By Enyichukwu Enemanna
Nigeria’s Farouk Gumel has been named the inaugural Chairman of Board of Directors of newly created Sovereign Wealth Fund Limited in Botswana
Botswana’s President, Duma Gideon Boko had recently created the Botswana Sovereign Wealth Fund Limited, placing it at the heart of his government’s vision for economic diversification and long-term resilience.
The appointment of Gumel was announced at the official launch of the new multi-billion-dollar Sovereign Wealth Fund (SWF) at the President’s office in Gabarone, Botswana.
Gumel is currently the Vice Chairman of Tropical General Investments (TGI) Group and the immediate past Chairman of the Nigerian Sovereign Investment Authority (NSIA).
“The launch of the Botswana Sovereign Wealth Fund represents an investment in the future of our country. It is about creating jobs, driving growth, and ensuring that our nation’s wealth works for all Batswana.
“This is a foundation upon which we will diversify our economy, open new frontiers of opportunity, and build lasting prosperity for future generations. We are sending a message to the world that Botswana is ready to compete, invest and lead,” President Boko said.
The Botswana SWF is designed to reduce the country’s historical reliance on diamond mining by channeling resource revenues into strategic investments across diverse sectors such as infrastructure, technology, healthcare and renewable energy. It is believed the fund will be among the largest in Africa.
Gumel will chair a deeply experienced and diverse board selected to provide comprehensive and strategic oversight. The board’s composition reflects a powerful blend of local expertise and global vision, uniting key national and international figures.
The Vice Chairperson of the Board is Emmah Peloetletse, who is currently the Head of Service to the Government of Botswana as well as Secretary to the President and Cabinet of Botswana.
Peloetletse is also the Chairperson of Debswana, the world’s largest diamond mining company.
Gumel will lead the board in setting the fund’s investment strategy, governance framework, and risk management policies. His extensive experience at the NSIA, capital markets and manufacturing will be instrumental in guiding the BSWF towards achieving its dual mandate of financial returns and positive national impact.
