group’s growth over the decades.
“Today, from a single Lagos office, Afrinvest now operates across five major Nigerian cities: Lagos, Port Harcourt, Abuja, Onitsha, and Kano.”
He added that what began as a stockbroking and advisory outfit has evolved into six distinct businesses, covering investment banking, asset management, trust services, and more.
A central highlight of the anniversary was the unveiling of the 20th edition of the Nigerian Banking Sector Report, themed “ACT-BOLD: Beyond a Trillion-Dollar Economy.” According to Group Managing Director Ike Chioke, the report is “both a call to action and a framework for Nigeria’s growth.”
In closing, Lawson emphasised Afrinvest’s future ambition: the “democratisation of finance.” The goal, he explained, is to broaden retail access, reaching millions of Nigerians eager to participate in wealth creation.
Lawson also highlighted Afrinvest’s remarkable impact on Nigeria’s investing landscape.
In 2004, Afrinvest advised on the landmark merger of UBA and Standard Trust Bank. That transaction gave birth to the present-day UBA, now one of Nigeria’s largest banks.
In 2007, the firm advised on the merger of Stanbic Bank (Nigeria) Limited with IBTC Chartered Bank Plc, alongside the tender offer by Stanbic Africa Holdings Limited, creating Stanbic IBTC Holdings Plc.
That same year, Afrinvest worked on the first-ever Eurobond issue by a sub-Saharan African corporate outside South Africa, a $350 million issuance by GTBank Limited. Lawson remarked, “More than just a deal, it signaled that Nigerian corporates could credibly access global capital markets.”
In 2010, Afrinvest served as Financial Adviser and Stockbroker on the N2.1 trillion listing of Dangote Cement Plc, still the largest listing in Nigerian Exchange history. In 2017, the firm pioneered retail access to sovereign securities by distributing the FGN Savings Bond through its online platform, Afrinvestor.com. The platform has enabled everyday Nigerians to invest directly in government bonds.
Most recently, in 2024, Afrinvest advised Oak and Saffron, a subsidiary of Saroafrica Limited, on its acquisition of an 86.7 percent stake in SIAT NV, the Belgian agribusiness group that holds a controlling stake in Presco Plc.
Another theme of the evening was legacy, not just in deals, but in people. The firm celebrated its “Afrinvest Alumni,” a network of professionals who have moved on to leadership roles in both the public and private sectors. These include Godwin Obaseki, former governor of Edo State; Haruna Jalo-Waziri, Managing Director of CSCS Plc; Jude Chiemeka, Chief Executive Officer of the NGX; Dayo Obisan, former Executive Commissioner (Operations) of the Securities and Exchange Commission; and Mark Okoye, Managing Director and Chief Executive Officer of the South East Development Commission (SEDC).
Speaking on Afrinvest’s impact, Okoye recalled his early career with the firm:
“I came into Afrinvest as a corps member, and it was the only private establishment I ever worked before I ventured into public service.”
Okoye, who later served as Commissioner of Finance in Anambra State, worked with Afrinvest between 2008 and 2012, resigning as a Senior Associate before transitioning into government.
The night also included an award ceremony honouring long-serving members of staff. In a gesture that underscored Afrinvest’s inclusive culture, awardees ranged from senior executives to support staff, including drivers.