Appointment of Kuramo Capital as the Fund of Funds Manager for iDICE Programme

Kuramo Capital Management is pleased to announce its appointment as the Manager for the iDICE Fund-of-Funds, under the Investment in Digital and Creative Enterprises (iDICE) programme led by the Bank of Industry (BOI) and supported by African Development Bank (AfDB), Islamic Development Bank (IsDB) and French Development Agency (AFD).

The iDICE Fund of Funds is positioned to catalyse other institutional investors, including Development Financial Institutions, Sovereign Wealth Funds and indigenous Asset Managers, into the Nigerian innovation, digital and creative ecosystem. As the iDICE Fund of Funds Manager, Kuramo Capital will identify, evaluate and allocate capital to a portfolio of best-in-class tech-enabled and creative economy-focused Fund Managers and Investment Platforms that share a commitment to fostering inclusive economic growth, job creation and youth empowerment across all six geopolitical zones of the Federation and the Federal Capital Territory.

This appointment is reflective of Kuramo’s track record as the leading Fund of Funds Investor on the continent. Since inception, Kuramo Capital has played a pivotal role in developing the region's private capital ecosystem, serving as anchor investor to 15 first-time Fund Managers across Sub-Saharan Africa. This role has been instrumental in transforming the Sub-Saharan Africa’s private equity ecosystem. To date, Kuramo Capital has backed over 21 Fund Managers and catalyzed $3.5billion in local and international capital into sub-Saharan Africa.

iDICE Fund of Funds Investment Strategy & Scope

The iDICE Fund of funds will adopt a disciplined, impact-aligned investment approach, allocating capital to a selection of Venture and SME Fund Managers with demonstrable local expertise, strong governance frameworks and the capacity to drive meaningful value creation across their portfolios. The Fund will operate a dual structure:

•Domestic Catalytic Investment Facility (DCIF): This Facility will target first-time or emerging Fund Managers or Investment Platforms deploying capital to Nigerian SMEs across the six geopolitical zones in Nigeria and the FCT

•Foreign Catalytic Investment Fund (FCIF): This Fund will support existing Fund Managers deploying capital in Nigerian SMEs

The iDICE Fund of funds will define Nigerian SMEs using 5 pillars: (i) Development Impact, (ii) Ownership & Control, (iii) Operational Presence, (iv) Revenue or Employment Link and (v) Fiscal and Regulatory Substance. All qualifying businesses must satisfy the development impact criteria and any two (2) of the remaining four (4) pillars.

Speaking on the appointment, Dr Olasupo Olusi, MD/CEO of the Bank of Industry, had this to say –

“By working with Kuramo Capital on the iDICE Fund of Funds, 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.”

Commenting on the appointment, Wale Adeosun, CEO of Kuramo Capital Limited, said:

"We commend the Federal Government for their foresight and commitment to creating opportunities for young Nigerian entrepreneurs to thrive in the growing digital and creative ecosystem. At Kuramo believe strongly that Nigeria’s journey to continued economic resilience and prosperity is hinged on the ability of young Nigerians across the six geopolitical zones and the FCT to enjoy access to resources and funding that is tailored to our diversity and uniqueness as a people. Our appointment as the Fund

Manager for the iDICE Fund of Funds represents an important milestone that reflects the confidence our investors - led by the Bank of Industry, have placed in our team, investment philosophy and long-term vision. We are grateful for their partnership and remain committed to deploying capital with discipline, creating shared prosperity for young Nigerians and generating attractive risk-adjusted returns."

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About the iDICE Programme

The Nigeria Investment in Digital and Creative Enterprises (iDICE) programme is a Federal Government of Nigeria initiative implemented by the Bank of Industry (BOI), with financial support from the African Development Bank (AfDB), Islamic Development Bank (IsDB) and French Development Agency (AFD). The programme is designed to strengthen Nigeria's digital and creative economy by providing access to finance, technical assistance and enabling infrastructure for high-potential entrepreneurs and enterprises.

About Kuramo Capital Management

Kuramo Capital Management LLC was founded in 2010, with offices in Lagos, Nairobi and New York.

Kuramo operates a multi-asset class investment platform championing catalytic commercial capital to fast growing Nigerian and African businesses, impacting local communities positively. The firm’s investment products include the Kuramo Africa Opportunity Fund IV L.P., Investment in Digital and Creative Enterprises (iDICE), Moremi Capital Management (Gender Lens Initiative) and Wholesale Impact Investment Fund (WIIF).

Kuramo combines global investment expertise with deep local market knowledge to invest in direct investments, private equity and venture capital funds in sub-Saharan Africa, supporting sustainable economic growth.

Who Should Apply for the iDICE Fund of Funds?

We are looking for Fund Managers and Investment Platforms that:

•Are focused on Nigeria and/or have a demonstrable investment strategy targeting Nigerian enterprises

•Invest in or support SMEs operating across high-growth sectors including Fintech, Healthtech, Agritech, Edtech, Artificial Intelligence and the Creative Economy

•Have a verifiable track record of deploying capital responsibly and generating measurable impact and returns

•Are committed to Environmental, Social, and Governance (ESG) principles and impact measurement

•Share our vision of fostering inclusive economic growth, job creation and youth empowerment across Nigeria

Interested Fund Managers and Investment Platforms aligned with the iDICE Fund of Funds mandate are invited to submit an initial expression of interest by sending a Fund Pitch Deck and cover letter to the address below.

Email: idice@kuramocapital.com

Subject Line: iDICE Kuramo Fund-of-Funds

All submissions are subject to review by the Kuramo Capital investment team and treated with strict confidentiality. Shortlisted applicants will be contacted directly for follow-up engagement.