BOI appoints Kuramo Capital to manage $170 million DICE Fund of Funds

The Federal Government of Nigeria has taken a historic step in its commitment to the nation’s technology and creative economy, appointing Kuramo Capital Management as Fund Manager of the DICE Fund of Funds under the Investment in Digital and Creative Enterprises (iDICE) Programme.

The contract was signed in Abuja on Tuesday, 30 June 2026, between the Managing Director of the Bank of Industry (BOI) and the Chief Executive of Kuramo Capital.

The DICE Fund of Funds is structured with a target capitalisation of $170 million, with the Federal Government contributing an anchor commitment of $85 million through the iDICE Programme and Kuramo Capital mandated to raise equivalent matching capital from private sector investors.

This makes the DICE Fund of Funds the largest government-anchored investment in technology and creative startups ever made by any African country — a statement of national intent that signals a decisive shift in how Nigeria is backing its innovators and entrepreneurs.

The chair of the iDICE Steering Committee, Vice President Kashim Shettima, described the Fund of Funds announcement as a defining moment for Nigeria’s youth. “The commencement of investing by iDICE is an exciting milestone and a leap forward in the determined efforts of the Government of Nigeria, under the leadership of His Excellency President Bola Ahmed Tinubu, to deliver on our vision of unleashing the full potential of Nigeria’s young people, in line with the Renewed Hope agenda,” the Vice President stated, congratulating BOI and Kuramo Capital on the milestone.

The iDICE Programme is co-financed by the African Development Bank (AfDB), Agence Française de Développement (AFD), and the Islamic Development Bank (IsDB). Targeting young Nigerians aged 15–35, iDICE invests in skills and talent development, access to finance, and an enabling ecosystem for innovation and enterprise across all 36 states and the Federal Capital Territory.

The Fund of Funds announcement builds on the momentum of iDICE’s first direct venture investment, made in November 2025, when the Programme committed capital to Ventures Platform’s VP Pan-African Fund II — the first time in Nigeria’s history that the federal government had directly invested in a private venture capital fund. That fund attracted co-investors including the International Finance Corporation (IF)C, British International Investment (BII), Standard Bank of South Africa, and Proparco, demonstrating that government capital, strategically deployed, catalyses international institutional confidence.

The Bank of Industry, as the Executing Agency for iDICE, has been central to translating the Programme’s ambition into delivery. BOI’s institutional credibility, its compliance with the standards of three multilateral co-financiers, and its deep understanding of Nigeria’s enterprise landscape have been critical in positioning Nigeria as a serious, accountable implementer of development finance at scale. Dr Olasupo Olusi, MD/CEO of the Bank of Industry, underscored the significance of the occasion: “By investing in Ventures Platform’s Fund II and now 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.

Kuramo Capital Management, is one of Africa’s most experienced investment firms. Founded in 2010, with offices in New York, Lagos, and Nairobi, the firm has catalysed over $3.5 billion into African businesses and fund managers, supported more than 350,000 jobs, and invested directly and indirectly in over 130 companies across the continent.

Wale Adeosun, Founder and CEO of Kuramo Capital, expressed the firm’s resolve: “The DICE Fund of Funds represents a landmark moment for Africa’s venture capital ecosystem. 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 Fund’s geographic mandate ensures capital reaches founders across all six geopolitical zones — not only in Lagos and Abuja but in Kano, Enugu, Port Harcourt, Maiduguri, Plateau, and beyond. It targets a net IRR of 20% and a net money multiple of 2.4x, structured with government capital as a 30% first-loss junior tranche to de-risk the structure and crowd in private co-investment.

Together, iDICE’s investments through Ventures Platform and the DICE Fund of Funds represent a structural transformation in Nigeria’s venture capital landscape — shifting the country from a market where early-stage founders depended almost entirely on foreign capital to one where the federal government is itself an active, committed investor in the ecosystem. For the technology and creative entrepreneurs building across Nigeria today, this is a government that is not just speaking about innovation but putting capital behind it.