BREAKING: El-Rufai returns to private sector, announces withdrawal from active politics

BREAKING: El-Rufai returns to private sector, announces withdrawal from active politics

Nasir El-Rufai, the former governor of Kaduna state, has announced his withdrawal from politics and re-entry into the private sector.

El-Rufai, a certified quantity surveyor, revealed plans to create Afri-Venture Capital Company Ltd on X on Monday, with activities slated to begin in Abuja in early 2024.

He stated that the firm’s goal is to encourage and finance Nigerian and African entrepreneurs in order to shape the next generation of entrepreneurial giants.

El-Rufai will spearhead this endeavor with distinguished directors Jimi Lawal, Hafiz Bayero, Eyo Ekpo, and Kabir Yabo, with the goal of nurturing and mentoring future industry leaders, potentially producing Dangote Group equivalents of tomorrow.

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According to the former FCT minister, the enterprise has potential for young entrepreneurs and innovators, heralding a wave of support and opportunity in Africa’s commercial scene.

“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.

BREAKING: El-Rufai returns to private sector, announces withdrawal from active politics