BOI Appoints Kuramo Capital to Manage $170.6m iDICE Fund for Nigerian Startups

Bank of Industry (BOI) appointed Kuramo Capital Management as Fund Manager of the $170.6 million DICE Fund of Funds, a landmark investment vehicle aimed at expanding venture capital financing for technology and creative start-ups across Nigeria.

The appointment, formalised at a contract signing ceremony in Abuja between BOI’s Managing Director and Chief Executive Officer, Dr. Olasupo Olusi, and Kuramo Capital Chief Executive Officer, Wale Adeosun, marked a significant milestone in the implementation of the federal government’s Investment in Digital and Creative Enterprises (iDICE) Programme.

Under the arrangement, the federal government will provide an anchor investment of $85.3 million through the iDICE Programme, while Kuramo Capital is expected to mobilise an equivalent amount from private investors, bringing the fund’s minimum capitalisation to $170.6 million.

BOI described the initiative as one of the largest government-backed investments dedicated to technology and creative sector start-ups in Africa.

DICE Fund of Funds will invest through selected venture capital and micro-venture capital funds focused on technology and creative enterprises, with a mandate to reach founders across Nigeria’s 36 states and the Federal Capital Territory.

The structure is intended to broaden access to venture financing beyond traditional start-up hubs and stimulate innovation nationwide.

Speaking at the ceremony, Olusi said the initiative reflected the federal government’s commitment to strengthening Nigeria’s innovation ecosystem.

He said, “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.”

Adeosun described the appointment as a defining moment for venture capital development on the continent.

He said, “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.”

The iDICE Programme, co-financed by African Development Bank (AfDB), Agence Française de Développement (AFD), and Islamic Development Bank (IsDB), is the federal government’s flagship initiative to promote entrepreneurship, drive innovation, create jobs, and position Nigeria as Africa’s leading knowledge economy.

The programme recorded a major breakthrough in November 2025 when it made Nigeria’s first direct government investment in a private venture capital fund through a cornerstone commitment to Ventures Platform’s VP Pan-African Fund II, which closed at $64 million with support from the International Finance Corporation (IFC), British International Investment (BII), Standard Bank of South Africa and Proparco.

BOI said implementation of the programme was progressing across its three strategic pillars: skills and enterprise development, access to finance, and ecosystem enablement, with activities already underway in all six geopolitical zones.

The iDICE Start-up Bridge has enrolled its inaugural cohort of 185 founders, while applications for the second cohort opened on June 24. The programme is also expected to launch its Growth Lab in July, providing growth-stage start-ups with potential equity funding of up to $100,000.

In addition, BOI is establishing and upgrading digital and creative hubs in 66 universities and polytechnics nationwide in partnership with National Universities Commission (NUC) and National Board for Technical Education (NBTE).

To improve access to financing, the bank has also rolled out the BOI/iDICE Debt Fund and the IsDB Murabaha Debt Fund, which together have earmarked $110 million for start-ups operating in the technology and creative industries.

The DICE Fund of Funds has been structured to target a net internal rate of return of 20 per cent and a net money multiple of 2.4 times. The federal government’s commitment will serve as a 30 per cent first-loss tranche, a risk-sharing mechanism designed to attract institutional investors and increase private capital participation.

Vice President Kashim Shettima described the commencement of investments under the programme as a major step towards unlocking opportunities for young Nigerians.

According to Shettima, “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.”

BOI said the establishment of DICE Fund of Funds, alongside its earlier investment in Ventures Platform, was expected to transform Nigeria’s start-up financing landscape by increasing the availability of domestic venture capital and reducing founders’ dependence on foreign investors for early-stage funding.