El-Rufai Announces $100 Million Venture Capital As He Dumps Politics, Returns to Private Sector

El-Rufai Announces $100 Million Venture Capital As He Dumps Politics, Returns to Private Sector

  • Nasir El-Rufai has made a big comeback, and this time around, he has dumped Nigerian politics, announcing his entry into the private sector
  • The former Kaduna state governor confirmed on Monday that his new firm would empower Nigerian innovators and entrepreneurs
  • The Afri-Venture Capital Company Ltd, according to El-Rufai, is a $100 million venture capital fund for startups in Nigeria

Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements.

The former governor of Kaduna state, Mallam Nasir El-Rufai, has taken Nigerians by surprise as he announced his next big venture.

Kaduna state governor, El-Rufai
Nasir El-Rufai confirms the move into the private sector with a $100 million venture capital. Photo credit: Nasir El-Rufai
Source: Facebook

On Monday morning, December 4, El-Rufai confirmed he was going into the private sector as he launched a $100 million venture capital fund for startups in Nigeria, particularly those in the Kaduna tech ecosystem.

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El-Rufai's new firm

In a post shared on his X page (formerly Twitter), the former governor urged Nigerians to pray for the success of the new firm that will begin operations by January 2024.

Announcing the key players that would head the firm named "Afri-Venture Capital Company Ltd", El-Rufai tweeted:

"MONDAY ANNOUNCEMENT: 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."

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This announcement by El-Rufai confirmed a report that revealed he had finally dumped politics and ventured into business.

According to the report, the Kaduna politician disclosed that he was willing to stake $2 million of his money for the offtake of the fund. Adding, he plans to convince investors to provide the remaining funding. He disclosed this in Marrakech during the Africa Investment Forum, where he spoke to BusinessDay.

El-Rufai drops cryptic tweet with Bob Marley's lyrics

Earlier, Legit.ng reported that Nasir El-Rufai took to social media to share a cryptic message a few weeks after his non-confirmation as a minister under President Bola Ahmed Tinubu's cabinet.

Recall that El-Rufai was among the ministerial nominees who were not confirmed by the Nigerian Senate during the screening on Monday, August 7, due to security checks.

But in a post on X on Sunday, August 20, El-Rufai shared the lyrics of Bob Marley's Who the Cap Fit.

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How SSS' allegations led to El-Rufai's non-confirmation by Senate

The former governor of Kaduna state, who many thought had a smooth sail, was among three nominees whose ministerial confirmations were withheld.

The two others the Senate suspended their confirmation were a former senator from Taraba, Sani Danladi, and a nominee from Delta State, Stella Okotete.

The Senate disclosed that El-Rufai's ministerial nomination was withheld due to security checks.

Source: Legit.ng

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