Alitheia Capital managing partner, Tokunboh Ishmael.

Alitheia Capital and Goodwell Investments have exited their joint venture uMunthu Fund: Baobab Nigeria.

According to the companies, this exit reflects the "power of patient capital" in scaling businesses and deepening their impact.

The duo went on to say that their investment over the last 12 years has helped Baobab Nigeria grow from a modest, regional microfinance institution to a top-three nationally regulated microfinance bank with 38 branches in 16 states.

According to the equity funders, Baobab Nigeria currently serves 230,000 consumers, which is 12 times more than when they first joined forces.

“This achievement highlights the critical role of sustainable investment in expanding financial inclusion and fostering economic growth,” according to the two companies.

They added: “As we continue to apply this hands-on, locally led approach across the uMunthu portfolio, we look forward to further exits in 2025. “

“This was a bank that was operating out of a single room in northern Nigeria when we invested, and today it is top-three nationally licensed microfinance bank. We've walked a journey of leadership, governance, and financial and impactful growth, scaling from small beginnings through to the top-tier national microfinance bank that it is today,” said Alitheia managing partner, Tokunboh Ishmael.