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Tag: Farouk Gumel

  • Another big one

    Another big one

    • A Nigerian is appointed to manage Botswana’s sovereign wealth fund

    Botswana’s appointment of a Nigerian, Farouk Gumel, as maiden Chairman, Board of Directors of its newly-created Botswana Sovereign Wealth Fund (BSWF) Limited is a source of encouragement to other Nigerians to do well whatever they know how to do, because someone might be noticing.

    Eminent Nigerians like the Late Justice Taslim Olawale Elias, former Chief Justice of Nigeria, was at a time president of the International Court of Justice (ICJ); Rilwanu Lukman was one time Secretary- General of the Organization of the Petroleum Exporting Countries (OPEC). We also have Ngozi Okonjo-Iweala, the first woman and first African to serve as Director-General of the World Trade Organisation and Professor Benedict Oramah, President of the African Export-Import Bank (Afreximbank).

    With specific reference to Botswana, another Nigerian jurist, Akinola Aguda, had also served as that country’s first indigenous African chief justice.

    The Botswana leader launched the multi-billion-dollar BSWF penultimate week at the President’s Office in Gabarone, Botswana. President Boko underscored the significance of this step, adding that the idea was informed not only by the need to stabilise the country’s economy but also about economic growth.

    He said: “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 added.

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    Botswana is an African country seen as an economic success story but it has been having difficulties due to a prolonged slump in diamond, its key export.

    It is significant that the BSWF is not the country’s first attempt at keeping something in stock for future generations. It used to have what it called the Pula Fund, which, according to Gumel  “… is a liquidity stabilisation fund, it is a fund that takes cash and keeps it for a rainy day. This sovereign wealth fund will not be only about stabilisation, it’s about growth.”

    This fund had been in existence for about three decades but also ran into stormy waters due to the economic downturn. Gumel added that “We are not only going to be managing cash, but there is also management of assets, like some of the state-owned entities.”

    The scope of the BSWF was expanded to accommodate the new role.

    For Nigeria, this is something to cheer. It is another testament to the industry, competence and integrity of the typical Nigerian, his ability to hold his own among his peers in a highly competitive world.

    A country’s sovereign wealth fund is a crucial tool for its economic growth and development. To have placed such a fund in the hands of a foreigner, nay a Nigerian, reflects the degree of trust and confidence the Botswana president has in Gumel.

    This is much more so when we consider the fact that he is going to work with other talented and experienced individuals from diverse backgrounds. These include the Head of Service to the Government of Botswana, Ms. Emmah Peloetletse, who doubles as Secretary to the President and Cabinet of Botswana and has been appointed as BSWF vice chairperson; Anil Dua, Co-founder of Gateway Partners; Lesego Moseki, Deputy Governor of the Bank of Botswana; Malebogo Mpugwa, Chief People Officer at De Beers Group.

    Others are Sunil Sabharwal, former U.S. Executive Director to the IMF; Boingotlo Toteng, Senior Managing Partner of Toteng & Company and Rizwan Desai, Managing Partner of Desai Law Group.

    Little wonder the composition of the team has been commended by economic experts.

    Gumel, Vice Chairman of Tropical General Investments (TGI) Group and immediate past Chairman of the Nigerian Sovereign Investment Authority (NSIA) is expected to bring his wealth of experience to bear on his new assignment.

    We congratulate him and urge him not to betray the confidence reposed in him.

  • Farouk Gumel to Botswana: Skills and merits beyond borders

    Farouk Gumel to Botswana: Skills and merits beyond borders

    By Isa Ali Pantami

    Farouk Mohammed Gumel is a distinguished Nigerian professional known for his exceptional expertise in various sectors. A few days ago, the news of his appointment as Chairman of the Board of Directors of the newly established Botswana Sovereign Wealth Fund Limited made headlines across the media.

    Furthermore, this appointment by His Excellency, President Duma Gideon Boko of Botswana, marks a significant milestone for both Botswana and Nigeria. For Botswana, it represents the capture of a rare gem from Nigeria, employed based on merit without any human connection. Our special appreciation goes to President Boko.

    To those of us who worked with Farouk Gumel, during the erstwhile late Baba Buhari administration, this appointment did not come as a total surprise. While serving in the same government and in different capacities, our paths intersected several times. On each occasion, he consistently demonstrated the qualities of a visionary young leader.

    Gumel’s academic background is impressive. He holds a first-class honours degree in materials technology and a Distinction-level Master’s degree in clean technology from respected universities in the United Kingdom. Beyond his academic prowess, he has distinguished himself through competence, high-demand skills, character, loyalty, and practical problem-solving capacity.

    In addition, his career trajectory spans multiple sectors, ranging from multinational corporations to international conglomerates, where he later transitioned into public service. As a member of the Institute of Chartered Accountants of Nigeria (ICAN) and having worked with PwC, one of the globally renowned “Big Four” accounting and consulting firms, Gumel’s professional record is enviable.

    The emergence of Gumel, as head of the multi-billion-dollar Botswana Sovereign Wealth Fund, reinforces the reflection that merit, skills, and excellence transcend boundaries. We are in the era of the Fourth Industrial Revolution (4IR), where value creation through skills matters more than paper qualifications.

    The global economy today seeks problem solvers, innovators, and people who can deliver an impact beyond theoretical knowledge. Malam Gumel’s professional record and digital footprints were enough to convince the Botswana government that he is the right man for this national assignment.

    In Nigeria, he previously served as Chairman of the Nigerian Sovereign Investment Authority (NSIA), contributing to stabilising and managing Nigeria’s sovereign wealth during one of the country’s most challenging economic periods. This is why experience and previous scorecard matter in attracting new opportunities. 

    This development aligns with an argument I have consistently advocated for, especially among the youths, and which I eloquently captured in my book, “Skills Rather than Just Degrees”, that in order to remain relevant, productive, and employable in the 21st century, youths and others must prioritise the acquisition of high-demand global skills. While degrees are important, without the right skills, they may not be enough to propel someone to greatness.

    The fact that Botswana, a nation blessed with the world’s second-largest diamond reserves, could hand over the Board Chairmanship of Sovereign Wealth Fund to a young Nigerian professional exemplifies the reality that with the required competence, integrity, discipline, and skills, Africans can excel globally.

    Countries leading the world economy today have invested in skills-based education. For instance, China introduces coding, programming, and robotics to children as early as primary school. Japan, Finland, South Korea, Taiwan, and Singapore are case studies in how skill-focused education can accelerate national development.

    Gumel’s appointment will serve as a source of inspiration to young Nigerians, particularly those in the northern region. It sends a clear message that with the required competence, integrity, and relevant skills, there is no limit to what a northerner (addressed as Almajiri or Malam) can achieve.

    Education must be restructured to prioritise skills, innovation, and problem-solving. As we celebrate this milestone, the bigger lesson is for Nigeria and Africa to embrace a paradigm shift from degree obsession to combining it with social, soft, and technical skill acquisition.

    May the Almighty guide and guard our younger brother Farouk Mohammed Gumel and all those working with him to deliver beyond expectations.

    Professor Isa Ali Ibrahim Pantami is Co-Chairman of the African Union 4IR Policy Council (ASRIC)

  • FG hails Farouk Gumel’s appointment as chairman of Botswana sovereign wealth fund

    FG hails Farouk Gumel’s appointment as chairman of Botswana sovereign wealth fund

    The federal government has congratulated the vice chairman of Africa for Tropical General Investment (TGI) Group, Mr. Farouk Gumel, on his appointment as chairman of the board of directors of the Botswana Sovereign Wealth Fund Limited.

    Gumel, who until recently served as Chairman of the Nigerian Sovereign Investment Authority (NSIA), was appointed by Botswana’s President Duma Gideon Boko to lead the multi-billion-dollar fund. 

    The fund is designed to diversify Botswana’s economy, create opportunities, and secure long-term prosperity for future generations.

    Minister of Budget and Economic Planning, Senator Abubakar Bagudu, conveyed the government’s goodwill message, noting that the appointment reflected Gumel’s broad experience and track record as a business leader across professional services, investment, and industrial development in Africa and beyond.

    “This appointment, no doubt, recognises your deep intellect and extensive experience in business leadership and wealth creation, which I have personally witnessed,” Bagudu said.

    The minister recalled Gumel’s contributions to agricultural transformation in Kebbi State through the WACOT group, particularly during his tenure as governor. 

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    According to him, “I acknowledge your invaluable contributions through your WACOT group to our efforts to modernise and expand our agricultural practices in Kebbi State. Your expertise was instrumental in helping us achieve our rice revolution, which improved lives and created jobs and wealth for thousands of our people.”

    Bagudu expressed confidence that Gumel’s new role would bring further honour to Nigeria. 

    He said, “I commend you, knowing that you will bring your usual dedication and visionary guidance to the task of helping Botswana manage and grow its wealth for the benefit of future generations of its people.”

    The minister also linked the development to Nigeria’s growing profile on the global stage, attributing it to the leadership of President Bola Tinubu. 

    “Let me also congratulate President Bola Tinubu for the leadership he has provided for our economic diplomacy that is positively projecting our country as a land of immense opportunities and talents, capable of playing on the global stage,” Bagudu said.

    Gumel’s appointment came at a time when several African countries are strengthening sovereign wealth funds as instruments to stabilise their economies, attract investment, and ensure intergenerational equity.