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September 15, 2025 by Nduka Chiejina, Abuja
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.
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