The Bank of Industry (BOI) has signed a 170.06 million dollars Fund of Funds management contract with Kuramo Capital Management under the Federal Government Investment in Digital and Creative Enterprises (iDICE) Programme.
In a statement on Wednesday in Abuja, the BOI Managing Director, Dr Olasupo Olusi, said the Fund of Funds had a minimum size of 170.06 million dollars making it the largest fund under the 617 million dollars iDICE Programme.
Olusi said, “Kuramo Capital emerged as the manager of the Fund of Funds component of the iDICE programme. With a minimum fund size of 170 million dollars, the Fund of Funds is the largest fund under the programme.
“Nigeria is setting a continental benchmark for sovereign commitment to the innovation and creative economy through this fund.
“By investing in Ventures Platform’s Fund II, and now by establishing the DICE Fund of Funds with Kuramo Capital, we are deepening the Federal Government’s objective of upscaling Nigeria’s technology and creative sectors by catalysing strategic investments in high-growth, technology-enabled enterprises.
“The Bank of Industry is proud to be the executing agency driving this historic investment into the hands of Nigeria’s innovators,” he said.
According to him, the iDICE Programme is co-financed by the African Development Bank, French Development Agency, Islamic Development Bank and BOI, which also doubles as the implementing agency.
”iDICE is one of Africa’s most ambitious and structured intervention in the technology and creative economy and is designed to unlock entrepreneurship, stimulate innovation, create sustainable jobs, and drive economic transformation.
“Nigeria’s technology and creative sectors are arguably among the most dynamic on the continent, yet they remain underserved by formal venture capital, particularly at pre-seed and seed stages where the funding gap is highly required.
“The iDICE Fund of Funds shall address this structural gap directly by institutionalising and accelerating that trajectory at scale by investing in various funds that ultimately support start-ups in these sectors with capital.”
He recalled that in 2025, iDICE made an initial 64 million dollars investment in the Ventures Platform Fund with co-investors including the IFC, Standard Bank of South Africa, Proparco and British International Investment.
He congratulated Kuramo Capital for emerging as the preferred manager after a rigorous selection process consistent with global best practice.
He, however, said the selection was only the beginning, and charged Kuramo to deliver the mandate with professionalism, transparency and urgency.
He warned that every delayed close and missed milestone has a cost, not just financially but in the lives of entrepreneurs waiting for capital.
The managing director added that, ”the integrity of the fund is tied directly to Nigeria’s credibility in the global investor community, and urged Kuramo to deploy its networks and capital-raising capabilities from day one.”
He described the signing as a rare moment that economic historians will look back on as a turning point for Nigeria’s technology and creative ecosystems.
He said the Federal Government had made an unprecedented commitment to invest in innovators and creatives, while international partners have co-financed with confidence.
“I charge Kuramo Capital to deliver with excellence. Manage every dollar effectively as the future of the Nigerian tech and creative industry depends on it,” he said.
The Founder and Chief Executive Officer of Kuramo Capital, Mr Wale Adeosun, said “the DICE Fund of Funds represented a landmark moment for Africa’s venture capital ecosystem.”
According to him, Nigeria is demonstrating that a government can be both a serious anchor investor and a credible market-builder.
“We are honoured to be entrusted with this mandate and committed to deploying every resource at our disposal to raise the matching capital, invest wisely, and deliver returns that justify this historic confidence”.
Adeosun said the plan will strengthen government and private sector, especially banks, to boost growth.
He noted that the catalytic aspect of the programme should be replicated across the country and across Africa, adding that stakeholders would look back with excitement at what the initiative has achieved.
“We’ve all been a part of it. At Kuramo Capital, we believe we’re the leading fund of funds in Nigeria. We have catalyzed over 3.5 billion dollars to fast-growing companies through funds,” Adeosun said.
The chief executive officer disclosed that Kuramo had invested in 21 funds to date and had recently identified 45 first-time women fund managers through its ABCD model.
He explained that ABCD stands for Accelerating, Bridging, Catalysing, and Developing, and is designed to support emerging fund managers and entrepreneurs.
Adeosun said the model would be deployed for the iDICE programme to identify women and young entrepreneurs leading businesses across Nigeria’s six geopolitical zones.
He expressed excitement about the partnership and the leadership of the Bank of Industry (BOI), and looked forward to more collaboration efforts going forward. (NAN)
