people people


Martin Orji

martin orji

Mg. Principal

Martin provides group level guidance on both the firms Transaction Advisory (including Public Private Partnerships - infrastructure development) and Capital Makets businesses (including listed and hedging instruments). LP/Fund Creation, IPO Listing and Financing,  Groupt Risk Management, Asset Valuations, Default Risk Ratings.


Providing oversight on Structuring and Origination - he utilises his advisory experience with Banks like CIB Egypt, UBA, Zenith Bank, Union Bank, Societe General Europe on Sub Saharan Africa expansion and Investments. Prior to NR Capital, Martin was a Debt Risk Manager at ING Group in London, and subsequently Vice President at Deutsche Bank head quarters, responsible for Global Fixed Income & OTC Risk. He's also Principal at Global Wealth Management a US SEC regulated ETF Multi Asset Manager, responsible for EMEA Institutional Asset Management.

Martin is regularly featured and quoted on his expertise on Emerging Market Investments by CNBC, BBC, Reuters and Bloomberg.

Philippe Kpenou

philippe kpenou

Senior Advisor

2G CAPITAL LLC – Executive Director 

25 years of experience delivering business performance enhancements to corporate clients. As a specialist in Retail Banking, Card and ATM Services, Philippe has been able to use expertise in process engineering, marketing, management and turnaround services for Banking Groups across West & Central Africa.

Philippe operated in partnership with KPMG between 2000 and 2003 until KPMG bought parts of Arthur Andersen and subsequently signed an agreement with Ernst & Young.

Over the years Philippe has implemented commercial banking strategies that has seen over $800 Million deposited across various client Bank accounts. Some of the clients he has worked with in the past include:

(I) Mining: HALCOA; HYMEX; ONA - Managem  (II) Banking: BMCE; IFC; Credit Lyonnais; ICB Banking Group; Credit Rural de Guinee; and Pride Finances (III) Insurance: Union des Assurances de Paris; American International Group (AIG); Providence Insurance (IV) Audit & Advisory: Ernst & Young; KPMG; Deloitte & Touche; Arthur Andersen (V) Agribusiness: Nestle and Salaguida (VI) Transport: TATA; Harbour of Conakry; ASECNA (VII) Telecommunications: Spacetel; Intercel; Telecel and Sotelgui (VIII) Organisations: UNIDO; UNICEF, UNDP and UNHCR.

Philippe is a Graduate of ENAss-Paris with a specialization in Insurances, Actuary Sciences, Finance and Risk Management and also holds a MPhil Management Information Systems.

Ibukun Adebayo

ibukun adebayo

Senior Advisor

LONDON STOCK EXCHANGE (LSE) – Head, Primary Markets: South Asia, Middle East and Africa

Ibukun is responsible for London Stock Exchange's business development activities in South Asia, the Middle East and Africa. Ibukun spends a majority of his time working with companies, international advisors and regulators in the region interested in London Stock Exchange's markets. In this capacity he has overseen almost 60 London IPO's from the regions as well as being the Exchange's regional contact for companies that have listed on London's Main Market Professional Securities Market, Specialist Fund Market and AIM.

Educated in Bath, United Kingdom Ibukun holds a Bachelor of Science degree in mathematics and started his career as a foreign exchange trader for NatWest Markets in London in 1995. He went on to set up and run a successful business specialising in managing foreign exchange risk for African and Asian companies exposed to currency fluctuations as well as managing a Forex fund investing in the dollar major currency pairs.

Prior to joining the London Stock Exchange Ibukun worked for a financial communications company specialising in the dissemination of regulatory announcements, here he ran a team dedicated to blue chip clients from across the globe in the capacity of financial communications adviser and was special adviser to the Mittal family and their companies.

Christian Udechukwu


Senior Advisor

BUSINESS IN AFRICA LTD - Chief Executive Officer

Christian is the founder and Managing Director of the London based, BusinessinAfrica Events (BIAE).

He is also Strategic Director of IC Publications (Publishers of African Business, African Banker and New African magazines).

Other notable roles he holds include:

(i) Africa Representative for Bloomberg Multimedia Group covering Bloomberg TV, Mobile, Bloomberg BusinessWeek & Bloomberg Markets/Terminals.
(ii) Partner with the Commonwealth Business Council (CBC) and Corporate Council on Africa
Christian was a Guinness Scholar at Leeds University and has had professional work experience with blue chip organisations namely Guinness Brewing Worldwide, London; Office of Fair Trading (OFT), London; and the Organisation for Economic Co-operation and Development, OECD, Paris.

With a BA combined honours degree in History and English Language from the University of Nigeria, an MA Honours degree in Advanced International Studies from the University of Leeds; an MBA from the Middlesex University Business School, London; and Corporate Finance from the London Business School, UK

He is a Consultant commentator on African Affairs to a number of global media organisations.


CEGX | ZAR | 95.4 | +12%
GXAFR | USD | 33.3 | -10%

In the Press & Commentary

(NR Capital) Apr 2017 - African Business Magazine: Why the smart money is heading for African infrastructure

(NR Capital) Jun 2016 - CNBC: The state of infrastructurre developement in Senegal

(NR Capital) Nov 2013 - Nex Rubica Capital presents at the Thomson Reuters 3rd Annual Tradng Africa Summit in Cape Town, South Africa

(NR Capital) Nov 2013 - Nex Rubica Capital panelist at the Inaugural of South African Competiveness Forum an Initiative by Brand South Africa

(NR Capital) Sep 2013 - Triple A Frontier Investments & South African Petroleum Industry Assosiaction Funding Workshop supported by Nex Rubica Capital (Pty) South Africa

(NR Capital) Aug 2013 - Elidata signs with Nex Rubica Capital as Product Partner for Africa Strategy

(NR Capital) Jun 2013 - Nex Rubica Capital presents at the South African Suppliers Diversity Council: 2013 Synergy Conference and Business Opportunity Fair.

(NR Capital) May 2013 -  Nex Rubica Capital joins the Africa panel at The Exporta 5th Annual Trade & Commodity Finance Conference

(NR Indexes) Mar 2012 - Nex Rubica Capital acquires NR Indexes & Ratings LLP

(NR Capital) Jun 2011 - CNBC Africa - Regional Business Roundup on African capital markets

(NR Indexes) Feb 2011: Country Brief: Egyptian Market Highlights 

(NR Capital) Jan 2011 : Deep Impact in Nigeria's Financial Markets

(NR Indexes) Jan 2010: - Electronic Trading Sweeps Africa

NR Indexes: Sep 2008 - Kenya Firms among top performers in Nex Rubica’s African Equity Capital Markets Review

Benchmark Commentary: With the Egyptian Stock Exchange (EGX) still closed, the North African constituent of the NR Africa Top 40 and NR Africa Mid 45 became more sensitive to volatility in the Sub Saharan markets. Nigeria being the major driver in the Top 40 index dropped by -1.4% over the week. Increased price volatility in the Nigerian Banking sector saw more casualties with First Bank, Zenith Bank and Guaranty Trust Bank all losing ground as investors hastily bought shares following the coming M&A activity in the sector. Kenya remained the best performing country in the Top 40 with Telcoms reporting positive numbers of about 5.5% up from last week.

The NR Africa Top 40 saw $118,56mio worth of shares traded this week with liquidity levels on the Benchmark moving up to 0.1% from a year to date high of 0.6%. The NR Africa Mid 45 was less volatile dropping -17.9712 points over the week an equivalent of $31mio. Morocco was the major country looser as it dropped by -2.1% and Industrials by -0.9%. Kenyan stocks dominated the Top 5 list with Mumias Sugar and NIC Bank breaking through this week.

Index Rebalancing Week: The NR Africa Top 40 saw El Ezz Alexandria (Egypt) exit the basket, replaced by Suez Cement (Egypt).



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