Politics
JUST IN: El-Rufai Plans $100m Venture Capital In Private Sector Return
El-Rufai Plans $100m Venture Capital In Private Sector Return....KINDLY READ THE FULL STORY HERE▶
Nasir El-Rufai, the former governor of Kaduna State, may have stepped down from his gubernatorial role and missed a controversial ministerial appointment, but his determination for monumental projects remains unwavering. In a surprising move, El-Rufai is now venturing into the private sector with a resounding announcement. CONTINUE READING
El-Rufai intends to launch a $100 million venture capital fund targeting startups in Nigeria, with a particular focus on those in the Kaduna tech ecosystem. Demonstrating his commitment, he plans to invest $2 million of his own funds into the venture and aims to persuade other investors to contribute the remaining funding. The key investors targeted are those who “believe in us but don’t have the capacity or time to do the analysis and evaluation. But they trust our judgment, and they will come with us.”
While attending the Africa Investment Forum in Marrakech in November, El-Rufai shared his vision with BusinessDay. Despite previous social media controversies, he appeared vibrant and actively participated in all sessions of the forum, showcasing his dedication to significant initiatives.
The former governor, who played a crucial role in the emergence of the current Nigerian president, seems to have put past disappointments behind him. His focus is now on establishing a venture capital fund or private equity that will invest in young Nigerians with innovative ideas across various sectors, including agriculture, ICT, and the creative industry. CONTINUE READING
During his tenure as governor, El-Rufai encountered numerous students with promising ideas but lacking mentorship and financial support. He stated, “What young people need is essentially mentoring and financing to get things going. They develop the idea, and we will open doors for them because they don’t have contacts. We know the minefields that they have to navigate. We can provide them with startup funding, and in return, we take an equity position.”
Working alongside private sector partners, including Eyo Ekpo, co-founder of Excredite Consulting Limited, El-Rufai’s venture aims to focus primarily on Nigeria initially but harbors ambitions for expansion across Africa. The fund will not only target new startups but also engage with established companies facing management challenges that remain viable. The venture capital fund plans to invest in such companies, address their issues, and guide them toward exit strategies.
The first fund is set to operate for three to four years, with a launch expected early next year. The company’s headquarters will be in Abuja to diversify funding beyond Lagos, fostering startup funding interest in ecosystems in Kaduna, Abuja, and other regions of the country.
As El-Rufai seeks continental partnerships and explores opportunities with climate-focused investors, his venture symbolizes a commitment to encouraging innovation and growth in the younger demographic.
Source: Bushradiogist
Nyesom Wike Issues Tough Warning To Contractors: “If You Collect Rainy Season Money, You Must Work
Breaking: UK Court Concludes High-Profile Diezani Money Laundering Case
Drama Erupts As Annie Idibia Reacts To Criticism For Congratulating Baba Ijesha
Political Drama Erupts Over Obi’s “Burning House” Statement
Blessing Nze Opens Up On Public Reaction To Controversial Role
Real Recognizes Real: Saliu Mustapha Joins Wike As Tinubu Commissions Landmark Abuja Project(Photos)
Family Speaks: How General Abubakar Died, Reveals Wife Still In Bandits’ Captivity
Inside The Green Chamber: Full List Of 37 Constitutional Amendment Bills Put To Vote
Political Drama: Kwankwaso Reveals Condition For Forgiving Gov Abba Yusuf
