The President of Botswana, Duma Boko, has announced the creation of a new Botswana Sovereign Wealth Fund Limited with the former Chairman of the Nigerian Sovereign Investment Authority, Mr. Farouk Gumel, as the inaugural Chairman of its Board of Directors.
In a statement on Sunday, it was revealed that the new fund was established in the past week.
Gumel is currently the Vice Chairman of Tropical General Investments Group. In his role as Chairman of the BSWF, he will lead the board in setting the fund’s investment strategy, governance framework, and risk management policies. His extensive experience at the NSIA, in capital markets and in manufacturing will be instrumental in guiding the BSWF towards achieving its dual mandate of financial returns and positive national impact.
Boko underscored the significance of this step, placing it at the heart of his government’s vision for economic diversification and long-term resilience.
Speaking at the launch of the fund at the President’s office in Gaborone, Botswana, Boko 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.”
On his appointment, Gumel stated, “As a sovereign wealth fund, we are setting our sights on a future built on transparency, good governance, and a steadfast dedication to Botswana’s prosperity. The Board is committed to delivering lasting value, seeking global opportunities and investing for the future.”
The BSWF is designed to reduce the nation’s historical reliance on diamond mining by channelling resource revenues into strategic investments across diverse sectors such as infrastructure, technology, healthcare, and renewable energy. It is believed the fund will be amongst the largest in Africa.
Gumel will 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.
The Vice Chairperson of the Board is Ms. Emmah Peloetletse, who is currently the Head of Service to the Government of Botswana as well as Secretary to the President and Cabinet of Botswana. Ms. Peloetletse is also the Chairperson of Debswana, the world’s largest diamond mining company.
Other members of the board include Ms. Malebogo Mpugwa, Chief People Officer at De Beers Group, the world’s leading diamond company; co-founder of Gateway Partners and Non-Executive Director of Afreximbank, Mr. Anil Dua; Senior Managing Partner of Toteng & Company and Legal Advisor on Presidential Affairs, Mr. Boingotlo Toteng; former U.S. Executive Director to the IMF, Mr. Sunil Sabharwal; Deputy Governor of the Bank of Botswana, Mr. Lesego Caster Moseki; and Managing Partner of Desai Law Group, Mr. Rizwan Desai.
