BOI Appoints Kuramo Capital for $170.6m iDICE Fund

The Bank of Industry (BOI) has appointed Kuramo Capital to manage the $170.6 million iDICE Fund of Funds, a significant step in the Nigerian government's initiative to enhance the digital and creative sectors. The iDICE program aims to unlock capital for high-growth enterprises and stimulate entrepreneurship, innovation, and job creation.

The federal government has committed $85.3 million as an anchor investment, with Kuramo Capital tasked to raise an equivalent amount from private investors. This initiative is part of a broader strategy to strengthen Nigeria's digital economy and creative industries, supported by the African Development Bank and the Islamic Development Bank.

The fund is expected to achieve a minimum capitalization of $170.6 million and aims for a 20% net internal rate of return. Olasupo Olusi, BOI Managing Director and CEO, described this as a landmark moment for Nigeria's venture capital ecosystem, while Wale Adeosun, CEO of Kuramo Capital, emphasized the government's commitment to being a credible anchor investor.