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Nigeria’s Bank of Industry (BOI), the implementing agency for the Investment in Digital and Creative Enterprises (iDICE) programme of the Federal Government, has appointed Kuramo Capital Management as fund manager of the DICE Fund of Funds.
The DICE Fund of Funds is structured to achieve a minimum total capitalisation of $170.6 million, with the Federal Government contributing an anchor commitment of $85.3 million. Kuramo is mandated to raise matching private-sector capital on a dollar-for-dollar basis.
The iDICE Programme is an initiative aimed at developing Nigeria’s digital and creative economies. Backed by co-financing from the African Development Bank, Agence Française de Développement, and the Islamic Development Bank, the project is designed to fund entrepreneurship, create jobs, and expand the country’s technology and creative sectors.
The DICE Fund of Funds will invest across Nigeria’s 36 states and the Federal Capital Territory. It will deploy capital through indirect investments in selected closed-end venture capital and micro-venture capital funds focused on technology and creative sector businesses. The fund has a geographic mandate that ensures capital reaches founders in the entire country, breaking the historical concentration of venture investment in a handful of urban centres.
The fund targets a net internal rate of return (IRR) of 20% and a net money multiple of 2.4x.
Wale Adeosun, CEO of Kuramo Capital Management, 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.”
Dr Olasupo Olusi, MD/CEO of the BOI, commented: “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.”
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