From Harvard To MTN: How One Man Built Africa’s First Billion-Dollar Private Equity Firm
Okechukwu Okey Enelamah, Founder of African Capital Alliance by Chika Uwazie and Eche Emole
What if Africa wasn’t just an investment opportunity but the future of global capital?
In this powerful conversation, Dr. Okey Enelamah shares his extraordinary journey from growing up in Eastern Nigeria during the war, to earning an MBA from Harvard, joining Goldman Sachs, and ultimately pioneering private equity in Africa with African Capital Alliance (ACA).
From launching Nigeria’s first major private equity ((PE) fund to backing legendary deals like MTN (44X) and ABC Transport, Okey reveals the lessons, leadership principles, and legacy mindset that built one of Africa’s most influential investment firms, scaling from 35 million dollars to over 1.2 billion AUM.
💡 In this episode:
→ How Africa became a contrarian bet with outsized returns
→ Behind the scenes of Nigeria’s greatest PE deal MTN
→ Building during military rule and economic uncertainty
→ How to raise capital across funds and generations
→ The real story behind special economic zones and policy reform
→ Mentorship faith and integrity in business
→ Why AI and digital infrastructure are Africa’s next big bets
→ How to think like a long term investor
✨ Want to connect 1:1 with Africa's boldest thinkers? Book a 15-minute convo on Convo (https://convo.vip/) with leaders like Iyinoluwa Aboyeji, Asa Asika, and more.
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YouTube link - https://www.youtube.com/@Afropolitan
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Apple Link - https://podcasts.apple.com/us/podcast/afropolitan/id1808954585
🕒 Timestamps
00:00 – Private equity explained & Africa’s $10B potential
01:00 – Okey’s background: from medicine to Goldman Sachs
02:20 – Growing up in Enugu & early pull to finance
10:45 – Breaking into South Africa’s market post-apartheid
12:25 – Origin story of ACA: building Nigeria’s first major PE fund
14:40 – Mentorship, Dick Kramer, and launching ACA under military rule
19:20 – The legendary MTN deal: 44x returns and wealth creation
23:40 – Mentorship, relationships, and showing up in Africa
25:45 – ABC Transport story: governance & exits in Nigerian PE
27:40 – Fundraising journey: $35M → $570M → $1.2B AUM
30:00 – PE vs VC explained: growth capital vs early bets
34:30 – Future opportunities: Nigeria’s digital economy surpassing oil
38:20 – Why McDonald’s hasn’t entered Nigeria yet
42:20 – Ethics & walking away from bad deals
46:45 – Writing Apostles of Righteousness in the Marketplace
52:25 – Missing early-stage unicorns? ACA’s view on VC partnerships
56:15 – Currency devaluation & protecting African PE returns
1:03:00 – Special Economic Zones: vision for industrial infrastructure
1:07:10 – How Nigeria can unlock manufacturing competitiveness
