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In Nigeria, there’s been some effort to encourage greater female participation in tech. However, underrepresentation remains a challenge in the industry. Female founders only received 2% of funding for African startups in 2024. Many observers believe that if we had more female venture capitalists, funding levels for women in tech would be much higher.

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But it’s not just financial support that’s lacking. Perhaps, if girls had more figures like them in the industry to call role models, they would be willing to explore a career in technology. If you’re a girl or young woman and you’re interested in building startups or funding them, you may be encouraged by this article. In it, we’ll talk about 7 women who are leading venture Capital to drive growth in Nigerian tech.

Eloho Omame

female venture capitalists — Businessday NG

Eloho is a Partner at TLcom, an Africa-focused VC firm with offices in Lagos, Nairobi, and London. She’s also a General Partner at FirstCheck Africa, a VC fund that supports tech startups with at least one female co-founder. She was previously CEO at Endeavor Nigeria. There, she built the largest support organization for startups in West Africa. Other roles include being a Vice President at General Atlantic, a growth equity firm supporting global growth companies. Eloho has served in multiple advisory groups and committees, one of which was the Startup Consultative Forum. She designed and implemented The “Lagos Innovates” program of the Lagos State Employment Trust Fund (LSETF). Her educational qualifications include an Undergraduate degree in Economics from the London School of Economics and Political Science and an MBA from the London Business School.

Omobola Johnson

Omobola Johnson is a Senior Partner at TLcom. She was previously Nigeria’s Minister of Communication Technology, the first woman to hold the position. In addition to this, she’s the Honorary Chairperson of the Global Alliance for Affordable Internet. Her other roles are as a non-executive director at MTN, chairman of the board at Custodian and Allied Insurance, and board member at Andela, Pula, Kobo360, and Okra. She’s the Founding Chairperson of Women in Management and Business (WIMBIZ). Before becoming a federal minister, Omobola had worked for over 25 years at Accenture. Her last five years at the global consulting firm were spent as Country Managing Director. She has a Bachelor’s Degree in Electrical and Electronic Engineering from the University of Manchester; a Master’s in Digital Electronics from King’s College, London; and a Doctorate in Business Administration from Cranfield University’s School of Management.

Tokunboh Ishmael

Tokunboh Ishmael is the Managing Director at Alitheia Capital, an impact investing firm that seeks to achieve positive, just and equitable economic and social transformation via the deployment of capital. She’s led the company since she founded it 17 years ago. She is also a Managing Partner for Alitheia IDF, a $100 million private equity fund that invests in gender-balanced businesses. Earlier in her career, she was chairman of the African Private Equity and Venture Capital Association (AVCA). In the 2000s, she held partner positions at Aureos Capital, and then at Avante Capital, both in Nigeria. Before this, she worked at Citibank, Salomon Smith Barney, and Sussex Place Ventures, all in the United Kingdom. Tokunboh has a Bachelor’s Degree in Computer Science and Economics from the Obafemi Awolowo University, a Master’s in Advanced Computing Methods from Queen Mary University (London), and various qualifications from the NYU Stern School of Business and the London Business School.

Maya Horgan Famodu

Maya Horgan Famodu is a founder and Partner at Ingressive, a firm that serves businesses expanding into Africa. She’s also a founder and partner at Ingressive Capital, a VC fund targeting Africa-based tech companies. Closer to the present, she teamed up with Sean Burrowes and Blessing Abeng to set up Ingressive for Good, a nonprofit that provides scholarships, training and talent placement for young Africans. At Ingressive Capital, Maya has helped to drive the age of contemporary technology in Nigeria. Standout investments in Nigeria include Paystack and Mono. Her entrepreneurial journey began after a stint at JPMorgan Chase. And this time at the American bank came after she graduated from university. She was on both the Forbes Africa 30 Under 30 list (tech category) and Forbes 30 Under 30 for the United States (Venture Capital category), in 2018 and 2021 respectively. Maya has a Bachelor of Arts degree in Environmental Sciences from Pomona College and finished a Pre-Law program at Cornell University.

Ijeoma Agboti

Ijeoma Agboti is Founder and Managing Director at OAI Alternative Investments. Until January 2024, she was CEO of FBNQuest Funds, a subsidiary of FBNQuest that plays in the alternative investments space. Through OAI, she helps mobilize local capital for investments in businesses that operate in Nigeria. Her work at FBNQuest Funds covered the channelling of investor funds to businesses demonstrating the potential for significant growth. Before joining FBNQuest, Ijeoma headed investor coverage and corporate business development for the Abraaj Group’s Africa operations. For 11 years, she worked with the JPMorgan Chase Private Equity Group in London and New York. Ijeoma has a Bachelor’s Degree from the University of Lagos, a CSS from Harvard University, and an MBA from INSEAD.

Nneka Eze

Nneka Eze is a Managing Partner at VestedWorld, an early-stage VC firm that invests in companies in emerging markets. Its primary target countries are Ghana, Kenya, and Nigeria. It also considers opportunities in Tanzania, Ethiopia, Rwanda, and Uganda. Prior to taking up a role at VestedWorld, Nneka was a Partner at Dalberg, a global consulting firm. In addition to this, she’s worked at McKinsey & Company, Grameen Trust, and Lehman Brothers (now defunct). Her contributions to VestedWorld have enabled it to secure investments in finance, technology, consumer goods, and agricultural businesses. Nneka has a Bachelor’s Degree in Economics from Harvard University.

Adesuwa Okunbo Rhodes

Adesuwa Okunbo Rhodes is the Founder and CEO of Aruwa Capital Management, a growth equity impact fund based in Lagos. The company invests in businesses that primarily serve women or in which women make up a significant portion of their workforce. Her professional experience is in the world of capital mobilization and business financing. She started out at Lehman Brothers (while she was still a student), and took a role in the Mergers and Acquisition team of JPMorgan Chase. In the run-up to setting up Aruwa Capital, she worked at TLG Capital and Syntaxis Capital Africa (which she co-founded). Adesuwa Has a Bachelor’s Degree in Economics from the University of Bristol. She has been recognized for her contributions to private equity in Africa by the media and other organizations, both locally and internationally.

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Final Words

Nigeria needs more female venture capitalists. But Nigerian women and girls can now aspire to work at or lead VCs, thanks to the pioneering moves made by the individuals on our list. They are levelling the playing field in the worlds of startup financing and venture building.

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This article was first published on 24th March 2025
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ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.