Business
BOI names Kuramo Capital Fund Manager for $170.6m iDICE
The iDICE Programme is jointly financed by the African Development Bank, Agence Française de Développement and Islamic Development Bank.
The Bank of Industry (BOI) has appointed Kuramo Capital Management as the fund manager for the DICE Fund of Funds under the Federal Government’s Investment in Digital and Creative Enterprises (iDICE) Programme, in a move aimed at unlocking more capital for Nigeria’s technology and creative sectors.
The appointment, formalised at a contract signing ceremony in Abuja, marks a major milestone in the implementation of the iDICE Programme, which is designed to stimulate entrepreneurship, innovation, job creation and economic growth through targeted investments in high-growth enterprises.
The DICE Fund of Funds is expected to achieve a minimum capitalisation of $170.6 million, with the Federal Government providing an anchor investment of $85.3 million through the iDICE Programme.
Kuramo Capital has been tasked with raising an equivalent amount from private investors on a dollar-for-dollar basis, creating one of the largest government-backed venture capital initiatives in Africa.
The iDICE Programme is jointly financed by the African Development Bank, Agence Française de Développement and Islamic Development Bank.
It focuses on strengthening Nigeria’s digital economy and creative industries through skills development, access to finance and ecosystem support.
( DAILY TRUST)
Business
CBN admits it opened domiciliary accounts for PFIPC agency
Represented by the Director of its Banking Services Department, Hamisu Ibrahim, the CBN said that the accounts are one in US dollars, the other in British pounds sterling, were opened following a mandate received from the Office of the Accountant-General of the Federation.
File photo : PFIPC agency DG, Adeniyi Adeyemi
The Central Bank of Nigeria had admitted that it opened two foreign-currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC).
The apex bank made the confirmation, yesterday, during the public hearing convened at the National Assembly Complex by the House of Representatives Ad-hoc Committee investigating the existence and operations of the PFIPC, chaired by Yusuf Gagdi and inaugurated by Speaker Tajudeen Abbas.
Represented by the Director of its Banking Services Department, Hamisu Ibrahim, the CBN said that the accounts are one in US dollars, the other in British pounds sterling, were opened following a mandate received from the Office of the Accountant-General of the Federation.
He explained that on July 30, 2025, CBN received a mandate dated July 29, 2025 from the Office of the Accountant-General.
“We received the mandate to authorise two accounts, one a US dollar domiciliary account, the other a pound domiciliary account, for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council,” Ibrahim told the committee.
He explained the CBN’s verification process, “The process of opening an account requires a mandate from the Office of the Accountant-General of the Federation.
“Once we receive that mandate, we perform all the necessary verifications to confirm that this mandate is actually coming from that office.
The department that handles the mandate is different from the department that actually does the account opening,” he said.
Nevertheless, he noted that no one came to activate the accounts after they were opened.“We did not receive any correspondence, mandate, signature or mandate cards. We were not introduced to the authorising or approving officers.“Based on that, those accounts remain inactive, with zero balance. There have been no foreign exchange allocations.
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 410 Sell ₦1,415
GREAT BRITISH POUND (GBP) Buy ₦1,890 Sell: ₦1,910
EURO (EUR) Buy ₦1,580 Sell ₦1,600
CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
CBN OFFICIAL EXCHANGE RATES
US DOLLAR (USD) ₦1,380.11
GREAT BRITISH POUND (GBP) ₦1,857.35
EURO (EUR) ₦1,575.95
SWISS FRANC (CHF) ₦1,705. 31
JAPANESE YEN (JPN) ₦8.50
CHINESE YUAN (CNY) ₦203.94
WEST AFRICAN CFA (XOF) ₦2.40
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,874. 32
SAUDI RIYAL (SAR) ₦367.49
SOUTH AFRICAN RAND (ZAR) ₦83.69
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 416 Sell ₦1,422
GREAT BRITISH POUND (GBP) Buy ₦1,895 Sell: ₦1,915
EURO (EUR) Buy ₦1,590 Sell ₦1,610
CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
CBN OFFICIAL EXCHANGE RATES
US DOLLAR (USD) ₦1,380.18
GREAT BRITISH POUND (GBP) ₦1,854.42
EURO (EUR) ₦1,577.00
SWISS FRANC (CHF) ₦1,707.94
JAPANESE YEN (JPN) ₦8.50
CHINESE YUAN (CNY) ₦203.57
WEST AFRICAN CFA (XOF) ₦2.40
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,874. 32
SAUDI RIYAL (SAR) ₦367.48
SOUTH AFRICAN RAND (ZAR) ₦83.29
CBN admits it opened domiciliary accounts for PFIPC agency
Naira Exchange Rates At The Parallel/ Official Market Tuesday, 21 July
Ayo Fayose Gets Presidential Portfolio As REA Board Chairman
Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander
Organ Trafficking: Ekweremadu bags 10 years in UK prison
SAINT OBI: Between his marriage and his death
-
News1 day agoBIJAMIC College Charges Class of 2026 Graduates to Embrace Resilience, Learn from Thomas Edison
-
Sports2 days agoWho made the FIFA World Cup trophy?
-
News1 day agoSenegal President, Faye elected new ECOWAS chairman
-
Sports1 day agoFIFA To Review Hydration Breaks After World Cup Final – Wenger
-
Crime2 days agoStudents Killed as Troops Foil ISWAP Abduction Bid in Borno
-
News2 days agoBadejo-Okusanya Emerges NBA National President (2026-2028)
-
News1 day agoAbbas inaugurating today committee to investigate illegal PFIPC agency
-
Sports1 day agoBurna Boy shines in first-ever World Cup Halftime Show