Business

El-Rufai Floats $100m Firm, Company Begins Operation January

Published

2 years ago

December 4, 2023

…says what young people need is mentoring

Former Kaduna State Governor, Nasir El-Rufai, on Monday, announced that his venture capital/private equity firm, Afri-Venture Capital Company Limited, will begin operations in 2024.

In a post on X, El-Rufai said through the firm, he hopes to finance, nurture, and mentor Nigerian innovators and entrepreneurs to become the next Dangote Group shortly.

The former governor said he would be working with private sector partners, including the co-founder of Excredite Consulting Limited, Eyo Ekpo, among others.

“I can confirm that our VC-PE firm, Afri-Venture Capital Company Ltd will by the Grace of God, begin operations initially in Abuja in January 2024 with Jimi Lawal, Hafiz Bayero, Eyo Ekpo and Kabir Yabo as founding directors and initial shareholders. I am privileged to be the part-time Chairman of the Board.

“Please, pray for our success and the Nigerian (and in the near future African) innovators and entrepreneurs we hope to finance, nurture, and mentor to be the Dangote Group of the future,” the former governor wrote on X.

The plan, he said, was to launch a $100 million venture capital fund for startups in Nigeria, particularly those in the Kaduna tech ecosystem, according to BusinessDay.

The PUNCH reports that El-Rufai had taken a break from the public scene after the Senate, in August, refused to confirm his nomination as a minister.

Other nominees rejected include a former Managing Director of Nexim Bank, Stella Okotete (Delta State); and Abubakar Danlandi, a nominee from Taraba State.

El-Rufai was replaced by Abbas Balarabe as a minister after his nomination was rejected by the Senate.

But speaking on the new firm and his plans, El-Rufai said Nigerian youths need mentoring and financing to achieve the needed breakthrough.

“What young people need is essentially mentoring and financing to get things going. They develop the idea and see whether it is viable. And we will open doors for them because they don’t have contact.

“They don’t know or have access to ministers, presidents, or regulatory agencies. We do. We know the minefields that they have to navigate. We know that they need to give them appointments and we can provide them with the startup funding and in return we take an equity position.

“We don’t want to take your business; we want to develop it. But if we take the risk on you, we will take a percentage of the business,” El-Rufai told BusinessDay in Marrakech, Morocco, in November during the Africa Investment Forum.

According to BusinessDay, El-Rufai is willing to stake $2 million of his money for the offtake of the ($100m) fund and plans to convince investors to provide the remaining funding.

“The investors will mostly be those who believe in us but don’t have the capacity or the time to do the analysis and evaluation. But they trust our judgment and they will come with us,” El-Rufai said.

Business

Again, Dangote Refinery Hikes Fuel Price

Published

4 hours ago

May 6, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75, bringing the price up to N1,350 per litre from the previous price of N1,275.

This is the first fuel increase by the Refinery in the month of May.

This latest development is coming seven days after the refinery raised its ex-depot price from N1,200 to N1,275 per litre.

Recall that the refinery on April 29 increased the ex-depot price of petrol by N75.

Business

Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

2 days ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

Business

JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Published

4 days ago

May 2, 2026

Editor

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.