Firm Secures $1.5 Million Investment to boost Output

The manufacturer of safety footwear and the sole NCDMB-certified supplier to the oil and gas sector, Yikodeen, has secured a multi-million-dollar investment from Aruwa Capital Management to significantly expand its production capacity.  This strategic partnership represents a major leap forward in Yikodeen’s mission to build world-class production capabilities and scale its footprint across the region. […]

The manufacturer of safety footwear and the sole NCDMB-certified supplier to the oil and gas sector, Yikodeen, has secured a multi-million-dollar investment from Aruwa Capital Management to significantly expand its production capacity. 

This strategic partnership represents a major leap forward in Yikodeen’s mission to build world-class production capabilities and scale its footprint across the region.

Shamsideen Atunde, Founder and CEO of Yikodeen said the capital injection will significantly accelerate the company’s growth trajectory, which has already seen impressive 10x revenue growth with gross profit margins exceeding 50%, all while maintaining zero debt.

“This partnership with Aruwa Capital represents more than just financial investment; it’s a vote of confidence in the company’s manufacturing excellence,” he said. 

“With this support, we’re positioned to transform our production capabilities, increase our output tenfold, expand our product lines beyond safety footwear, and generate significant economic value through job creation and import substitution,” he added.

He added that the investment would fund the factory recommissioning and capacity expansion. 

“Yikodeen is strategically positioned to capture a significant share of this growing market, leveraging its unique status as one of the sole indigenous manufacturers licensed to supply safety footwear to Nigeria’s oil and gas industry,” he said.

Adesuwa Okunbo Rhodes, Founder and Managing Partner of Aruwa Capital Management, emphasized the significance of the strategic investment, saying it is aimed at expanding Africa’s footwear landscape.

“Yikodeen exemplifies the type of business capable of driving meaningful economic transformation in Nigeria. Their manufacturing excellence, impressive certifications from standards organizations, and remarkable growth trajectory make them an ideal investment partner. We’re excited to work with Yikodeen to redefine Africa’s footwear landscape while supporting Nigeria’s shift from import dependency to manufacturing self-sufficiency,” she said.