The latest Henley & Partners Africa Wealth Report reveals that the continent holds a total of $2.4 trillion in private wealth, with South Africa, Nigeria, Egypt, Kenya, and Morocco accounting for over 50% of this. Despite this, income inequality remains high, and there’s a significant ‘floating class’ within the middle class facing insecurity.
Subomi Plumptre, the CEO of Volition Cap in Nigeria, aims to address these challenges.
Over a span of three years, her company successfully launched a $30 million fund for agriculture and real estate projects in Africa, resulting in financial independence rates of up to 75% for 3,000 members. Additionally, it’s supporting African filmmakers with $250,000 in funding and have provided financial literacy courses to over 10,000 individuals.
Plumptre also recently toured the United States (US) engaging with the African diaspora through the ‘Celebration of African Prosperity’ roadshow with information on diaspora-focused funds.
Originally, Volition began as a financial education company and investment club. Later, obtaining a Securities and Exchange Commission (SEC) license, it pioneered a novel fund management approach for Africa utilizing investment clubs (cooperatives).
The acquisition of the SEC license validated and institutionalized their model.
Plumptre co-founded Volition Cap, a licensed asset manager, with Kola Oyeneyin in 2018 after facing personal financial challenges.
This story is from the December 2023 - January 2024 edition of Forbes Africa.
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This story is from the December 2023 - January 2024 edition of Forbes Africa.
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