L-R: Desmond Anyanwu, Programme Director, AFA; Archibald Troko, Platform Director AFA; Suleiman Zakari, Co-founder AFA; Tim Tokun Managing Director, AFA; Hassan Usman, Founder Allied Trust Asset Management; Gita Likibe and Rilwan Kukoyi, Allied Trust Asset Management during the 4th Edition of AFNIS 2025 which held from the 16th -17th July, 2025 at The Banquet Hall, Presidential Villa, Abuja.
To enable Africans build Africa not just in word, but in capital, capacity and community,the Africans for Africa Fund (AfA Fund), has been launched.
This groundbreaking initiative, stemming from the collaborative efforts of Core International, Motimosé Metals, Africa Minerals Strategy Group and Allied Trust Asset Management, aims to empower Africans to take an active and equitable role in harnessing their vast mineral wealth.
The initiative which was recently launched at the African Natural Resources and Energy Investment Summit (AFNIS) 2025 in Abuja, brings about an new era for African ownership in the continent’s lucrative mining sector.
In his speech during the launch, the Managing Director of the Africans for Africa Initiative, Tim Tokun,challenged prevailing myths about resource consumption and highlighted Africa’s immense potential.
Tokun emphasised that despite claims of the global North “getting more from less” in terms of material consumption, global extraction of resources continues to accelerate. In 2021 alone, more materials were mined from the earth than the sum total extracted from the dawn of humanity through to 1950. This staggering statistic underscores the enduring importance of mining as the bedrock of civilisation, with Africa proudly hosting 35% of all global mineral resources.
He said:”For too long, African nations and communities have primarily benefited from resource rent, a model that often fails to trickle down to the grassroots. The AfA Fund seeks to fundamentally decouple from these traditional economic structures, which have historically favoured the global North.True sovereignty extends beyond flags and football teams to energy sovereignty and mineral sovereignty.”
Tokun said the AfA Initiative, which the fund is a part of, will achieve three critical objectives: Create wealth for a meaningful magnitude of Africans from African resources. Gain respectable parity alongside foreign exploration and mining companies. Facilitate a visible uplifting of frontline communities, who are the indigenous landlords of these mineral resources and hold the social license to operate.
Tokun highlighted a significant shift in global demand for metals. While gold and diamonds once dominated interest, the advent of renewable energy has ushered in a new wave of “unsexy” but now critical metals like graphite, cobalt, and manganese. These minerals are now staples in battery chemistries, making Africa’s abundant reserves even more vital to the global energy transformation.
In a statement by Suleiman Zakari, co-founder of Africans for Africa Initiative, he disclosed that AfA Fund aims to directly address the projected $2.1 trillion funding shortfall in the mining industry by 2050. Adding that the need for 61 new copper mines and 52 new lithium mines to meet energy transformation requirements by 2050 underscores the urgency for innovative financing models. The AfA Fund positions itself as the panacea Africa has been seeking to rethink mining finance.
The statement noted the Journey to the Launch: A Comprehensive Recap of the AfA Initiative.
The AfA Fund’s launch is the culmination of nearly a year of meticulous planning and strategic execution. Born out of the landmark commitments feature at AFNIS 2024, the initiative sought to move beyond mere discussions to actionable outcomes.
The AFA Initiative Community: A pan-African professional network for experts, entrepreneurs, and rising professionals in the natural resources sector. It aims to foster mentorship, capacity building, and peer support, amplifying African voices and participation across the mining value chain.
The AFA Investment Fund: A closed-end specialist fund with a hybrid structure, drawing capital from both retail investors (targeting the 1.2 billion on the continent and 400 million in the diaspora) and institutional investors. This approach provides a unified vehicle for Africans to invest directly in their continent’s development.
Between January and May 2025, the team worked on constructing the digital platform, refining user journeys, and developing a comprehensive marketing and promotional strategy. A distinguished Advisory Board comprising seasoned experts from across the African mining sector and beyond was also confirmed. Notable members include.Segun Lawson, CEO, Thor Explorations Plc (Nigeria)Osam Iyahen, Senior Director, Africa Finance Corporation (Nigeria) Rt. Hon. Kwasi Kwarteng, Former Chancellor of the Exchequer (UK) Prof. Thomson Sinkala, MD, Thomro Investments (Zambia) John Sisay, CEO, Consolidated Copper Corporation (Sierra Leone) Zenzi Awases, President, Association of Women and Mining in Africa (Namibia)Thabile Makgala, Director, Rio Tinto, (South Africa).
Capitalising the Fund: A Strong Start
From March 2025 to the present, significant attention has been placed on mobilising institutional capital. The fundraising strategy is well on track, with advanced negotiations with 10 institutional partners. The Initiative expects to close an initial $50 million from institutional partners within the first 90 days of the fund’s launch. This initial capital will be deployed into a diversified pipeline of early-stage, high-potential mining projects with strong local ownership.
The first fund is slated to close at $100 million, with a minimum of 5 and a maximum of 7 investments planned within the first year, and the remaining by the second anniversary. A second fund is projected to close at $150 million, bringing the total to a quarter of a billion dollars, an amount the initiative believes will be “just warming up.”
The official launch of the Africans for Africa Fund on July 17, 2025, during AFNIS 2025 in Abuja, Nigeria, marks a pivotal moment. It signifies not only the debut of a pioneering fund championing African ownership but also solidifies the AfA Initiative as a long-term platform for empowerment, investment, and transformation.
