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.

Published

2 months ago

July 1, 2026

OCHEFA

148 Views

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)

Related Topics:BOI DICE Fund Featured Kuramo Capital

Up Next

DisCos earn N801bn in four months despite persistent blackouts

Don't Miss

BUA Group Denies Reports of Bid to Acquire Stake in Kano Pillars Football Club

Click to comment

Business

Meta set to charge WhatsApp Business messages from October 1

For example, a Nigerian fintech company sending 500,000 chargeable utility messages could incur about $5,050 in fees from Meta alone, excluding charges that may come from third-party providers or software platforms used to manage the messaging service.

Published

2 days ago

August 28, 2026

OCHEFA

20 Views

Businesses using Meta’s WhatsApp Business Platform will begin paying for certain messages sent to customers from October 1, 2026, under a new pricing structure announced by the company.

The change applies to organisations that use the WhatsApp Business Platform, formerly known as the WhatsApp Business API, to manage customer communication on a large scale.

Regular WhatsApp users and small businesses using the standard WhatsApp Business app are not the main targets of the new charges.

Under the revised system, the amount businesses pay will depend on the type of message being sent.

Utility messages, including payment alerts, order confirmations and other service-related updates, will cost about $0.0101 per message, while marketing messages will attract a higher fee of approximately $0.062 each.

Although the individual charges appear relatively small, companies that send large volumes of messages could see their communication expenses rise significantly.

Business

Dangote Refinery Suspends Petrol Sales To Lagos Depots

Dangote Refinery is prioritising markets where imported products are either unavailable or less dominant, rather than adding more supply to Lagos, which receives substantial volumes of imported petrol.

Published

2 days ago

August 28, 2026

OCHEFA

22 Views

Dangote Petroleum Refinery has suspended coastal sales of Premium Motor Spirit (PMS) to depot owners and importers in Lagos.

People familiar with the refinery’s operations said that the move is deliberate, aimed at redirecting locally refined petrol to areas where imported supply is scarce.

The suspension is ongoing. A source said: “The suspension of coastal sales to Lagos is still ongoing. It is aimed at redirecting products to locations where imported products are unavailable. Lagos has quite some imported petrol.”

The strategy is intended to ensure locally refined petrol reaches areas where it is most needed.

The decision comes amid concerns at the refinery over the volume of imported petrol entering Nigeria.

According to data available to the refinery, imported PMS accounted for about 43 per cent of total petrol supplied into Nigeria in July

Business

Naira Exchange Rates Friday, August 28

Today, the Naira Black Market exchange rate for 1 Great British Pound (GBP) is 1900 Naira. This means that you can get 1900 Naira for every 1 Pound that you exchange.

How much is 100 pounds in naira today?
At the current black market rate of 1900 per pound, 100 British Pounds = 190,000 Naira.