The Bank of Industry (BOI) has appointed Kuramo Capital Management as the fund manager for the $170.6 million iDICE Fund of Funds, marking a significant milestone in Nigeria’s efforts to expand financing for technology startups and creative enterprises.
The appointment was formalised during a contract signing ceremony held at the BOI headquarters in Abuja on June 30, 2026, following weeks of industry speculation over the selection process.
Under the agreement, the Federal Government is providing an anchor investment of $85.3 million, while Kuramo Capital has been mandated to mobilise an additional $85.3 million from private institutional investors. The structure is designed to combine public and private capital, reducing investment risk and attracting greater participation from both domestic and international investors.
The Fund of Funds forms a key component of the Investment in Digital and Creative Enterprises (iDICE) Programme, a federal initiative established to improve access to long-term financing for innovative businesses operating in Nigeria’s digital economy. Rather than investing directly in startups, the fund will allocate capital to qualified venture capital and private equity fund managers, who will in turn invest in high-growth companies.
The investment strategy is expected to support businesses across sectors including financial technology (fintech), education technology (edtech), biotechnology, software development and the creative industries, such as film, music, fashion and gaming. The initiative aims to strengthen Nigeria’s innovation ecosystem by expanding access to growth capital for businesses with strong commercial potential.
The iDICE Programme is backed by several international development finance institutions, including the African Development Bank (AfDB), Agence Française de Développement (AFD), and the Islamic Development Bank (IsDB), reflecting growing global interest in Nigeria’s expanding digital economy.
Speaking at the signing ceremony, BOI Managing Director and Chief Executive Officer, Dr. Olasupo Olusi, described the appointment as an important step towards strengthening private-sector-led investment and improving financing opportunities for innovative businesses. He noted that attracting experienced fund managers and institutional investors would help build a more sustainable venture capital ecosystem.
Kuramo Capital Chief Executive Officer, Wale Adeosun, said the firm intends to deploy capital responsibly while supporting businesses capable of delivering both financial returns and measurable economic impact.
The appointment comes as Nigeria continues to position its technology and creative industries as key drivers of economic diversification beyond oil. By leveraging public capital to attract private investment, the iDICE Fund of Funds is expected to improve access to financing, encourage entrepreneurship, stimulate innovation and support job creation across high-growth sectors of the economy.
