Okechukwu “Okey” Enelamah has lived many lives in one: medical doctor, accountant, private equity pioneer, minister of the Federal Republic, and institution builder. Yet, at the heart of his journey lies a single mission: to unlock Africa’s potential through disciplined investment, ethical leadership, and visionary partnerships.
As Co-founder and Chairman of African Capital Alliance (ACA), Enelamah leads one of Sub-Saharan Africa’s most successful independent investment firms, with funds spanning telecoms, security, transport, technology, and infrastructure. His work has been instrumental in shaping the continent’s investment story, from the landmark MTN Nigeria deal, one of Africa’s most profitable private equity investments, to building new models for industrialization and digital transformation.
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“Private equity is a unique industry,” Enelamah explained. “You collect capital from investors, deploy it, return it, and then raise it again. Success depends not only on a proven track record but also on demonstrating strong management, both within the firm and across the underlying investments.”
That philosophy powered ACA’s early successes. The MTN transaction, structured during Nigeria’s telecom deregulation era, remains legendary: 400 million dollars raised, 285 million dollars for licenses, and 125 million dollars in debt, ultimately delivering a forty-four times return. To Enelamah, it was more than a financial win. It was proof that Nigeria, when approached correctly, could yield world-class results.
But the story of ACA began with relationships and mentorship. Returning from Harvard Business School, where he was a Baker Scholar, Enelamah found himself at a crossroads. He had built finance experience with Goldman Sachs, Arthur Andersen, and Zephyr Management, but Africa called him back. Partnering with visionaries like Dick Kramer, Chief Ernest Shonekan, Pascal Dozie, and Mohamed Hayatuddin, he launched ACA in 1997 against the backdrop of Nigeria’s military dictatorship.
“It was about trust and shared vision,” he recalled. “Despite the difficult environment, we believed capital could be mobilized for Nigeria’s private sector. Mentorship and partnerships made that belief actionable.”
Over the years, ACA expanded across sectors: from telecoms to transport with ABC Transport, where governance reforms paved the way for a public listing; to Grey Security Services, which supported oil companies with world-class asset protection; and into digital infrastructure, with over 80 million dollars invested in West Indian Ocean Cable Company (WIOCC), one of Africa’s leading data connectivity firms.
Enelamah’s work transcends private equity. From 2015 to 2019, he served as Minister of Industry, Trade, and Investment, championing Nigeria’s special economic zones, aimed at replicating China’s manufacturing model by lowering costs through power, logistics, and export pathways. “The private sector is essential to unlocking Nigeria’s manufacturing potential,” he said. “Government must provide the enabling environment. The private sector will do the rest.”
At the same time, he remains deeply committed to education. As Chief Promoter and Chairman of the Nigerian University of Technology and Management (NUTM), Enelamah is investing in the next generation. The university is grooming leaders who will be AI-ready and capable of competing globally.
Faith and values run through his story. A qualified medical doctor turned financier, Enelamah says his Christian principles shape his approach to business. He has walked away from lucrative deals that required unethical compromises, convinced that success is possible while serving with integrity.
“Mentorship is also something I take very seriously,” he added. “It’s about relationships built on trust and mutual respect. The greatest mentors I had, like Dick Kramer, inspired me to aim higher, and I try to do the same for others.”
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Today, ACA manages close to 570 million dollars across four funds and is working on raising a 750 million dollar fifth fund. Enelamah acknowledges that Africa’s investment landscape has become more complex, with currency risks and political instability, but remains optimistic. “Cycles happen everywhere—Asia, Brazil, Argentina—and they emerge stronger. Nigeria will too. The key is discipline, resilience, and staying the course.”
For Enelamah, the future of Africa lies in scale. “Almost every sector proven elsewhere has potential in Nigeria and Africa. With the right infrastructure and partnerships, we can attract global brands and capital and deliver extraordinary results.”
From medicine to markets, from government to classrooms, Okechukwu Enelamah has built a legacy defined not by chance but by conviction. His journey proves that Africa, with the right vision and integrity, is not just an emerging market. It is a land of unprecedented opportunity.
Disclaimer: EnterpriseCEO is not the rightful owner of the original content or conversation. This feature article is a transcription and editorial adaptation based on an exclusive episode of the “Afropolitan” podcast hosted by Chika Uwazie & Eche Emole. All insights and quotes are attributed to Okechukwu “Okey” Enelamah as shared during the interview. Full credit goes to Chika Uwazie & Eche Emole and the “Afropolitan” podcast team.
