Former Governor El-Rufai quits politics, returns to private sector as board chair of Venture Capital firm

The immediate past Kaduna state governor, Nasir El-Rufai has announced his withdrawal from politics and gone back to the private sector.

Writing on X on Monday, El-Rufai, a trained quantity surveyor, unveiled plans to establish Afri-Venture Capital Company Ltd, which is set to kick off operations in Abuja in early 2024.

He said the firm aims to support and finance Nigerian and African innovators to shape the next generation of entrepreneurial giants.

Joining forces with esteemed directors Jimi Lawal, Hafiz Bayero, Eyo Ekpo, and Kabir Yabo, El-Rufai is set to spearhead this initiative, aiming to nurture and mentor future industry leaders, potentially birthing the Dangote Group equivalents of tomorrow.

The former FCT minister said the venture holds promise for aspiring entrepreneurs and innovators, signalling a wave of support and opportunity in the African business landscape.

“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,” El-Rufai told Business Day.