Former NSIA chair, Farouk Gumel, to lead Botswana’s new Sovereign Wealth Fund
In a move set to shape the future of Botswana’s economy, President Advocate Duma Gideon Boko has named Mr. Farouk Gumel as the Chairman of the Board of Directors for the new Botswana Sovereign Wealth Fund Limited (BSWF).
The appointment was announced at the fund’s official launch in Gaborone. Gumel, the current Vice Chairman of Tropical General Investments (TGI) Group and former Chairman of the Nigerian Sovereign Investment Authority (NSIA), brings a wealth of experience to the role.
The BSWF is a multi-billion-dollar initiative designed to strategically invest Botswana’s resource revenues in key sectors like infrastructure, healthcare, technology, and renewable energy. The goal is to reduce the country’s dependence on diamond mining and position the fund as one of Africa’s largest.
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President Boko stated that Gumel would “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.”
Gumel’s impressive career includes a long tenure at PricewaterhouseCoopers (PwC), where he served as a Partner and Head of the West African Advisory/Consulting business. He also holds a Master’s degree in Clean Technology from the University of Newcastle Upon Tyne and a First Class Bachelor’s degree in Materials (Leather) Technology from the University of Northampton.
This strategic appointment signals Botswana’s commitment to diversifying its economy and building a sustainable financial future.
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