Kingdom Zephyr Africa Management Company (“Kingdom Zephyr” or “the firm”), the pan-African private equity firm, has opened a new office in Lagos, Nigeria.


The expansion of Kingdom Zephyr’s activities into Nigeria, Sub-Saharan Africa’s most populous country and second largest economy, is seen as an important strategic move for the firm. According to the IMF, Nigeria will be amongst the world’s top 10 fastest growing economies between 2011-2015, exhibiting a compound growth rate of around 7%.


The opening of Kingdom Zephyr’s Lagos office extends the firm’s local African reach and enhances Kingdom Zephyr’s ability to source deals in West and Central Africa. The Nigerian economy is set to benefit from the transformation of the banking and financial services, oil and gas and power sectors, all target industries for Kingdom Zephyr. Nigeria has always been a key geography for the firm, having invested in United Bank for Africa plc and Ecobank Transnational Incorporated through its Pan-African Investment Partners (PAIP) I Fund.


Kingdom Zephyr Partner Seyi Owodunni (pictured) will head the Lagos office. Prior to joining Kingdom Zephyr, Seyi was the Chief Financial Officer of Starcomms Plc, a Nigerian telecommunications operator and triple-play provider. 

“Lagos is a vital location for Kingdom Zephyr’s investment activities within West Africa as we actively look to partner with established, local businesses that have the capabilities to grow and expand across the African continent," says Owodunni. “Nigeria’s economic growth has recovered from the temporary dip in 2009 on the back of higher oil prices as well as industry and government reforms, creating significant investment opportunities in companies positioned to benefit from these transformations. Growth will be further aided by key demographic trends such as an expanding workforce, increasing urbanisation and the rapid growth of Nigeria’s middle class; all developments that are consistent with our middle class consumer-focused investment strategy.”


Kofi Bucknor, Kingdom Zephyr’s Managing Partner, says: “Although Nigeria is still dependent on its oil sector, the government is beginning to take the necessary steps towards economic diversification and market liberalisation while, at the same time, corporate governance is steadily improving. This is making Nigeria an increasingly attractive proposition for private equity investors and we believe it is essential for Kingdom Zephyr to have a local presence to facilitate greater deal flow and execution.”
