The Bank of Industry (BoI) has signed a $170 million fund of funds
management contract with Kuramo Capital to manage the federal government’s
Investment in Digital and Creative Enterprises (iDICE) programme.
A fund is an investment strategy where a pool of capital is invested in a
portfolio of other investment funds, rather than directly in individual stocks,
bonds, or securities.
The fund valued at $170.06 million, is the largest funding component of the
$617 million iDICE programme, aimed at expanding access to capital for
technology-enabled businesses and creative enterprises.
Olasupo Olusi, BOI’s managing director, said Kuramo Capital emerged as the
preferred fund manager following a competitive selection process.
“With a minimum fund size of $170 million, the Fund of Funds is the largest
fund under the programme,” Olusi said.
“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.”
Olusi said the iDICE programme is jointly financed by the African
Development Bank (AfDB), the French Development Agency (AFD), the
Islamic Development Bank (IsDB) and the BOI, which is also implementing the
initiative.
He described the programme as one of Africa’s largest interventions in the
technology and creative sectors, designed to stimulate innovation, create jobs
and drive economic transformation.
According to the BOI boss, the fund of funds will help address the shortage of
venture capital for startups by investing in venture capital funds that, in turn,
finance early-stage technology and creative businesses.
Olusi recalled that the iDICE programme made an initial $64 million
investment in Ventures Platform Fund II in 2025 alongside co-investors,
including the International Finance Corporation (IFC), Standard Bank of South
Africa, Proparco and British International Investment.
He urged Kuramo Capital to execute the mandate with transparency and
urgency.
“Every delayed close and missed milestone has a cost, not just financially but in
the lives of entrepreneurs waiting for capital,” he said.
“The integrity of the fund is tied directly to Nigeria’s credibility in the global
investor community.”
Wale Adeosun, founder and chief executive officer (CEO) of Kuramo Capital,
described the appointment as a milestone for Africa’s venture capital
ecosystem.
“Nigeria is demonstrating that a government can be both a serious anchor
investor and a credible market-builder,” Adeosun said.