Business

Bank of Industry Introduces NollyFund for Filmmakers and Producers

Bank of Industry NollyfundAML filmmakers and producers, Nigeria’s Bank of Industry introduces The Nolly Fund. As explained by the Bank, the goal is to “support film makers/producers by providing the needed financing required to grow the film industry and make bigger impact in the sector. Nollywood now ranked 3rd in the market after Hollywood (America) and Bollywood (India) in terms of number of contents produced. Nigeria’s creative industry contributed 1.42% ($7.3 billion or N1.4 trillion) to Nigeria’s Re-based GDP in 2013.”

Check out the full details below.

-Ms. Uduak

“In continuation of BOI’s support for the Nigerian Creative Industry, BOI has developed a special Product Program called “BOI NollyFund” under which Nigeria’s leading movie producers will receive financial support to produce international quality films and screen them through various platforms of movie distribution available both in Nigeria and internationally.

To support this process and ensure that only commercially viable scripts with good storylines benefit from the scheme, the Bank has set up a NollyFund Implementation Advisory Group made up of two (2) cinema management experts, one (1) national film distributor, two (2) production and post-production experts, two (2) film critics/reviewers, and two (2) film producers. The Group’s mandate is to critically review all the film scripts and associated budgets submitted to BOI by movie producers and make technical recommendations to BOI management for final credit appraisal and subsequent approval in line with the Bank’s Credit Policy.

NollyFund has an initial Program Limit of N1.0billion and a single obligor limit of N50million for individual loans.

The Fund can be accessed by Companies engaged in film production. Applicants are expected to provide commercially viable scripts and demonstrate a track record of successful movie productions. The producer is expected to sign up a reputable distributor who would issue a Minimum Guarantee and provide a cash deposit of 5% of the loan amount. A Minimum Guarantee is a cash advance payable to the Producer by the Distributor in exchange for the exclusive rights to distribute a film in contractually stipulated media in agreed Sales Territory. This is similar to the internationally accepted loan structures for movie production and will definitely provide a great boost to Nigeria’s Nollywood.

The Bank has already accredited some reputable Distributors (namely: G-Media, Filmone Distribution Company, Silverbird Distribution Company and Genesis Deluxe Distribution Company) and Studio Operators (namely: Fans Connect Online Nigeria Limited (i.e. Afrinolly), Kingsley Ogoro Productions Limited and 4Screams International Nigeria Limited) to support this initiative.

It would be recalled that the Bank of Industry had in the recent past, financed the following creative-industry projects: Half of A Yellow Sun, Flower Girl, Digitization of Silverbird Cinemas, The Filmhouse, Viva Cinemas, Ozone Cinemas, G-media etc.

Interested movie producers are advised to visit www.boinigeria.com/nollyfund to obtain more information on the Product features, the procedure for submission of applications, documentation requirements, pricing, amongst other relevant information.” – Bank of Industry

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ABOUT THE FOUNDER

Credited for several firsts in the fashion and entertainment industry, Uduak Oduok (Ms. Uduak) is a fashion and entertainment lawyer, speaker, visionary, gamechanger, trailblazer, and recognized thought leader, for her work on Africa’s emerging global fashion and entertainment markets, and the niche practice of fashion law in the United States. She is also the founder of ‘Africa Music Law,’ an industry go-to music business and law blog and podcast show empowering African artists. Her work in the creative and legal industries has earned her numerous awards and recognitions, including an award from the American University Washington College of Law for her “legal impact in the field of intellectual property in Africa." She has also taught as an Adjunct Professor at several institutions in the United States. For more information, visit her at https://msuduak.com.

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