Alitheia Capital and Goodwell Investments have announced their successful exit from Baobab Nigeria, marking the first exit of their joint uMunthu Fund.
According to a statement from the investment companies, the exit comes after more than 12 years of investment, initially through the GWAMDC fund and later via the uMunthu Fund.
They noted that the exit is also a testament to the substantial growth and financial stability Baobab Nigeria has achieved and the effectiveness of patient capital in delivering both financial returns and meaningful social impact.
Reasons for investment
According to the investors, investment in Baobab (formerly MicroCred) in 2012 was driven by a shared vision of financial inclusion.
Their continued backing through the uMunthu Fund in 2015 marked the first instance of private capital investment in northern Nigeria’s financial sector, previously dominated by development finance institutions (DFIs).
- Furthermore, they were the first local, on-the-ground investors…
Connect with us on our socials: