Nasir El-Rufai Quits Politics To Take A Position To Chair A Private Sector
Nasir El-Rufai quits politics, returns to private sector as board chair of Venture Capital firm
The Former Kaduna State governor, Mallam Nasir El-Rufai announced that he is planning to launch a $100 million venture capital fund for startups in Nigeria
Nasir El-Rufai, the former governor of Kaduna state, has declared his intention to leave politics and return to the private sector.
El-Rufai, a qualified quantity surveyor, revealed intentions to create Afri-Venture Capital Company Ltd. on X on Monday. The company is scheduled to begin operations in Abuja in early 2024.
According to him, the company wants to help and fund African and Nigerian inventors in order to mold them into the next wave of legendary businesspeople.
El-Rufai has teamed up with renowned directors Jimi Lawal, Hafiz Bayero, Eyo Ekpo, and Kabir Yabo to manage this project. The goal is to develop and guide upcoming business leaders, perhaps producing the Dangote Group's future leaders.
According to the former minister of the Federal Capital Territory, the venture is encouraging for those who want to be innovators and entrepreneurs, as it represents a new wave of opportunity and support for African businesses.
“What young people need is essentially mentoring and financing to get things going. They develop the idea and see whether it is viable. And we will open doors for them because they don't have contact.
“They don't know or have access to ministers, presidents, or regulatory agencies. We do. We know the minefields that they have to navigate. We know that they need to give them appointments and we can provide them with the startup funding and in return we take an equity position.
“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.”
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