Mr. Farouk Gumel, has been appointed by the President of Botswana, His Excellency Advocate Duma Gideon Boko as the Chairman Board of Directors of the Botswana Sovereign Wealth Fund Limited. Gumel is currently the Vice Chairman of Tropical General Investments (TGI) Group and immediate past Chairman of the Nigerian Sovereign Investment Authority (NSIA).
The announcement was made at the official launch of the new multi-billion-dollar Sovereign Wealth Fund at the President’s office in Gabarone, Botswana. In a statement, President Boko underscored the significance of this step, placing it at the heart of his government’s vision for economic diversification and long-term resilience. According to him, “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.”
The BSWF is designed to reduce the nation’s historical reliance on diamond mining by channeling resource revenues into strategic investments across diverse sectors such as infrastructure, technology, healthcare, and renewable energy. It is believed the fund will be among the largest in Africa.
“Farouk 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,” he said.
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.
Mr. Gumel will lead the board in setting the fund’s investment strategy, governance framework, and risk management policies. His extensive experience at the NSIA, capital markets and manufacturing will be instrumental in guiding the BSWF towards achieving its dual mandate of financial returns and positive national impact,” the president said.
Reacting on his appointment, Farouk 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.”
Farouk is a Group Executive Director and Vice Chairman, Africa for Tropical General Investment (TGI) Group. TGI is a global conglomerate operating in 13 countries across Africa, the Middle East and Asia in various business verticals such as Food and Agribusiness, FMCG, Chemicals & Pharmaceuticals and Financial Services. He is also Chairman of some of the TGI Group companies including WACOT Rice and Union Bank – Nigeria’s second oldest bank. He was also the Chairman of the Nigeria Sovereign Investment Authority (NSIA) and sits on the boards of Corporate Council on Africa and Africa Business Coalition on Health.
