Botswana’s President, Advocate Duma Gideon Boko, has appointed Nigerian businessman Farouk Gumel as the Chairman of the Board of Directors for the newly created Botswana Sovereign Wealth Fund Limited (BSWF).
Gumel is currently the Vice Chairman of Tropical General Investment (TGI) Group and was previously the Chairman of the Nigerian Sovereign Investment Authority (NSIA).
Launch of the Multi-Billion-Dollar Fund
The announcement was made during the official launch of Botswana’s multi-billion-dollar Sovereign Wealth Fund in Gaborone.
President Boko described the fund as a major step toward the country’s long-term vision of economic growth and diversification. He explained that it will help create jobs, drive development, and ensure that Botswana’s national wealth benefits all its citizens.
Reducing Dependence on Diamonds
Botswana has built much of its economy on diamond mining, but the new Sovereign Wealth Fund will focus on expanding into other industries.
The fund will invest in:
- Infrastructure
- Technology
- Healthcare
- Renewable energy
It is expected to become one of the largest sovereign wealth funds in Africa.
A Strong and Diverse Board
According to President Boko, Gumel will lead a highly skilled and diverse board with both local and international experts.
The Vice Chairperson is Ms. Emmah Peloetletse, Head of Service to the Government of Botswana and Chairperson of Debswana, the world’s largest diamond mining company.
Other board members include:
- Ms. Malebogo Mpugwa (Chief People Officer, De Beers Group)
- Mr. Anil Dua (Co-founder of Gateway Partners, Non-Executive Director, Afreximbank)
- Mr. Boingotlo Toteng (Senior Managing Partner, Toteng & Company)
- Mr. Sunil Sabharwal (former U.S. Executive Director to the IMF)
- Mr. Lesego Caster Moseki (Deputy Governor, Bank of Botswana)
- Mr. Rizwan Desai (Managing Partner, Desai Law Group)
Gumel’s Reaction
In his acceptance remarks, Gumel promised to lead with transparency, good governance, and long-term prosperity for Botswana.
He added that the board is dedicated to delivering sustainable value by exploring global investment opportunities while focusing on national growth.
Why the Appointment Matters
Economic experts have praised the launch of the fund and the appointment of Gumel. Many believe it shows Botswana’s strong commitment to responsible fiscal management and attracting international investment.
Who is Farouk Gumel?
Farouk Gumel is a Group Executive Director and Vice Chairman for Africa at TGI Group, a global conglomerate with operations in 13 countries across Africa, the Middle East, and Asia.
He also chairs WACOT Rice and Union Bank, one of Nigeria’s oldest banks. Beyond this, he serves on the boards of the Corporate Council on Africa and the Africa Business Coalition on Health.
