SOLT LEGAL is pleased to have advised Kuramo Capital on its appointment by the Bank of Industry (BOI) as Fund Manager of the US$170.6 million iDICE Fund of Funds, established under the Federal Government of Nigeria’s Investment in Digital and Creative Enterprises (iDICE) Programme.
The iDICE Fund of Funds represents a landmark initiative aimed at catalysing investment in Nigeria’s digital technology and creative sectors by channeling capital to high-growth startups through investment vehicles and hubs, venture capital funds, and experienced fund managers. The programme is expected to strengthen Nigeria’s venture capital ecosystem, expand access to institutional funding, and accelerate innovation-driven economic growth.
The Fund is structured with a 30% first-loss capital from the Government as the anchor investor, designed to de-risk the Fund, enhance its return profile and attract private capital. This blended finance approach is expected to unlock significant investment into Nigeria’s innovation economy while supporting the growth of scalable businesses and job creation.
The iDICE Programme is jointly financed by the African Development Bank (AfDB), the French Development Agency (AFD), the Islamic Development Bank (IsDB), and the Bank of Industry, as the implementing institution. The programme has been recognised as one of Africa’s most significant interventions in the technology and creative sectors, with the ambition to stimulate innovation, create jobs, and drive long-term economic transformation.
Our role in this transaction reflects SOLT Legal’s continued commitment to advising private equity and venture capital funds, investment managers, development finance institutions, and investors on fund formation, investment structuring, blended finance, and regulatory matters across Africa.
We congratulate Kuramo Capital, the Bank of Industry, and all stakeholders whose collaboration has made this important milestone possible. We are honoured to have advised Kuramo Capital on this significant mandate and look forward to continuing to support Kuramo on the operationalisation, implementation, and growth of the iDICE Fund of Funds as it mobilises capital, strengthens Nigeria’s investment ecosystem, and drives innovation-led economic development.
Read the full announcement here: https://www.boi.ng/bank-of-industry-kuramo capital-dice-fund-of-funds/
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