Nasir el-Rufai, former governor of Kaduna, has announced plans to launch a $100 million venture capital fund for startups in Nigeria, specifically those in the Kaduna tech ecosystem.

El-Rufai who disclosed the development in an interview with BusinessDay, also announced the launch of the firm, ‘Afri-Venture Capital Company Limited’, via his X handle on Monday.

He said the firm will become operational in January 2024.

El-Rufai said he is partnering with Eyo Ekpo, co-founder of Excredite Consulting Limited, and three others, as founding directors and initial shareholders, while he acts as a part-time chairman of the board.

“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,” he wrote on X.

“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.”

Speaking on his vision and purpose for moving into startup investments, El-Rufai said he wants to set up a venture capital fund or private equity that will invest in young Nigerians with innovative ideas.

The former Kaduna governor said he is willing to fund local startups irrespective of what segment of the economy the ideas are, “so long as it has the potential to add value to the world”.

“We don’t intend to remain in any business. We want to catalyse growth in these startups,” he said.

YOUNG PEOPLE NEED FINANCING, MENTORING

El-Rufai said what young people need is essentially mentoring and financing to get things going.

https://www.thecable.ng/dangote-group-of-the-future-el-rufai-to-launch-venture-capital-firm/amp

That's awesome.

Somebody who has only worked in government has $100 million USD personal pocket money to invest 'in startups'

Ofodirinwa:
Somebody who has only worked in government has $100 million USD personal pocket money to invest 'in startups'

Don't mind tge midget.

At least let him make the requirements easy and share the money. Maybe its even his way to clean his stolen funds cuz you can't trust these politicians.

Omo, things are happening.

New vistas opening by the day, this is beyond amazing.

Read of 3 VCs within this week that are aiming to catalyse growth in the north.
Fasten your seatbelts, Its gonna be an amazing ride Insha Allah.

Ofodirinwa:
Somebody who has only worked in government has $100 million USD personal pocket money to invest 'in startups'

Completely incorrect. El-Rufai spent 22 years in the private sector before entering government in 2003. He managed his professional firm during that time. It's essential to research before drawing uninformed conclusions.

Ofodirinwa:
Somebody who has only worked in government has $100 million USD personal pocket money to invest 'in startups'

Not $100m from his pocket.

VCs help talents and build economies worldwide. This is a positive move.

Livelystone01:

Not $100m from his pocket.

VCs help talents and build economies worldwide. This is a positive move.

$100 from where? If he's he's the owner he's the majority hold. So at best $55M of state money, and every refinery in Kaduna is failing

Ofodirinwa:


$100 from where? If he's he's the owner he's the majority hold. So at best $55M of state money, and every refinery in Kaduna is failing

??