Botswana Appoints Nigerian Farouk Gumel to Lead Sovereign Wealth Fund

The government of Botswana has appointed Nigerian executive Farouk Gumel as chairman of its newly established Botswana Sovereign Wealth Fund Limited (BSWF), a multi-billion-dollar vehicle designed to diversify the nation’s economy beyond diamond mining.

President Duma Gideon Boko announced the appointment on Monday during the official launch of the fund at the State House in Gaborone. He described the BSWF as a cornerstone of his administration’s plan to convert diamond revenues into sustainable assets across key sectors such as infrastructure, technology, healthcare, and renewable energy.

“This fund is an investment in the future of our country a platform to create jobs, drive growth, and ensure that national wealth benefits all Batswana,” Boko said, adding that the initiative signals Botswana’s readiness to compete globally.

Gumel, who currently serves as Vice Chairman (Africa) at Tropical General Investment (TGI) Group and is the immediate past chairman of Nigeria’s Sovereign Investment Authority, will oversee the fund’s investment strategy, governance framework, and risk management. His experience with sovereign wealth portfolios, corporate governance, and manufacturing is expected to guide the BSWF toward both financial returns and social impact.

The board of directors brings together a mix of domestic and international expertise:

• Emmah Peloetletse, Botswana’s Secretary to the President and Cabinet, and Chairperson of Debswana, will serve as vice chair.

• Malebogo Mpugwa, Chief People Officer at De Beers Group.

• Anil Dua, Co-founder of Gateway Partners and Non-Executive Director at Afreximbank.

• Boingotlo Toteng, Senior Managing Partner at Toteng & Co.

• Sunil Sabharwal, former U.S. Executive Director to the IMF.

• Lesego Caster Moseki, Deputy Governor of the Bank of Botswana.

• Rizwan Desai, Managing Partner of Desai Law Group and former Botswana Stock Exchange chairman.

In his acceptance remarks, Gumel pledged to promote transparency and strong corporate governance in managing the fund’s resources. He said the board’s mandate is to secure long-term value by pursuing both domestic and international investment opportunities that align with Botswana’s growth priorities.

Economists have welcomed the launch, viewing it as evidence of Botswana’s determination to strengthen fiscal management, attract global investors, and build prosperity beyond its traditional diamond industry.