Nigerians React as Ex-Gov El-Rufai Floats $100 Million Venture Capital Company

Nigerians React as Ex-Gov El-Rufai Floats $100 Million Venture Capital Company

  • The ex-governor of Kaduna State, Nasir El-Rufai, has announced the launch of a $100 million venture capital firm
  • El-Rufai stated that the new company is in partnership with some Nigerians seeking to invest in creative young minds
  • Nigerians expressed mixed reactions to the announcement by El-Rufai, saying it is a clear departure from other politicians

Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.

Former Governor of Kaduna state Nasir El-Rufai has announced the launch of a VC-PE Company, Africa Venture Capital Limited, which he said will begin operations in Abuja in January 2024.

Reports say the outspoken ex-BPE chairman plans to stake $2 million of his private fund for the take-off of the venture capital firm while planning to convince investors to provide the remaining funding.

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El-Rufai, Venture Capital Firm
Former Kaduna State Governor, Nasir El-Rufai floats $100 million company Credit: Bloomberg/Contributor
Source: Getty Images

El-Rufai announces partners in new firm

El-Rufai said via a tweet on X on Monday, December 4, 2023, that the new venture capital firm will be in partnership with Jimi Lawal, Hafiz Bayero, Eyo Ekpo, and Kabir Yabo.

The immediate past governor of Kaduna state was said to have been in Marrakesh, Morocco, during the Africa Investment Forum in November, where he told reporters of his plan for the private sector.

BusinessDay reports that El-Rufai said he was looking to invest in young Nigerians with creative ideas in tech, agriculture, or any other segment of the economy.

However, Nigerians have reacted to the plans of the erstwhile governor, saying that they are in sharp contrast with the typical mentality of the average Nigerian politician who continues to lurk in the corridors of power years after exiting public office.

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Nigerians react

El-Rufai was highly rumoured to head the Ministry of Energy to be created by President Bola Tinubu.

@Adedotun said on X that the former governor has shown a great example by not considering a political appointment.

“Elrufai has shown excellent leadership ability- you showed Accountability and enhanced infrastructure Development in Kaduna is a testament to your competence
"I would be here whenever you are ready to run for the Position of President in this country.. Congratulations once again”

Another social media user, @Umar_Naira, said:

“Congratulations Mallam. I pray this brings benefits to you and the whole of humanity at large. Allah yasa muna da rabo cin moriyar”

Another said:

“In 1982, Elrufai founded El-Rufai & Partners, a quantity surveying consulting firm with three partners, which he managed until 1998. Elrufai held top positions with two international telecom companies: AT&T, Network Systems International BV, and Motorola Inc”

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Tension erupts as El-Rufai reportedly withdraws interest in Tinubu’s administration earlier reported that El-Rufai reportedly withdrew his interest in working as a minister in the administration of Tinubu.

In an exclusive report, Premium Times said sources within the presidency revealed that the vocal politician told the president he was no longer interested in the ministerial position but promised to contribute to his administration and development of Nigeria as a private citizen.

Another source also revealed that El-Rufai suggested Jafaru Ibrahim Sani as his replacement from Kaduna State, adding that Tinubu would find him "very useful and resourceful."


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