Kayode Ogundamisi
The
hope that more big movies will hit the screen has arisen, as the Bank
of Industry has established N1bn fund for Nigerian film makers.
This is different from funds earlier initiated by the Federal Government, being an initiative of the financial institution.
According to a statement from the bank,
the special project tagged, ‘BOI NollyFund,’ will offer Nigerian film
makers the opportunity to receive financial support to produce quality
films and screen them through various platforms of movie distribution
available, both in Nigeria and abroad.
The statement says, “NollyFund has an
initial programme limit of N1.0bn and a single obligor limit of N50m 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 cash deposit of five per cent 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.”
It adds that to ensure the integrity of
the process, the bank has set up a NollyFund Implementation Advisory
Group made up of, among others, two cinema management experts, one
national film distributor, two production and post-production experts,
and two film producers.
Said to have been accredited are the
G-Media, Filmone Distribution Company, Silverbird Distribution Company,
Genesis Deluxe Distribution Company, Fans Connect Online Nigeria
Limited, Kingsley Ogoro Productions Limited and 4Screams International
Nigeria Limited.
Meanwhile, a film producer and promoter,
Mr. Kayode Ogundamisi, has called on the bank’s management to take
another look at the composition of its implementation/advisory
committee, which he describes as being ethnically lopsided.
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