Former Kaduna State governor Nasir El-Rufai has announced his reentry into the private sector with the launch of a $100 million venture capital, set to kick off in January 2024. El-Rufai, who was previously denied a position in Bola Tinubu’s administration, revealed that the firm, named Afri-Venture Capital Company Ltd, will focus on the Kaduna tech ecosystem. The 63-year-old politician expressed his commitment to the project by personally staking $2 million for the fund’s initiation.
Taking to his X handle, El-Rufai shared the details of the venture and introduced the founding directors and initial shareholders: Jimi Lawal, Hafiz Bayero, Eyo Ekpo, and Kabir Yabo. The former governor assumes the part-time Chairman role on the board and urged supporters to pray for the success of the venture, emphasizing its goal to finance, nurture, and mentor Nigerian and African innovators and entrepreneurs.
El-Rufai served as the governor of Kaduna State from 2015 to 2023 and was also a Minister of the Federal Capital Territory (FCT) from 2003 to 2007 under President Olusegun Obasanjo. In August, he stirred controversy by withdrawing his name from President Tinubu’s ministerial nominee list after facing security agency scrutiny.

In an interview discussing his new venture, El-Rufai emphasized the importance of mentoring and financing for young entrepreneurs, highlighting the challenges they face in navigating government agencies and securing appointments with key figures. He clarified the venture’s approach, stating a desire to develop businesses rather than take ownership, with the fund assuming a percentage of the business when taking risks on promising ventures.
El-Rufai, often labeling himself an “Accidental Public Servant,” expressed his initial reluctance to work for the government but acknowledged being drawn into the profession by fate. The venture, according to him, aims to bridge the gap for young innovators who lack the necessary contacts and access to government officials and regulatory agencies. The former governor envisions the fund as a means to provide startup funding while guiding entrepreneurs through the intricacies of business development.
As the launch of Afri-Venture Capital Company Ltd approaches, El-Rufai’s foray into the private sector signals a new chapter for the seasoned politician, emphasizing his commitment to fostering innovation and entrepreneurship in Nigeria and the broader African context.
Support InfoStride News' Credible Journalism: Only credible journalism can guarantee a fair, accountable and transparent society, including democracy and government. It involves a lot of efforts and money. We need your support. Click here to Donate