Prominent African technology entrepreneur and investor Victor Asemota, Founder of Keita Wealth Advisory, has called for a redefinition of early-stage investment in Africa, arguing that true impact comes from investing in people and ideas before they reach the startup stage.
In a reflective commentary shared on LinkedIn, Asemota stated that many investors who describe themselves as “early-stage” are, in fact, joining too late in the value chain. “You need to go far upstream to create the downstream benefits, rather than waiting opportunistically at the tail end of the journey,” he wrote.
Rejecting the conventional label of “angel investor,” Asemota described education as the ultimate form of angel investing — one that nurtures talent, builds capacity, and lays the foundation for sustainable innovation. He praised Jim Ovia, Founder of Zenith Bank and the Jim Ovia Foundation, as a quiet but powerful force behind Nigeria’s tech ecosystem, citing his long-standing commitment to scholarships, mentorship, and early financial support for promising entrepreneurs.
“Jim Ovia is one of the few unsung angel investors in this category,” Asemota said. “He has provided scholarships and early support for potential superstars long before the rest of us realized the importance of such investments.”
Recalling Ovia’s role in supporting the early development of TeamApt, now known as Moniepoint, Asemota noted that Ovia’s influence extended beyond conventional banking and into strategic technology investments. “He once gave us ₦150 million to build an e-commerce product (Z-Mart) that was eventually scrapped after the 2016 recession — and he didn’t flinch,” Asemota revealed. “That kind of risk tolerance and long-term view is what defines a true ecosystem builder.”
He also reflected on Ovia’s early forays into technology in the 1990s, including the decision to launch Cyberspace ISP to provide internet services for Zenith Bank and other clients — a visionary move that demonstrated an understanding of digital infrastructure long before it became mainstream.
Asemota shared a personal anecdote from June 20, 2015, when he met Ovia in Lagos. A conversation about his relocation to Ghana turned into a passionate discussion about contributing to Nigeria’s growth. Later, Asemota discovered that Ovia was privately funding scholarships for gifted African students at Ashesi University in Ghana through his foundation. “Some of those students have gone forward with great potential,” he noted.
Reflecting on his keynote at Big Angels Day in Dakar, Asemota reiterated his belief that wealth creation should precede philanthropy. “We cannot support the poor by making ourselves poor,” he said. “We should give from abundance by ensuring we create abundance, rather than trying to give from a state of scarcity.”
Concluding his message, Asemota described Jim Ovia as his role model in ecosystem support, emphasizing that Africa’s digital transformation will depend not only on venture funding but on patient, purpose-driven investments in human capital and foundational opportunities.
“Education,” Asemota affirmed, “remains the purest and most transformative form of angel investment.”
