The Bank of Industry has appointed Kuramo Capital Management as the fund manager for the DICE Fund of Funds under the Federal Government’s iDICE programme, a major initiative designed to boost investment in Nigeria’s technology and creative sectors.
The appointment was formalised at a contract signing ceremony in Abuja between BOI’s Managing Director and the Chief Executive of Kuramo Capital. The fund is expected to reach a minimum capitalisation of $170.6 million, with the Federal Government contributing an anchor commitment of $85.3 million through the programme, while Kuramo Capital will be responsible for raising matching private-sector capital on a dollar-for-dollar basis.
The iDICE programme, supported by the African Development Bank, Agence Française de Développement and the Islamic Development Bank, is focused on promoting entrepreneurship, driving innovation, creating jobs and strengthening Nigeria’s position in the knowledge economy. It is being implemented through a mix of fund investments, debt financing and ecosystem support across the country.
BOI said the new fund will invest across all 36 states and the Federal Capital Territory through selected venture capital and micro-venture capital funds targeting technology and creative businesses. The structure uses the government’s contribution as junior tranche first-loss capital to reduce risk for private investors and attract more funding into the sector.
BOI Managing Director Dr. Olasupo Olusi said the initiative supports the government’s effort to scale Nigeria’s technology and creative industries by directing capital to high-growth, technology-enabled enterprises. He added that the bank is proud to be driving the historic investment on behalf of the Federal Government.
Kuramo Capital CEO Wale Adeosun said the mandate marks an important moment for Africa’s venture capital market, noting that the partnership shows government can serve as a credible anchor investor and market builder. He said the firm is committed to raising matching capital and deploying it effectively.
Vice President Kashim Shettima described the development as a significant milestone in the country’s efforts to unlock the potential of young Nigerians under the Renewed Hope agenda. The new fund is expected to expand access to capital for founders across the country and strengthen the startup ecosystem.