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Nigeria’s Bank of Industry (BOI) has appointed Kuramo Capital Management as fund manager for the $170.6 million DICE Fund of Funds.
Under the arrangement, Kuramo Capital will manage the investment vehicle while raising matching private-sector commitments alongside the Federal Government’s $85.3 million anchor investment through the Investment in Digital and Creative Enterprises (iDICE) Programme.
The DICE Fund of Funds forms part of the Federal Government’s broader iDICE Programme, which is backed by the African Development Bank (AfDB), Agence Française de Développement (AFD), and the Islamic Development Bank (IsDB).
The initiative aims to strengthen Nigeria’s digital and creative industries by improving access to capital, supporting entrepreneurship, creating jobs, and accelerating the growth of high-potential businesses.
Unlike traditional venture capital funds that invest directly in startups, the DICE Fund of Funds will channel capital into selected venture capital and micro-venture capital firms, which will then finance technology and creative enterprises.
The model is designed to broaden access to institutional funding while helping develop Nigeria’s domestic venture capital market.
The fund will invest across all 36 states and the Federal Capital Territory, with a mandate to support founders beyond Nigeria’s established startup hubs.
By directing capital through multiple fund managers with nationwide investment strategies, the programme seeks to address longstanding geographic disparities in venture funding and unlock opportunities for entrepreneurs in underserved regions.
The investment vehicle has been structured with a target net internal rate of return (IRR) of 20% and a net money multiple of 2.4x.
According to BOI, the government’s commitment is structured as a junior tranche providing first-loss protection, a mechanism intended to reduce risk for institutional investors and attract additional private capital into Nigeria’s innovation economy.
The appointment of Kuramo Capital builds on earlier milestones under the iDICE Programme.
In 2025, the programme made Nigeria’s first direct government investment into a private venture capital fund through a cornerstone commitment to Ventures Platform’s VP Pan-African Fund II, signalling a shift toward using institutional capital to strengthen the country’s startup financing ecosystem.
Dr. Olasupo Olusi, Managing Director and Chief Executive Officer of the Bank of Industry, said the new fund would help deepen investment in high-growth businesses across the country.
“By establishing the DICE Fund of Funds with Kuramo Capital, we are advancing the Federal Government’s objective of expanding Nigeria’s technology and creative sectors through strategic investment in high-growth, technology-enabled enterprises. The Bank of Industry is proud to serve as the executing agency delivering this investment into the hands of Nigeria’s innovators,” Olusi said.
Wale Adeosun, Chief Executive Officer of Kuramo Capital Management, described the appointment as an important milestone for venture capital on the continent.
“The DICE Fund of Funds represents a landmark moment for Africa’s venture capital ecosystem. Nigeria is demonstrating that government can serve as both a credible anchor investor and a catalyst for market development. We are honoured by this mandate and committed to mobilising matching private capital, investing responsibly, and delivering strong long-term returns,” Adeosun said.
The appointment comes as African startups continue to face tighter fundraising conditions following a slowdown in global venture capital markets.
For Nigeria, where access to early-stage financing remains one of the biggest constraints on startup growth, the DICE Fund of Funds represents an effort to mobilize more domestic institutional capital alongside international development finance.
If successful, the model could strengthen the country’s venture capital ecosystem while expanding financing opportunities for technology and creative businesses beyond its traditional investment centres.
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