In 2006, while employed as an investment banker at Lehman Brothers, Oluseye Olusoga started contemplating a return to Nigeria.
However, before making the move, he aimed to amass sufficient resources to maintain the quality of life he enjoyed in London.
Leveraging his expertise as an investment banker, he explored opportunities to trade financial instruments in Nigeria, starting with treasury bills from Associated Discount House (now Coronation Merchant Bank).
Realizing the nascent state of the market and its lack of liquidity and transparency, Olusoga embarked on a mission to address these issues.
His quest led him to inter-dealer brokers in London, but the absence of similar organizations in Nigeria posed a challenge.
In 2010, after meeting with bankers and traders in Nigeria, he discovered the potential for inter-dealer brokers but identified the lack of a regulatory framework.
Over the next year, Olusoga collaborated with bankers and Nigeria’s Securities and Exchange Commission (SEC) to establish a regulatory framework for inter-dealer brokers.
In the following year, he founded Parthian Partners, the first inter-dealer broker in Nigeria.
Amidst the burgeoning startup ecosystem in Nigeria, fueled predominantly by fintech startups, Parthian Partners stood out by introducing i-invest in 2018.
This platform aimed to democratize investment opportunities for Nigerians, initially focusing on trading treasury bills via mobile phones.
The genesis of i-invest can be traced back to a 2017 conversation between Olusoga and Abubakar Suleiman, Sterling Bank’s CEO, discussing the limited participation of retail investors in the treasury bill market.
The platform gradually expanded its offerings to include equities, commercial papers, insurance, and mutual funds, providing users with a comprehensive financial toolkit.
Engaging with regulators from the inception of Parthian Partners proved crucial for navigating regulatory changes in the financial services sector.
Olusoga emphasized the importance of understanding regulators’ perspectives, influencing policies where possible, and adhering to regulatory requirements to avoid complications.
While i-invest faced challenges, such as adapting to market changes and technological dependencies, it strategically diversified its offerings and implemented measures for employee retention and technological continuity.
Despite the competitive landscape, i-invest maintained a focus on Nigerian companies, citing the lack of a clear regulatory framework for stocks outside Nigeria’s jurisdiction.
Being audited by a major firm prompted discussions on forex sources, rates, and anti-money laundering measures, reinforcing a cautious approach.
With over 250,000 users and transactions exceeding $100 million, i-invest achieved significant traction without external funding, relying on support from its parent company, Parthian Partners.
Olusoga expressed a commitment to building a robust business before considering external investments, with future plans to explore opportunities beyond Nigeria through the African Continental Free Trade Area.
