The President of Botswana, His Excellency Advocate Duma Gideon Boko has announced the creation of a new Botswana Sovereign Wealth Fund Limited with a Nigerian, Farouk Gumel as inaugural Chairman of its Board of Directors.

Gumel is currently the Vice Chairman of Tropical General Investments (TGI) Group and immediate past Chairman of the Nigerian Sovereign Investment Authority (NSIA).

The announcement was made at the official launch of the new multi-billion-dollar Sovereign Wealth Fund at the President’s office in Gabarone, Botswana.

President Boko underscored the significance of this step, placing it at the heart of his government’s vision for economic diversification and long-term resilience.

“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.”

He noted that the BSWF is designed to reduce the nation’s historical reliance on diamond mining by channeling resource revenues into strategic investments across diverse sectors such as infrastructure, technology, healthcare, and renewable energy, stressing that it is believed that the fund will be amongst the largest in Africa.

Farouk 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.

In his role as Chairman, 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.

Upon his appointment, Farouk Gumel stated that, “As a sovereign wealth fund, we are setting our sights on a future built on transparency, good governance, and a steadfast dedication to Botswana’s prosperity.”

The board represents a powerful blend of national leadership, international investment expertise, and corporate governance experience, ensuring the fund is equipped with both global insight and local depth.