How El-Rufai floats $100m venture capital, equity firm
A venture capital/private equity firm, Afri-Venture Capital Company Limited, is being floated by former Kaduna State Governor, Nasir El-Rufai.
In a post on X, El-Rufai explained that the firm, which will commence operations in January 2024, will finance, nurture, and mentor Nigerian innovators and entrepreneurs with the aim of creating the next Dangote Group.
He said a $100 million venture capital fund will be launched specifically for startups in Nigeria, with a focus on those in the Kaduna tech ecosystem.
The former governor also revealed collaborations with private sector partners, including Eyo Ekpo, the co-founder of Excredite Consulting Limited, among others.
According to him, “I can confirm that our VC-PE firm, Afri-Venture Capital Company Ltd will by the Grace of God, begin operations initially in Abuja in January 2024 with Jimi Lawal, Hafiz Bayero, Eyo Ekpo and Kabir Yabo as founding directors and initial shareholders. I am privileged to be the part-time Chairman of the Board.
“Please, pray for our success and the Nigerian (and in the near future African) innovators and entrepreneurs we hope to finance, nurture, and mentor to be the Dangote Group of the future.”
El-Rufai stressed the importance of mentoring and financing for Nigerian youths to attain the breakthrough they require.
“What young people need is essentially mentoring and financing to get things going. They develop the idea and see whether it is viable. And we will open doors for them because they don’t have contact.
“They don’t know or have access to ministers, presidents, or regulatory agencies. We do. We know the minefields that they have to navigate. We know that they need to give them appointments and we can provide them with the startup funding and in return we take an equity position.”
El-Rufai was failed the Senate’s confirmation during the ministerial screening in August after being nominated by President Bola Tinubu into his cabinet.
Other nominees who faced rejection included Stella Okotete, a former Managing Director of Nexim Bank (Delta State), and Abubakar Danlandi, a nominee from Taraba State.
Abbas Balarabe was appointed as a minister, replacing El-Rufai after the Senate’s rejection of his nomination.
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