Phillip Ihenacho is co-founder and partner of Amaya Capital, an Africa-focused principal investment firm, and was instrumental in the development of Azura Power which was recently sold to UAE-based ePointZero who acquired 90% of the entity.
Early Life
Born in Lagos and raised in Jos, Ihenacho studied History at Yale University, graduating with distinction in 1987, before obtaining a Juris Doctor degree with honours from Harvard Law School in 1990. He subsequently spent five years with global consulting firm McKinsey & Company, working across New York, London, Stockholm and Johannesburg.
Journey Into Investment Banking
After leaving McKinsey, Ihenacho moved into African investment banking. He co-founded Afrinvest West Africa and later established and ran its London operation, Afrinvest UK.
The firm advised companies and financial institutions on capital raising and acquisitions across Nigeria, Ghana and Côte d’Ivoire. Afrinvest UK was eventually sold to United Bank for Africa in 2007 and became UBA Capital Europe, where Ihenacho subsequently served as chief executive.
Azura Power Principal Investment
In 2009, Ihenacho co-founded Amaya Capital with Sundeep Bahanda and David Ladipo. The firm focused on identifying and developing African businesses with the potential to become large-scale enterprises, particularly in infrastructure and energy.
One of Ihenacho’s most significant investments was Azura Power. Amaya was the founding investor in Azura and developed the Azura-Edo project, a 461MW gas-fired independent power plant in Edo State. The project became a landmark in Nigeria’s power sector as the country’s first privately financed large-scale independent power project following the sector’s reform. The plant involved financing of roughly $900 million and attracted support from international development and financing institutions.
Ihenacho served as chairman of Azura Power during its development. He was also involved in Seven Energy, a Nigerian gas infrastructure company backed by Amaya, serving as its interim chief executive until 2016.
Other Investments
Beyond finance and energy, Ihenacho has developed interests in conservation and African arts and culture. He is a founder and board member of Africa Nature Investors, an African-led conservation organisation, and serves on the Africa Council of The Nature Conservancy and as a trustee of the Tusk Trust. He has also been involved in the development of the Museum of West African Art in Benin City.
His business interests extend beyond Nigeria as Amaya’s investment portfolio includes Kenyan Originals, an African beverages company, while the firm has also invested in energy infrastructure across the continent.
