Nasir El-Rufai, the former governor of Kaduna State, has declared his intention to pursue a $100 million venture capital fund within the next year, marking his return to the private sector.
According to the 63-year-old ex-governor, the business would be located near the Kaduna tech ecosystem. He was not appointed to any position in Tinubu’s government.
El-Rufai went on to say that he is prepared to risk $2 million to secure the sale of the fund. The ex-governor announced the launch date of the firm on his X account, which is January 2024.
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His words were
If everything goes according to plan, Jimi Lawal, Hafiz Bayero, Eyo Ekpo, and Kabir Yabo will be the original shareholders and directors of the venture capital and private equity business Afri-Venture Capital Company Ltd, which will launch in Abuja in January 2024. “We ask that you keep in your prayers the success of our organisation and the innovators and entrepreneurs from Nigeria (and soon from across Africa) whom we intend to support financially, encourage, and guide so that they can become the next Dangote Group.”
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Background Story
Between 2015 and 2023, El-Rufai presided over Kaduna State as its governor. Between 2003 to 2007, he was President Olusegun Obasanjo’s minister for the Federal Capital Territory (FCT).
When El-Rufai did not pass the security agency’s evaluation in August, he controversially removed his name from President Bola Tinubu’s list of ministry nominees.
According to the former Kaduna governor, who dubbed himself an “Accidental Public Servant,” he was enticed to work for the government against his will, despite his lack of interest in public service.
In a recent interview, El-Rufai discussed his new venture capital business with a reporter,
Mentoring and initial funding are the two most basic needs of young people. They give the concept more flesh and test its viability. Since they are in touchless, we will be the ones to open doors for them. No ministers, presidents, or regulatory bodies are familiar with them, and they have no access to them either. Yes, we do. The hazards they must overcome are familiar to us. We are aware of the importance of scheduling appointments, and we may provide beginning capital in exchange for a stake in the company.
Rather than hijacking the business you run, we want to grow it. However, in exchange for taking a cut of your profits, we are willing to take a risk on you.
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