El-rufai Dumps Politics, Eyes Private Sector

El-Rufai's Dangerous Foolery

Former governor of Kaduna state Nasir El rufai has announced his departure from active politics. The ex FCT minister disclosed this on Monday morning, December 4, El-Rufai.

He revealed that 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.

While appealing to Nigerians to pray for the success of the new firm that will begin operations by January 2024, El rufai Afri-Venture Capital Company as part of the key players that would head the firm.

“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”. He added on his X handle.

While speaking to Business Day, it was reported that El rufai was willing to stake $2 million of his money for the offtake of the fund. Indicating that he plans to persuade investors to provide the remaining funding. He made this known in Marrakech during the Africa Investment Forum.

It would be recalled that, due to security checks, the vociferous Kaduna politician was among the ministerial nominees who could not scale through confirmation by the Nigerian Senate during the screening on Monday, August 7 despite his unflinching support for the government of the day.


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