'Tokunboh Ishmael

Before ‘Tokunboh Ishmael became a pioneering voice in African impact investing, her career began in computer science, designing systems, writing code and helping companies build their digital infrastructure. But it was a moment of curiosity about how financial decisions shaped innovation that set her on a new path, one that would eventually lead her to London Business School and a lifelong mission to unite finance with purpose.

That curiosity led her to pursue an MBA at LBS, then, as now, a global hub for finance and strategy. “I wanted to learn more about finance,” she recalls. “I was working in London and knew that London Business School was the finance business school in the city.”

At LBS, she immersed herself in finance and strategy courses, opening new possibilities. “Coming here piqued my interest in finance, in investment banking, mergers and acquisitions,” she says. That shift marked the start of a journey that would take her from coding and systems design to Wall Street, and later, to building one of Africa’s pioneering impact investment firms.

Looking back, ‘Tokunboh credits LBS for giving her not only the technical knowledge but also the breadth of perspective that continues to shape her leadership today. “It gave me a multidisciplinary, multidimensional way of thinking,” she says. “Some of the strategy, economics and finance I learned then are what propelled me into the CFA qualification and deeper into finance.”

The alumni bonds she formed have also endured. “I’m still plugged into my cohort; some of my closest friends are from my class,” she says. “We’ve all matured together and looked out for each other throughout our careers.”

Beyond relationships, the experience deepened her awareness of organisational culture. Early in her investment banking career, she was struck by the intensity of the industry’s long hours and competitiveness. “It was a culture shock,” she admits. “I always knew that if I ever started a company, I wanted a culture that was very different, one that cared about its people.”

That insight would later become foundational to her own approach as a leader and investor.

When ‘Tokunboh co-founded Alitheia Capital, she was determined to build a firm that reflected both commercial excellence and social purpose. “From the very beginning, impact was in our DNA,” she says. “I wanted a firm that didn’t just make rich people richer but also had a heart.”

Seeing the developmental challenges in Lagos, she recognised that investment could be a powerful tool for change. “Being able to drive for impact was never an afterthought; it had to be part and parcel of how we gauged every single investment.”

That conviction has defined Alitheia’s approach. Over the past two decades, ‘Tokunboh and her team have championed tech enabled financial inclusion in Nigeria as one of the pioneer fintech investors, and gender-lens investing, focusing on businesses led by women or that benefit women in their value chains. “At least 50% of small and medium enterprises in Africa are owned by women, but less than 5% of funding goes to them,” she explains. “If African businesses and economies are going to thrive, we have to be intentional about ensuring everyone has access to finance.”

For ‘Tokunboh, gender inclusion isn’t just a social goal; it’s a strategic imperative. “Diverse perspectives lead to better decisions, better governance, better innovation,” she says. “These opportunities aren’t about charity; they’re about economic potential.”

Today, ‘Tokunboh is a sought-after voice on ESG, inclusion and responsible investment. Her message is consistent: Africa’s markets represent opportunity, not aid. “It’s not charity. It’s good business,” she says firmly.

At Alitheia, ESG principles are viewed as levers for value creation. “Environmental factors can reduce costs and build resilience. Social inclusion drives innovation. And good governance mitigates risk,” she explains. “When you integrate all three, you build companies that perform better and last longer.”

That belief, that financial success and social impact are inseparable, has guided her career and continues to shape her vision for the future. “What excites me most about the next decade is making impact investing truly mainstream and enabling innovation and investment models from Africa to template new models for the Global North” she says. “Impact Investing should be part of the DNA of investment, not an afterthought and many African businesses can model the success of this mindset for good business, inclusivity and shared prosperity”

As she reflects on her own path, ‘Tokunboh hopes today’s students will approach impact with the same combination of heart and discipline that has guided her. “Don’t think of it as a merely charitable endeavour,” she advises. “Follow your heart and ensure your values align with the way you want to drive change. Impact and good business can, and should, go hand in hand.