Nwizu: Steep Ascension to Entrepreneurial Success

By Ejiofor Kanu

Some entrepreneurs take significant risks while starting off. In certain circumstances, this means mortgaging your home or experiencing a significant decline in living standards for the uncertain world of entrepreneurship. In 2016, Nnamdi Nwizu set out to make a difference in the highly competitive field of investment banking and financial asset trading.

“I wanted to make a difference and believed that growing investment firms like ours should be able to intermediate in the financial sector alongside banks,” he stated.

Paying the Price

But to transform that desire into the reality of a successful business, and a globally celebrated industry player that he is today, Nwizu had to take some tough financial decisions with potential severe impact on his family. 

Entrepreneurial Genes

Though he was unaware of it at the time, Nwizu possessed the three key genetic impetuses that define successful entrepreneurs: quest for innovation, a willingness to take risks, and a desire to make a difference.

The dynamic interplay of these entrepreneurial impulses prompted Nwizu to forego one year of engineering studies at the University of Port Harcourt in order to begin a five-year law degree at the University of Nigeria, Nsukka. When it was time to choose a career, Nwizu, once again motivated by a yearning for new experiences, turned down the option to practise law and instead ventured into banking. 

“I studied engineering for a year before switching to law, and after I finished, I was given the option of working in a law firm or working in the treasury unit of a bank. I ended up in the bank’s treasury unit.”

Blending law with investment

But, like the risk he took in 2016 to venture into entrepreneurship, the career changes have yielded huge returns of a burgeoning and diverse professional career that came in handy in his transformation into a successful banking entrepreneur, Co-founder of Comercio Partners, and management executive who oversees the trading arm, human resource and operations of the Lagos-based boutique investment firm.

According to Nwizu, “Being a lawyer helped me be a bit more diligent when it comes to reviewing documents and helped me have an eye for spotting things that others miss. 

“This has mostly benefited me in my global role at the firm. Although I am the Head of Trading, I also oversee human resources and the settlement groups, as well as the Co-Managing Partner position. I also have responsibilities in other divisions that do not report directly to me, such as reviewing their documents and agreements or approving credit for the notes we invest in. “At times like these, my legal background really comes into play, because it gives me a different perspective compared to what most people would consider.”

Professional Career

In addition to his entrepreneurial genetics, Nwizu’s transformation was influenced by a successful career spanning nearly two decades in investments and financial services, including leadership positions in leading financial institutions. These positions include Head of Bonds Trading at GTBank, Head of Fixed Income at Zenith Bank Group, Head of Securities & Portfolio Management at Mansard Investment, and Vice- President of Fixed Income, Currencies, and Commodities at Citi Bank Nigeria.

Narrating how investment banking won his heart, Nwizu said: “As soon as I started my first role in treasury at GTB, I knew it was what I wanted to do for the rest of my career.” It was intriguing and exciting.

“It gives you a rush when you get it correctly and see your deal unfold and you are properly positioned for it. Aside from that, I’m excited that it has given me a better perspective on investing. The fact that I have control over my investment decisions, in addition to assisting others in doing so, has kept me on this career path that fell into my lap.”

Industry Leadership

Nwizu’s interest in investing led him to pursue an MBA in Finance from Manchester Business School in the United Kingdom, as well as the Senior Management programme at Lagos Business School in Nigeria.

He has built a solid reputation as an investment management expert, with a thorough understanding of the fixed income and currency markets, asset allocation and investing methods.

As a result, Nwizu established himself as an industry leader, making significant contributions through active participation in market development activities, as well as service on various committees of the Financial Market Dealers Association, including the market development committee, arbitration committee and credit lines committee. He also organizes training on behalf of the association. Nwizu is a member of both the Nigerian Bar Association (NBA) and the ACI Financial Markets Association.

Entrepreneurship Opportunity

Nwizu however observed a gap in the financial industry. This insight, fuelled by his desire for innovation, eventually inspired him and two other friends to embark into entrepreneurship and establish Comercio Partners Limited. 

Nwizu stated in 2016: “We actually didn’t have investment firms that were big on trading financial assets. We had people who were good at issuing real estate, stock broking, and trading stocks, but there were very few who were well-versed in other financial assets, including fixed income. It was nearly unheard of when we started out. So, we had the opportunity to pioneer that sector.”

Challenges

However, in establishing Comercio Partners, Nwizu and his friends were not only pioneering a trade, but also seeking to create a first-of-its-kind successful partnership in the financial services industry; a partnership that works.

Nwizu alluded to the difficulties encountered in this regard, saying: “Coming together to form a partnership is not easy; a lot of times you might want to go in one direction and the other partners will want to go in a different direction and they out vote you; ironically, you might be the one who has to carry out the strategy to go in the direction they believe the firm should go in versus the direction you want to go.”

You need to ensure that you are in bed with partners you trust and have similar visions with. Also, do not forget to have a partnership agreement that outlines the details. This is also important.

Business Impact

Notwithstanding, Nwizu and his friends surmounted this challenges, and eight years after, Comercio Partners has become a major player in the financial industry.

“It is almost very difficult to talk about investment firms focused on trading of financial assets, without Comercio Partners coming up in Nigeria outside of the banks,” Nwizu said alluding to the industry reputation of Comercio Partners.

Explaining his role in the emergence of Comercio Partners as an industry powerhouse, Nwizu, said: “From a trading perspective, we help the organisation make money while also serving clients.”

Human Resources is responsible for not only staff recruitment but also their well-being, which has an impact on the organisation. “The happier your employees are, the easier it is for them to help you build the organisation. Looking at it from those two major areas, I would say my contribution is one, having services to offer, being able to talk to clients and say look at the wonderful thing the trading team is doing, and trying to ensure as much as you can that your employees are relatively happy and comfortable with the workplace.

The operations team handles transaction settlements for in house and external clients and also are the facility managers. This means that not only do they ensure that financial transactions settle, they also ensure that the office infrastructure works.  I believe that these three primary factors basically help build the organisation.

Achievements

The impactful role of Comercio Partners in the financial services industry has been recognized with awards such as ‘The Banks and Financial Institutions, BAFI’, from BusinessDay, and the ‘Africa’s Fastest Growing Companies,’ award from Financial Times.

Nwizu, however averred that the most remarkable achievement was the eight years of effectively running the business, which many anticipated would fail.

“The thought most people had was that we would not last for more than two to three years, because they had seen a few other people who had come together to start up their own partnerships and ended up dissolving it. So, the fact that we have been able to keep it together for eight years means a lot, and I believe this is just the beginning, for me it is a fantastic professional achievement,” he explained.

“Other things are our ratings, and awards we have won, such as being listed of one of the fastest growing companies in Africa by the Financial Times and various Business awards. And every time we climb on stage to receive an award or every time you see your name in prints saying you have won an award, it gives you a sense of fulfillment that you are moving in the right direction,” he added.

Other Interests

In addition to his executive role in Comercio Partners, Nwizu also serves on the Board of Loan Book Limited, a fast-growing payday loan firm. Beyond investments and running businesses, Nwizu is also an ardent soccer fan and Chelsea supporter, who enjoys playing scrabble and spending time with his family, who have experienced with him, the thick and thin of his chequered ascent into entrepreneurship success.

* Mr. Kanu, a business enthusiast, writes from Abuja