Nigerian SEC grants Volition Cap license for fund management, validating African cooperative model

Key Highlights:

• License Acquisition: Volition Cap, an asset management company focused on helping the middle class create wealth, has successfully obtained a fund management license from the Nigerian Securities and Exchange Commission (SEC) in December 2022.
• Market Opportunity: The report highlights the significant growth of Africa’s middle class, which has expanded to 34% over the past three decades, offering a substantial market for financial services.
• Impressive Track Record: Volition Cap has achieved significant success, managing a 3,000-member African cooperative with members achieving financial independence rates of up to 75% within three years.
• Private Equity Fund: The company has developed a $30 million private equity fund for agriculture and real estate projects in Africa, contributing to economic development.
• Support for Filmmakers: Volition Cap has disbursed over $250,000 to support local filmmakers through its entertainment and media fund, fostering creativity and entrepreneurship.
• CEO’s Vision: Subomi Plumptre, the CEO of Volition Cap, emphasizes the company’s commitment to empowering the middle class and driving economic growth through retail and institutional products.

Volition Cap, an asset management firm dedicated to helping the middle class build wealth, proudly announced today that it has obtained a fund management license from the Nigerian Securities and Exchange Commission (SEC) in December 2022. This license authorizes the company to operate as a registered fund manager in Nigeria, setting the stage for the launch of a range of investment products tailored for Africans both on the continent and in the diaspora.

As per the African Development Bank, Africa’s middle class has expanded to 34% over the last three decades, in stark contrast to Europe and America, where it has been declining to 60% and 50%, respectively. Nevertheless, a 2019 report on ‘The Investment Potential of Nigeria’s Middle Class’ highlighted that despite their increasing wealth, a significant portion of this socio-economic group’s liquid assets remain in bank savings and deposits. This underscores the need for economic empowerment in developing nations.

Founded in 2018, Volition Cap is a groundbreaking asset manager that utilizes a unique model built around traditional cooperatives, which it introduced through Volition Cooperative, a licensed multi-purpose cooperative aimed at simplifying investing for its members.

In addition to conventional offerings, Volition Cap empowers diaspora professionals to convert remittances into investments rather than mere gifts, enabling them to sustainably support their families back home and acquire local assets.

Volition Cap also caters to high-net-worth individuals and institutional investors, offering services such as fund and treasury management, business investment advisory, and customized individual or family investment plans. Additionally, Volition Cap’s experts have provided investment literacy training to over 10,000 individuals.

By leveraging technology for product distribution, Volition Cap intends to reduce the cost of investment services and enhance accessibility. With the credibility and trust conferred by the SEC license, this homegrown enterprise is poised to expand its tailored offerings throughout Africa and the diaspora.

Subomi Plumptre, CEO of Volition Cap, commented, “Our company was established by entrepreneurs who intimately understand the daily challenges faced by the middle class. Since our inception, we have focused on empowering this demographic to achieve financial success. The SEC license represents a significant milestone as we introduce retail and institutional products to stimulate economic growth.”

Backed by a robust track record of success, Volition Cap has designed and managed a 3,000-member African cooperative, resulting in members achieving financial independence rates of up to 75% within three years. The firm has also created a $30 million private equity fund dedicated to agriculture and real estate projects in Africa, disbursing over $250,000 to support local filmmakers through its entertainment and media fund.

About Volition Cap

Volition Cap is a groundbreaking asset manager that empowers hardworking Africans and members of the diaspora to generate wealth. Since 2018, the company has been at the forefront of individual investments and business support.

Through strategic partnerships, Volition Cap has established a $30 million private equity fund for agriculture and real estate projects in Africa. It pioneered the first fund to leverage traditional cooperatives, resulting in 3,000 members achieving financial independence rates of up to 75% within three years. Volition Cap has also disbursed $250,000 to African filmmakers through its pioneering entertainment and media fund.

With a mission to promote economic independence, Volition Cap’s financial literacy courses have equipped over 10,000 Africans to take control of their finances.

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