Yikodeen, a leading manufacturer of safety footwear and the sole NCDMB-certified supplier to the oil and gas sector, 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 investment from Aruwa Capital’s sophomore fund, Aruwa Capital Fund II, will fund Yikodeen’s factory recommissioning and capacity expansion. The firm was the sole investor in this round, underscoring its confidence in Yikodeen’s manufacturing excellence and growth potential. This 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,” said Shamsideen Atunde, Founder and CEO of Yikodeen. “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.”
Since its founding in 2016 producing just 20 pairs of footwear daily, Yikodeen’s operations have achieved substantial scale with up to 500 pairs produced daily. The company has established itself as a trusted supplier to Nigeria’s most demanding industries, highlighted by its delivery of over 30,000 pairs of safety boots to the NLNG Train 7 project. Projections indicate that the investment will enable further expansion to 2,500 pairs daily across multiple product categories
once its newly recommissioned facility reaches full operational capacity, positioning Yikodeen as the largest safety footwear manufacturer in West Africa.
According to Statista, the Nigerian footwear market is estimated at $2.1 billion in 2024 and projected to reach $2.6 billion by 2029, with the safety footwear segment alone valued at $700 million. 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.
Adesuwa Okunbo Rhodes, Founder and Managing Partner of Aruwa Capital Management, emphasized the significance of the strategic investment: “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.”
The investment will drive a comprehensive transformation of Yikodeen’s manufacturing capabilities through several strategic initiatives. Funding will enable the acquisition of advanced production equipment, enhancing both precision and efficiency across all production lines while increasing safety boots production capacity by 10x. The capital will also support the expansion of Yikodeen’s factory, making it the largest safety footwear production facility in West Africa. Furthermore, advanced quality control systems, including digital monitoring and automated inspection technologies, will ensure world-class standards across production lines.
Beyond its commercial objectives, Yikodeen demonstrates a deep commitment to social impact and gender diversity. The company currently employs over 80 skilled workers with 61% female representation among factory workers and 33% of senior management positions held by women. In line with Aruwa’s gender lens investing strategy, Yikodeen will continue implementing family-friendly policies and fair wage practices to ensure inclusivity. The expansion is projected to create approximately 200 additional skilled jobs, providing valuable employment opportunities while developing technical expertise within Nigeria’s workforce.
Through its annual vocational training programmes, Yikodeen has equipped over 200 individuals with leatherwork skills, driving community development and fostering job creation. As part of its broader impact efforts, the company also donates more than 1,000 pairs of shoes each year to children in underserved communities. The investment will also support the implementation of circular economy practices, including a footwear recycling program that aims to reduce environmental impact while creating additional value streams.
Industry analysts note this investment comes at a critical time for Nigerian manufacturing, as government policies increasingly encourage local production. “By investing in domestic manufacturing capacity, we’re not just building a company, we’re contributing to Nigeria’s economic sovereignty,” added Atunde. “Every pair of shoes we make represents forex savings, local job creation, and craftsmanship that rivals anything found in advanced manufacturing markets. Our ISO, SON, and industry-specific certifications prove that Nigerian manufacturing can meet global standards.”
The recommissioned factory is scheduled to be unveiled at a major event on June 24, 2025, with production expected to reach new capacity levels by Q3 2025.
About Yikodeen
Yikodeen is West Africa’s premier footwear manufacturer committed to producing high-quality footwear for both B2B and B2C markets. With product lines spanning industrial safety boots, school shoes, and athletic footwear through its Yiko Plus brand, Yikodeen serves industrial clients, educational institutions, and consumers with a focus on craftsmanship, quality, and durability. Since 2016, Yikodeen has grown to employ over 80 skilled Nigerian workers while establishing world-class standards for local manufacturing excellence. As the only NCDMB-approved manufacturer and supplier of safety footwear in Nigeria’s oil and gas industry, Yikodeen holds multiple certifications including ISO 9001:2015 and has successfully supplied over 30,000 pairs of safety boots to the NLNG Train 7 project.
About Aruwa Capital Management
Aruwa Capital Management is a Lagos-based growth equity and gender-lens fund investing in Nigeria and Ghana. Founded in 2019 by Adesuwa Okunbo Rhodes, who brings over a decade of investment banking and private equity experience from global financial institutions, the firm invests in innovative businesses with high growth potential across various sectors, including healthcare, fintech, renewable energy, and essential consumer goods. Aruwa has established a reputation for rigorous investment selection and hands-on support to management teams, with backing from institutional investors including Visa Foundation, Mastercard Foundation Africa Growth Fund, and Nyala Venture.
