Nasir El-Rufai Launches $100 Million Venture Capital Firm, Operations Set to Begin in January 2024

Former Kaduna State Governor, Nasir El-Rufai, has unveiled plans to establish Afri-Venture Capital Company Limited, a venture capital/private equity firm set to commence operations in January 2024. El-Rufai aims to support and cultivate Nigerian innovators and entrepreneurs, aspiring to propel them to the stature of the Dangote Group.

The visionary project involves the launch of a $100 million venture capital fund, with a specific focus on startups within the Kaduna tech ecosystem. El-Rufai shared his ambitions, expressing his commitment to collaboration with private sector partners, including Eyo Ekpo, the co-founder of Excredite Consulting Limited, among others.

The founding directors and initial shareholders of Afri-Venture Capital Company Ltd include Jimi Lawal, Hafiz Bayero, Eyo Ekpo, and Kabir Yabo. El-Rufai, as the part-time Chairman of the Board, expressed his hopes for success and solicited prayers for the Nigerian innovators and entrepreneurs the firm aims to support.

El-Rufai, who took a hiatus from the public scene following the Senate’s rejection of his ministerial nomination in August, emphasized the need for mentoring and financing for Nigerian youths to achieve breakthroughs. He stated that the firm’s role would be to open doors for young innovators who lack access to influential contacts and regulatory agencies.

In an interview with BusinessDay in Marrakech, Morocco, El-Rufai highlighted 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 disclosed his willingness to invest $2 million of his own money in the venture and outlined plans to secure the remaining funding from investors who trust in the project’s vision.

The announcement of El-Rufai’s venture capital initiative comes after his replacement by Abbas Balarabe as a minister following the Senate’s rejection of his nomination. El-Rufai remains steadfast in his commitment to fostering a supportive ecosystem for emerging Nigerian talents.