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Reflecting on Two Years at Renew Capital: An Interview with Chukwudi Ofili
By Chukwudi Ofili | Wed Oct 02 2024
Two years ago, Chukwudi Ofili shared his journey of returning to Nigeria after a stint abroad as part of a successful legal career to date. Since then, he’s been on an exciting chapter of professional growth while witnessing significant developments across Africa's investment landscape. In this follow-up interview, Chudi reflects on the lessons he’s learned and the future he envisions.
Chudi, it’s been two years since you joined Renew Capital. Can you tell us about your experience so far and what stands out for you as the firm grows across Africa?
It’s been an exciting two years with Renew Capital as we’ve expanded across 14 countries in Africa. With this growth, I’ve had the chance to learn a lot, both personally and professionally. Over time, I’ve learned a few lessons that have really shaped my experience here.
- Adaptability. This has probably been the most essential skill. With things moving so fast, being prepared for every situation just isn’t realistic. You have to stay flexible, find ways to add value on the fly and embrace the challenges as they come.
- Learning never stops. I have had to unlearn and learn during my time at the firm. I’ve learned to navigate the nuances involved in closing venture capital (VC) investments in tech-enabled startups across different jurisdictions in Africa. At the same time, I have had to build capacity in relation to fund formation and compliance in the United States.
- Curiosity. This is highly encouraged at Renew Capital as we are always looking for new opportunities and different ways to create value for our founders. That mindset has been vital for me.
- Africa’s potential is undeniable. Having been actively involved in ecosystem development, deal reviews and engaging with founders from across the continent. There’s an abundance of opportunities for disruption and innovation with the accelerated adoption of technology.
- Legal frameworks are catching up. Some governments are recognizing that innovation needs the right legal environment to thrive. We’re seeing progress, but founders still need strong legal support to build scalable and investment-ready businesses.
You’ve mentioned how law plays a role in innovation. How have you seen governments across Africa support this?
At Renew Capital, we’ve been keeping track of these changes through our monthly Legal Briefs. We have, for example, seen updates to corporate laws that are supposed to help startups grow in places like Nigeria, South Africa, Ethiopia and Kenya. For example, in the September 2024 legal brief, the Ethiopian Capital Markets Authority (ECMA) launched a regulatory sandbox that allows fintech companies to test new products in a controlled space. This trend is also taking place in countries like Nigeria, Ghana and Rwanda. We’re also seeing increased adoption of startup and finance laws across Africa in places like Nigeria, Kenya, Morocco and Ethiopia.
You also highlighted adaptability as a key lesson. Why do you think that’s been so important for you?
As we’ve grown so quickly, we had to make a lot of changes as we entered new markets, which also comes with its own fair share of new challenges. Being adaptable has been essential for navigating all of that. Whether it’s changing our processes or adjusting to different legal and business environments across Africa, you’ve got to be flexible to succeed here.
Looking forward, what excites you most about the next generation of African entrepreneurs?
I believe that there is a general consensus that Africa is the world’s next growth market. With the many challenges that we face across the continent, African founders within Africa and in the diaspora are utilizing technology to innovate and provide solutions to the socio-economic challenges that we face on the continent. However, lack of access to capital and the lack of the necessary skills to build scalable and profitable businesses remain pain points for many founders. Notwithstanding, there has been increased activity by Africa-focused and experienced investors who are working hard to close this gap and address these challenges. There is optimism about the African potential.
Renew Capital is an Africa-focused impact investment firm that backs innovative companies with high-growth potential. Renew Capital manages investments made on behalf of the Renew Capital Angels, a global network of angel investors, foundations and family offices who seek financial returns and sustainable social impact. For the latest on investing in Africa, subscribe and follow us at our social links below.
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