Ejike Egbuagu is a finance leader with over a decade of experience in banking, trade, and deal structuring across Africa
Ejike Egbuagu is a finance leader with over a decade of experience in banking, trade, and deal structuring across Africa. As CEO of Moneda Invest Africa, he has mobilised over $200 million to support SMEs especially in the energy sector through alternative financing. He also founded 1952Africa to empower creatives, championing initiatives like the Chizi Wigwe Prize for African Futurism. Educated at Harvard, Geneva Business School, and the University of Kent, Ejike discusses in this interview with KENNETH ATHEKAME how Moneda is driving energy transition and funding innovation beyond traditional banks. Ejike is committed to unlocking Africa’s potential through finance, creativity, and innovation. Excerpts:
Moneda Invest Africa was established during a significant FX crisis in Nigeria. Could you share more about the specific challenges that period presented for African SMEs, particularly within the energy value chain, and how Moneda has been addressing these through alternative financing?
The foreign exchange crisis of 2015 in Nigeria was emblematic of a broader vulnerability that many African critical SMEs face, one that is structural, not just cyclical. While Nigeria was the immediate trigger, the lessons and implications extend across the continent. Energy SMEs across Africa often operate in environments where macroeconomic instability, dollar scarcity, and policy inconsistencies constrain their ability to scale, even when their models are fundamentally sound.
In Nigeria at the time, energy SMEs were disproportionately affected because their supply chains and capital expenditure were heavily dollar-denominated. With a sharply devaluing naira and severe restrictions on FX access, many of these businesses found themselves paralyzed. Projects stalled, jobs were lost, and even viable contracts became unbankable due to liquidity issues and banking system rigidity.
Moneda was conceived not as a Nigerian solution, but as an African response. We realized that the real issue wasn’t just about capital access, it was about capital structure, resilience, and trust. So, we began mobilizing international capital pools that were not limited by local balance sheet concerns. But we didn’t stop there. We embedded a layer of operational partnership and project execution expertise that traditional lenders lacked. This dual-lens model, financial and operational, allowed us to de-risk investments from the inside out. In doing so, we weren’t just offering loans we were offering belief. And across several African economies today, that belief is paying dividends.
With over $200 million deployed to Nigerian energy SMEs, what key trends or opportunities have you observed in this sector over the past decade? How has the Nigerian economic landscape, with its fluctuations and policy changes, influenced these trends?
It’s important to clarify that the over $200 million we’ve deployed has not been limited to Nigeria alone, it spans multiple African markets where critical SMEs are driving energy transformation. That said, Nigeria has served as a critical testing ground. The scale and complexity of its energy challenges provided valuable insights that now inform how we operate continent wide. Across Africa, one of the most encouraging trends we’ve observed is a gradual but decisive shift toward diversification. SMEs are no longer tethered to traditional oil and gas models alone. We’re seeing entrepreneurs move into renewables, energy storage, grid optimization, and climate resilient infrastructure. This diversification isn’t just about following global trends, it’s a strategic hedge against local volatility and a response to the evolving energy needs of African consumers.
Another powerful trend is the rise of indigenous capacity. In countries like Nigeria, Ghana, Kenya, and Angola, reforms have mandated greater local participation in the energy value chain and SMEs have risen to the challenge. We’ve backed businesses that are pioneering modular solar kits, smart metering systems, clean cooking solutions, and digital monitoring tools, often engineered from the ground up for African use cases.
Of course, the Nigerian policy environment with its FX complexities, tariff reforms, and shifting regulatory frameworks has uniquely shaped the way we build resilience into our model. It taught us to prioritize agility. And that insight has served us well across other markets with similar volatility.
What we’ve developed, therefore, isn’t a Nigerian success story it’s a continental playbook. We invest in SMEs that are not just profitable, but strategically adaptive. Businesses that can pivot quickly, build trust in turbulent markets, and position themselves for institutional rounds and cross-border expansion. This is the future of African energy and we’re committed to powering it.
You’ve mentioned creating alternative financing pools independent of local financial institutions. What specific gaps or limitations within the traditional Nigerian financial system did Moneda aim to overcome to support these SMEs?
The limitations of traditional financial systems across Africa are systemic. Whether in Nigeria, Tanzania, or Côte d’Ivoire, the same barriers repeat themselves: a rigid reliance on collateral, limited sectoral understanding of high-growth areas like renewable energy, and an extreme aversion to FX exposure. This approach not only excludes thousands of SMEs but fundamentally undermines innovation.
Banks in many African countries are highly risk-averse, largely because they lack the capacity to assess operational risk. If a company doesn’t have hard collateral, land, equipment, real estate, it is often invisible to the lending system. But many African entrepreneurs don’t operate with these assets. What they have is intellectual capital, contractual value, and deep market knowledge. And that’s exactly what we finance.
Moneda was designed to sidestep these constraints. We remove the FX exposure that local banks fear. By integrating project oversight, we actively manage execution risk. And by co-investing with global partners, we’ve demonstrated that African SMEs can meet international standards when given the chance. We’re not asking for concessions, we’re proving credibility.
How do you assess the current state of access to finance for Nigerian SMEs in the energy sector? What are some of the persistent challenges, and what role can alternative financing continue to play in bridging these gaps?
Access to finance in Nigeria mirrors what we see across much of the continent: fragmented, inadequate, and misaligned with real-world critical SME needs. Even as the appetite for energy solutions grows, from rural electrification to industrial backup systems, most SMEs still face a financing landscape that is outdated and extractive.
Collateral remains a major obstacle. So does the short-term tenor of most loan products, which fails to match the multi-year nature of energy projects. Add to that the scarcity of dollar liquidity and you have a market where entrepreneurs are constrained not by ambition, but by architecture.
Alternative financing is not just a “nice to have” it’s an economic imperative. Our model offers SMEs capital that is both flexible and strategic. We structure funding to match project lifecycles, not banking cycles. We prioritize performance metrics over physical assets. And we embed advisory services that help SMEs stay compliant with global ESG, climate, and governance benchmarks. This approach is what will power the next generation of African growth—one that is inclusive, scalable, and sustainable.
Moneda’s vision is to transform African resources into African wealth. In the context of Nigeria’s vast energy resources, what specific strategies or types of projects have you found most effective in achieving this transformation at the SME level?
Our vision, transforming African resources into African wealth, is not rhetorical; it’s operational. Whether it’s gas in Nigeria, lithium in Zimbabwe, or solar potential in the Sahel, Africa has always been resource-rich. The challenge has been capturing value locally.
At the SME level, the most impactful projects we’ve supported are those that create feedback loops of empowerment. We’ve funded solar microgrids in underserved Nigerian communities where local operators manage distribution and reinvest in expansion. We’ve supported firms building energy efficiency systems for agro-processors in Kenya, reducing energy costs and boosting food security. We’ve backed clean mobility companies in Southern Africa who are rethinking transport in urban hubs.
What these projects have in common is not just technical excellence, they are ecosystem builders. They generate employment, create local supply chains, and foster ownership. For us, energy is a means to an end. The true outcome we’re targeting is inclusive prosperity.
Considering the current discussions around energy transition globally and within Nigeria, how is Moneda adapting its investment strategies to support Nigerian energy SMEs in navigating this evolving landscape? Are there specific areas within renewable energy or sustainable practices that you see as particularly promising?
The global energy transition is not a trend; it’s a tectonic shift. And Africa must not be a spectator in this transformation. At Moneda, we view the transition as a chance to leapfrog, not only from fossil fuels to renewables, but from dependency to leadership.
In Nigeria and other markets, we’re actively redirecting capital toward clean energy SMEs. We’re especially excited about decentralized solutions, off-grid solar, mini-grids, battery storage, that address both energy access and economic inclusion. These aren’t just technologies, they’re tools of liberation for communities and leverage for growth.
We also invest in the enablers, critical SMEs offering maintenance services, clean tech logistics, and digital metering systems. Our strategy is to build a layered ecosystem where innovation can compound. And to ensure these projects don’t just start but scale, we provide technical support, ESG readiness frameworks, and capital structuring expertise. That’s what it takes to turn ambition into infrastructure.
What are some of the key lessons Moneda has learned over the past decade about the specific risks and opportunities associated with investing in Nigerian SMEs within the energy sector? How do you mitigate these risks and capitalize on these opportunities?
Over the past decade, working across diverse African markets, we’ve come to recognize a critical truth: the risks often ascribed to African SMEs, especially in the energy sector, are more perception than reality. Much of the global hesitation stems from outdated narratives: political instability, policy inconsistency, and a supposed lack of operational maturity. But when you engage deeply and build trust locally, you realize that these risks are not only navigable, they’re often overstated.
One of the most powerful lessons we’ve learned is the value of context. Investing in critical SMEs across the continent and beyond has shown us that success is rarely about having the “perfect market conditions.” It’s about having the right structures, risk-sharing partnerships, embedded project oversight, and the willingness to co-create value with entrepreneurs. We’ve mitigated regulatory uncertainty by staying close to policy dialogue. We’ve managed macroeconomic volatility by designing financing structures with built in buffers, hedged tranches, milestone-based disbursements, and dual-currency options.
The opportunities, on the other hand, are immense and deeply interconnected across the continent. Africa’s energy infrastructure deficit remains vast. Yet within that gap lies room for SMEs to lead, whether in last-mile solar delivery, clean industrial solutions, or energy-as-a-service platforms. Our investment focus remains on those SMEs that exhibit resilience, strong governance, and a clear path to scale. When those elements are in place, capital isn’t just safe, it’s catalytic.
The establishment of 1952 Africa as a CSR initiative demonstrates a belief in the broader African ecosystem. How do you see the development of the creative sector in Nigeria contributing to the overall economic growth and diversification of the nation?
While 1952 Africa was born in Nigeria, it is very much a pan-African mission, one rooted in the belief that culture is not a by-product of growth but a driver of it. The creative economy is emerging as one of Africa’s most dynamic frontiers, contributing to GDP, stimulating youth employment, and exporting the continent’s identity to the world.
Across the continent, we’re witnessing a generation of creatives rewriting the African story. Through 1952 Africa, we are not simply funding creativity, we are building infrastructure for creative scale. We are closing the gap between talent and opportunity, and laying the foundation for an economy where expression and innovation are valued at par with extraction and production.
Investing in this sector helps diversify economies overly reliant on traditional industries like oil or mining. It allows us to channel Africa’s cultural capital into tangible economic value, while also fostering national pride, youth empowerment, and global competitiveness.
With over 500 applications to 1952 Africa in a single year, it’s clear there’s a significant demand for support within the Nigerian creative community. What does this tell you about the untapped potential and the challenges faced by these artists in Nigeria?
The overwhelming number of applications reflects an explosion of talent and creativity in Nigeria, often underfunded and under-resourced. This demand highlights the huge untapped potential of artists eager to scale their craft but constrained by lack of access to capital, professional networks, and market opportunities. It also signals systemic challenges: limited institutional support, infrastructural deficits, and market fragmentation.
This gap presents an opportunity for CSR initiatives like 1952 to catalyze growth by providing tailored funding, mentorship, and platforms for exposure. It validates our belief that investing in creatives yields not only cultural enrichment but tangible economic returns.
The Chizi Wigwe Prize for African Futurism encourages artists to envision African futures. How important is this kind of creative foresight in shaping the economic and social development of Nigeria and the continent?
Creative foresight through initiatives like the Chizi Wigwe Prize is crucial for imagining new possibilities, not just artistically but socially and economically. African futurism challenges entrenched narratives and inspires innovation by envisioning alternative realities where Africa leads in technology, governance, and culture.
This form of storytelling fosters a mindset open to transformation, encouraging youth to become creators of their own futures rather than passive observers. It shapes social consciousness, drives policy discourse, and informs economic strategies that align with visionary goals. Ultimately, creative foresight is a catalyst for holistic development, blending imagination with actionable progress.
