Toba Owojaiye reporting
Abuja , Nigeria
Former Kaduna State Governor, Nasir El-Rufai, has unveiled plans to launch Afri-Venture Capital Company Limited, a venture capital/private equity firm set to kickstart operations in January 2024. The $100 million venture capital fund aims to support and nurture Nigerian innovators and entrepreneurs, aspiring to elevate them to the stature of the Dangote Group.
El-Rufai emphasized collaboration with private sector partners, including co-founder of Excredite Consulting Limited, Eyo Ekpo, among others. The founding directors and initial shareholders include Jimi Lawal, Hafiz Bayero, Eyo Ekpo, and Kabir Yabo. El-Rufai, as the part-time Chairman of the Board, expressed hope for success and solicited prayers for the Nigerian innovators and entrepreneurs the firm aims to support.
Taking a hiatus from the public scene after the Senate’s rejection of his ministerial nomination in August, El-Rufai stressed the need for mentoring and financing for Nigerian youths to achieve breakthroughs. The firm’s role, according to him, is to open doors for young innovators lacking access to influential contacts and regulatory agencies.
In an interview in Marrakech, Morocco, El-Rufai clarified the firm’s approach, stating, “We don’t want to take your business; we want to develop it. But if we take the risk on you, we will take a percentage of the business.” He expressed willingness to invest $2 million of his own money and outlined plans to secure the remaining funding from investors who trust in the project’s vision.
Truth Live News gathered that El-Rufai’s venture capital initiative follows his replacement by Abbas Balarabe as a minister after the Senate’s rejection of his nomination. Despite this, he remains committed to fostering a supportive ecosystem for emerging Nigerian talents.
Pundits speculate that El-Rufai’s move is positioned as credible opposition to the government’s policy of focusing on poverty alleviation handouts and N25,000 conditional cash transfers. Instead, El-Rufai aims to grow the economy by investing in entrepreneurial ideas and businesses.