Africans for Africa Fund unveiled to transform mining industries

From Charity Nwakaudu, Abuja

The Africans for Africa Fund (AfA Fund), a pioneering initiative aimed at transforming Africa’s role in the global mining sector from a passive participant to a principal stakeholder, has been unveiled.

The unveiling was done at the just-concluded African Natural Resources and Energy Investment Summit (AFNIS) at the Banquet Hall, Presidential Villa, Abuja, from July 15 to 17, 2025.

In his keynote address, the Managing Director of the Africans for Africa Initiative, Tim Tokun, debunked persistent myths of resource scarcity, revealing that in 2021 alone, more materials were extracted globally than the total mined between the dawn of humanity and 1950.

Tokun argued that it is time for the continent to move from being a source of resource rents to becoming a global mining power in its own right, noting that Africa is home to 35% of the world’s mineral resources.

“True sovereignty goes beyond flags and football; it means energy and mineral sovereignty,” Tokun stated.

According to him, the AfA Fund is structured to address a critical financing gap, an estimated $2.1 trillion shortfall in mining investments needed by 2050.

On his part, a co-founder, Suleiman Zakari, noted that meeting future demands for essential energy-transition minerals such as copper, lithium, cobalt, and manganese would require at least sixty-one new copper mines and fifty-two lithium mines globally.

Zakari explained that the AfA Initiative is driven by three core objectives, which include generation of wealth to ensure a meaningful number of Africans benefit financially from their own resources.

Others are achieving global parity to compete on equal footing with international mining giants and, lastly, empowering local communities to directly uplift frontline communities who serve as custodians of the resources.

“The initiative comprises two key components: The AfA Initiative Community, a pan-African network of professionals, experts, and entrepreneurs in the natural resources sector aimed at fostering mentorship and collaboration.

“The AfA Investment Fund: A hybrid, closed-end fund open to both institutional and retail investors—targeting 1.2 billion Africans and 400 million in the diaspora.”

“From mid-2024 through early 2025, the AfA team built the fund’s infrastructure, including a digital platform and marketing strategy, and convened an elite Advisory Board featuring industry leaders like Segun Lawson (Thor Explorations), Osam Iyahen (Africa Finance Corporation), and Rt. Hon. Kwasi Kwarteng (former UK Chancellor).

“The AfA Fund has already entered advanced negotiations with ten institutional investors, with expectations to raise an initial $50 million within 90 days of launch. The first fund is projected to close at $100 million, backing up to seven mining ventures in its first year, with a second round aimed at $150 million.”

The launch of the AfA Fund at AFNIS 2025 marks more than a financial milestone; it signals a shift in mindset and practice—placing African voices, expertise, and capital at the centre of the continent’s mineral future.

The AfA Fund is the product of a strategic collaboration between Core International, Motimosé Metals, Africa Minerals Strategy Group, and Allied Trust Asset Management, designed to place African capital, expertise, and ownership at the forefront of the continent’s vast and largely untapped mineral wealth.