By Abbas Nazil
President of Botswana, His Excellency Advocate Duma Gideon Boko, has appointed Nigerian executive Farouk Gumel as Chairman of the newly launched Botswana Sovereign Wealth Fund Limited, a multi-billion-dollar initiative aimed at driving economic diversification and long-term resilience.
Gumel, currently Vice Chairman for Africa at Tropical General Investments (TGI) Group and former Chairman of the Nigerian Sovereign Investment Authority, was unveiled at the fund’s official launch in Gaborone.
President Boko emphasized that the fund marks a critical investment in Botswana’s future, designed to create jobs, spur growth, and ensure national wealth benefits all citizens.
The Botswana Sovereign Wealth Fund is intended to reduce the country’s dependency on diamond mining by channeling revenues into sectors such as infrastructure, technology, healthcare, and renewable energy, making it one of the largest sovereign funds in Africa.
A diverse board has been assembled to guide the fund, blending local leadership with international expertise.
Vice Chairperson Emmah Peloetletse, Head of Service to the Government of Botswana and Chairperson of Debswana, joins notable figures including Malebogo Mpugwa of De Beers Group, Anil Dua of Gateway Partners, Sunil Sabharwal, former U.S. Executive Director to the IMF, and Lesego Caster Moseki, Deputy Governor of the Bank of Botswana.
Others on the board include legal and financial experts such as Boingotlo Toteng and Rizwan Desai.
In his acceptance, Gumel pledged a commitment to transparency, strong governance, and delivering long-term value for Botswana through global opportunities and sound investments.
Economic analysts have praised the development as a clear sign of Botswana’s determination to strengthen fiscal management and attract international investment.
Gumel’s extensive experience in financial services, capital markets, and manufacturing, along with his leadership at TGI Group companies such as WACOT Rice and Union Bank, is expected to shape the fund’s strategy and impact.
With this appointment, Botswana signals its readiness to compete globally and lay the foundation for enduring prosperity beyond its diamond-rich legacy.