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The Nigerian government has received funding from top agencies to boost tech innovation in Nigeria
The funding is for the development of digital and creative enterprises in Nigeria
The Bank of Industry has asked interested fund managers to apply for the deployment of the funds
The Nigerian government has received financing from the Africa Development Bank, Agence Francaise de Development, and the Islamic Bank for investment in the Digital and Creative Enterprises (iDICE) Programme and wants to use part of the funding to finance capital calls under contracts for equity funds managers.
The services under the project include designing, establishing, and managing specific equity fund vehicles for innovative businesses, mostly in tech and tech-enabled creative sectors.
Credit: Thomas Barwick
Source: Getty Images
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Top fund sources for development
The fund managers would be expected to invest the funds in Nigerian businesses at their early growth stages.
The fund shall also be deployed as three separate funds:
- A tech sector fund
- A creative sector fund
- A fund of funds covering indirect investments in both the technology and creative sectors
The investment period would last for four years, with further investment afterward, with the life of the asset being 10 years for the tech sector fund and the creative sector, while it will be 15 years for the fund of funds.
The fund manager’s responsibilities will include the design and set-up of the fund, including legal, operational, financial, exit, and reporting structure.
The managers will also establish investment strategies for funds through the deal pipeline, source deals, identify eligible and realistic channels and deploy the due diligence process.
Also, the managers will establish deal structuring and negotiations and prepare the fund’s financial, governance, operational policies, performance strategy, communication plan, and other relevant documentation for fund operation.
Eligibility for fund managers
Others include the deployment of robust due diligence procedures; deal structuring and negotiations; preparation of the fund’s financial, governance, operational policies, performance management strategy, and communication plan as well as other relevant documentation for fund operation; fundraising, among others.
According to reports, each fund manager will operate under the guidance of its Advisory Board comprising limited fund partners.
The Bank of Industry (BOI) asks qualified companies to show interest in providing services in one or more of the three entities.
The bank said the allocation would be determined by a review of applications and based on the best fit.
According to the company, interested firms must clearly state the Fund entity or entities of their interest.
They must provide such information as qualifications and basic requirements.
The company must have evidence of registration with the Corporate Affairs Commission (CAC), submission of Memorandum and Articles of Association, and relevant operating licenses, among other qualifications.
The firms must also provide evidence of three-year Tax Clearance Certificates and VAT Registration.
Companies registered outside Nigeria shall submit required legal and compliance documents as applicable to their countries of jurisdiction.
Interested funders showing interest in the Fund Entity should write an expression of interest and deliver it before May 18, 2023, and forward to the Bank of Industry in Lagos and send an email to: idice-proposals@boi.ng
AfDB opens applications for fashion entrepreneurs in Fashionomic Africa competition, with $20k for each winner
Recall that Legit.ng reported that fashion designers, entrepreneurs, and business owners are asked to apply for the Africa Development Bank (AfDB) Fashionomic Africa incubator and accelerator programme via the bank’s call for proposals.
The eight-week programme will involve training, a pitch even,t and cash prizes.
About 12 finalists would slug it out for the top four prizes of $20,000 (N8 million) each.
Source: Legit.ng
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