Botswana’s President, His Excellency Advocate Duma Gideon Boko, has appointed Mr. Farouk Gumel, Vice Chairman, Africa for Tropical General Investment (TGI) Group and former Chairman of the Nigerian Sovereign Investment Authority (NSIA), as Chairman of the Botswana Sovereign Wealth Fund (BSWF) Board of Directors. The announcement was made during the fund’s official launch in Gaborone.
President Boko emphasized the fund’s role in Botswana’s economic diversification and long-term prosperity, stating, “The BSWF is an investment in our nation’s future, aimed at creating jobs, fostering growth, and ensuring our wealth benefits all Batswana. It will diversify our economy, open new opportunities, and build lasting prosperity, signaling to the world that Botswana is ready to compete and lead.” The BSWF, one of Africa’s largest, will channel diamond revenues into sectors like infrastructure, technology, healthcare, and renewable energy, reducing reliance on mining.
The board, led by Gumel, comprises a mix of local and international expertise. Ms. Emmah Peloetletse, Head of Service to the Government of Botswana and Chairperson of Debswana, serves as Vice Chairperson. Other members include Ms. Malebogo Mpugwa (Chief People Officer, De Beers Group), Mr. Anil Dua (Co-founder, Gateway Partners), Mr. Boingotlo Toteng (Senior Managing Partner, Toteng & Company), Mr. Sunil Sabharwal (former U.S. Executive Director to the IMF), Mr. Lesego Caster Moseki (Deputy Governor, Bank of Botswana), and Mr. Rizwan Desai (Managing Partner, Desai Law Group). President Boko highlighted the board’s blend of global insight and local expertise, ensuring strategic oversight and governance.
Gumel will guide the BSWF’s investment strategy, governance, and risk management, leveraging his experience from NSIA and expertise in capital markets and manufacturing. He stated, “We are committed to transparency, good governance, and delivering lasting value for Botswana by seeking global opportunities and investing for the future.”
The fund’s launch and board appointments have been praised by economic analysts for signaling Botswana’s commitment to fiscal prudence and global investment expertise.
Gumel, a Group Executive Director at TGI Group—a conglomerate operating in 13 countries across food, agribusiness, FMCG, chemicals, pharmaceuticals, and financial services—also chairs WACOT Rice and Union Bank, Nigeria’s second-oldest bank, and serves on the boards of the Corporate Council on Africa and the Africa Business Coalition on Health.
