The Oak Holdings, a hybrid financial institution group, has launched into the Nigerian financial industry with Oak Homes, The Oak Capital, The Oak Digital Bank and The Oak Asset Management to provide services to different clients in the financial services industry.
Speaking at the launching ceremony in Lagos over the weekend, Mr. Olukayode Olusanya, Founder and Chief Executive Officer (CEO) of the group said, the company’s multi-asset strategy combines different types of assets, including equities, fixed income securities, private/mutual funds, indexing, money market instruments among others to create a more nimble, broadly diversified portfolio for its proprietary investment objectives.
Olusanya explained that Oak Homes is a leading real estate development company with its primary business in Lagos, Nigeria but it has recently made foray into the United Kingdom and the United States. He added that in addition to core real estate development, the company is also engaged in facility management, construction and infrastructure development and it is manned by an innovative and creative team with combined experience spanning more than four decades.
He said The Oak Capital is a venture capital firm with a bias for supporting underserved start-up founders creating lasting solutions to problems in the African continent by leveraging the use of technology to promote growth of their businesses.
According to the Founder, The Oak Capital seeks to back audacious, young entrepreneurs who are solving critical problems across different sectors in Africa, by providing pre-seed and seed stage funding.
Citing statistics from the Credit Bureau Association of Nigeria, Olusanya said limited funding remains a critical bottleneck to the growth of small businesses in Nigeria, as only about four percent have access to credit.
He remarked that while there has been significant funding for start-ups from foreign venture capital firms, such is concentrated on elite founders and at much later stages, a development which make most indigent young founders struggle to raise funding at very early stage of their businesses.
He said the venture capital is established to make outstanding investment deals in sub-Saharan Africa as it is sector agnostic but with bias for businesses driving technological innovations, financial inclusion, improve health care services and enable food security.
He added that the Oak Asset Management Limited provides fund management and portfolio advisory services to a wide range of clientele. The company analyses risks and estimates investment gains before making investment decisions in a bid to ensure that its strategy deliver maximum investment returns to its investors, he said.
The digital bank is an economic driver and a vehicle of economic empowerment which enables the company to “provide the wings for its clients to fly,” he said.
Olusanya observed that with access to credit being a major deficiency for SMEs, the Oak Digital Bank proposes value to its clients with strong inclination to have zero deficiencies.
He added that the bank is set up as a digital bank to support its businesses entities and will run a lean and efficient model while leveraging non-traditional systems and methods such as mobile App, Web and digital kiosks.
Former Group Managing Director and CEO of First Bank Nigeria Plc, Mr. Bisi Onasanya, who graced the launching, among other dignitaries, advised the board and management of Oak Holdings to create financial advisory services department to relate with customers with a mindset of guiding the needs of its clientele. He urged those who graced the launching to endeavour to do business with the group in the future.
Besides Olusanya, the group management team include: Eng. Elias Rassi, COO, Oak Homes; Andrew Idechi, COO , The Oak Digital Bank; Oladimeji Kuforiji, Legal Counsel. Others are Lucky Oboh; Head, Treasury, Oyedade Shokunbi, Venture Capital team Lead, among others.