By Joan Omionawele
IN the not too distant past, one of the major issues that
usually came to the fore whenever entertainment stakeholders were gathered was
the little or no interest shown in entertainment by major investors.
But times have changed and stakeholders, Nollywood practitioners, actors, musicians as well as distinguished bodies in the entertainment industry now have the corporate world supporting some of their activities, especially in the year 2015.
According to reports, in 2015, Nollywood grossed the second highest in the country’s GDP and has become a fertile land for investors and filmmakers who, through huge fan shows, endorsements, movies and music, are gradually helping to push the country farther away from economic precipice.
Little wonder, notable filmmaker, Kunle Afolayan, received the backing of the Bank of Industry (BOI) to fund his yet-to-be-produced flick, The CEO. The bank has also announced the furnishing of Nollywood with a loan worth N1 billion.
Speaking at the African Business Symposium which took place during the 2015 edition of the International Film Festival (AFRIFF), one of the directors of the Bank of Industry, Mr Babatunde Joseph, who represented the Managing Director, Mr Rasheed Olaoluwa, said the N1 billion “Nollyfund” loan had been created through AFRIFF to give Nollywood stars and filmmakers the opportunity to tell their stories and also make profit, while also helping them in the area of distribution in Nigeria and Africa.
Earlier, Afolayan, who had been announced as Arik Air Ambassador, had clinched another big endorsement. He inked a deal with Peugeot Automobile Nigeria (PAN). While signing the Memorandum of Understanding (MOU) at the NAF Conference Centre and Suites, Ahmadu Bello Way, Kado, Abuja, Managing Director/CEO of PAN, Mr Ibrahim Boyi, said the partnership was meant to showcase the alignment of the two brands - Afolayan, an outstanding representative of Nollywood and the new Peugeot - which are of international standard.
But times have changed and stakeholders, Nollywood practitioners, actors, musicians as well as distinguished bodies in the entertainment industry now have the corporate world supporting some of their activities, especially in the year 2015.
According to reports, in 2015, Nollywood grossed the second highest in the country’s GDP and has become a fertile land for investors and filmmakers who, through huge fan shows, endorsements, movies and music, are gradually helping to push the country farther away from economic precipice.
Little wonder, notable filmmaker, Kunle Afolayan, received the backing of the Bank of Industry (BOI) to fund his yet-to-be-produced flick, The CEO. The bank has also announced the furnishing of Nollywood with a loan worth N1 billion.
Speaking at the African Business Symposium which took place during the 2015 edition of the International Film Festival (AFRIFF), one of the directors of the Bank of Industry, Mr Babatunde Joseph, who represented the Managing Director, Mr Rasheed Olaoluwa, said the N1 billion “Nollyfund” loan had been created through AFRIFF to give Nollywood stars and filmmakers the opportunity to tell their stories and also make profit, while also helping them in the area of distribution in Nigeria and Africa.
Earlier, Afolayan, who had been announced as Arik Air Ambassador, had clinched another big endorsement. He inked a deal with Peugeot Automobile Nigeria (PAN). While signing the Memorandum of Understanding (MOU) at the NAF Conference Centre and Suites, Ahmadu Bello Way, Kado, Abuja, Managing Director/CEO of PAN, Mr Ibrahim Boyi, said the partnership was meant to showcase the alignment of the two brands - Afolayan, an outstanding representative of Nollywood and the new Peugeot - which are of international standard.
An elated Afolayan, who lauded the gesture, noted that his
endorsement by PAN meant a lot for the entertainment industry as it would open
a vista of opportunities and more partnerships with the corporate world.
Filmaker, Kunle Afolayan with MD BOI, Mr Olaoluwa Rasheed during a visit to Kunle Afolayan's movie set
With so much interest in the music industry, Nigeria’s most sought after record label, Mavin Records, owned by Michael Collins, popularly known as Don Jazzy, got the support of Access Bank for its maiden concert. Speaking at the concert announcement, the Executive Director (Personal Banking), Access Bank, Victor Etuokwu, said the reason for the corporate investment in the record label was because Access Bank was a brand that identified with every Nigerian, especially youths. According to him, “Access Bank decided to identify with the Mavins because they are a group who connects with millions of youths in Nigeria. We have a young and vibrant population which is a plus, thus, Access Bank has decided to form a strong bond with the youth of this country, and there is no way to do this other than to collaborate with a team that has the highest followership and we are proud and honoured to work with them.”
Also, Closeup, a product in the stable of Unilever, signed Yemi Alade and Davido as ambassadors while telecommunication giants, Glo and MTN, brought Wizkid, Tiwa Savage, Seyi Shay, Kcee PSquare, Funke Akindele, Odunlade Adekola, Omawumi, Don Jazzy, Korede Bello and other musicians on their payroll. This is even as companies like the Nigerian Breweries Plc had, in previous years, organised Maltina Dance-all, Star Trek, Gulder Ultimate Search and a host of other shows to support the entertainment industry.
Even comedians were not left out as Basketmouth, Okey Bakassi, Hafiz Oyetoro and Akpororo signed juicy deals with top telecommunication companies in the country.
It will also be recalled that during the fifth edition of the Africa International Film Festival, (AFRIFF), the organisers, through their CEO, Chioma Ude, gave scholarships to 20 young filmmakers to study in the United States. There was substantial funding from Access Bank, too, for the filmmakers and actors who were the big winners of the night.
Zonal Head, Business Banking Division, Access Bank,
Bolarinwa Animasahun, stated that the bank was ready to partner Nollywood by
assisting it with a N1 billion loan. According to him, “we are ready to work
with you. We are ready to inject one billion naira into the business.”
On its part, satellite television service provider, MultiChoice, has over the years partnered with Nollywood actors in showcasing their movies on Africa Magic and supporting their movies. Its most recent project was ‘Road to Yesterday’, a movie by Genevieve Nnaji. The Managing Director, Multichoice Nigeria, Mr John Ugbe, told journalists: “For over 20 years, MultiChoice has played an active role in the development of the African film and television industry. The Africa Magic channels, which sit on our DStv and GOtv platforms, continue to display the best of African entertainment content to the world and with the launch of The Voice Nigeria, we have once again provided a platform for African talent to shine.”
For Peace Anyiam Osigwe, the convener of the Africa Movie Academy Awards (AMAA), the annual awards ceremony, which has been acknowledging and supporting African talents through its investors and sponsors, the platform has been fuelled to reward Nollywood practitioners.
Despite the encouraging robust friendship the corporate world is building, observers of the entertainment industry have continued to urge the government to invest more in the industry. While speaking with Saturday Tribune, popular Nollywood actress, Rose Odika, stated: “We need our own film village. Investors and the government can do this for us since we are working tirelessly to make money for the country and also showcase Africa to the world through our films.”
However, it is not time to bask in the euphoria of these partnerships but to integrate professionalism with more business acumen in order to solidify the industry to make it enviable like Hollywood and Bollywood. It is time for entertainers to recognise that investors will always be ready to put their money where they see golden opportunities, talents, youth and crowd appeal. So, there is the need for entertainers to continuously rebrand, network and improve on their performances. Once this is done, opportunities will come knocking, one after the other.
On its part, satellite television service provider, MultiChoice, has over the years partnered with Nollywood actors in showcasing their movies on Africa Magic and supporting their movies. Its most recent project was ‘Road to Yesterday’, a movie by Genevieve Nnaji. The Managing Director, Multichoice Nigeria, Mr John Ugbe, told journalists: “For over 20 years, MultiChoice has played an active role in the development of the African film and television industry. The Africa Magic channels, which sit on our DStv and GOtv platforms, continue to display the best of African entertainment content to the world and with the launch of The Voice Nigeria, we have once again provided a platform for African talent to shine.”
For Peace Anyiam Osigwe, the convener of the Africa Movie Academy Awards (AMAA), the annual awards ceremony, which has been acknowledging and supporting African talents through its investors and sponsors, the platform has been fuelled to reward Nollywood practitioners.
Despite the encouraging robust friendship the corporate world is building, observers of the entertainment industry have continued to urge the government to invest more in the industry. While speaking with Saturday Tribune, popular Nollywood actress, Rose Odika, stated: “We need our own film village. Investors and the government can do this for us since we are working tirelessly to make money for the country and also showcase Africa to the world through our films.”
However, it is not time to bask in the euphoria of these partnerships but to integrate professionalism with more business acumen in order to solidify the industry to make it enviable like Hollywood and Bollywood. It is time for entertainers to recognise that investors will always be ready to put their money where they see golden opportunities, talents, youth and crowd appeal. So, there is the need for entertainers to continuously rebrand, network and improve on their performances. Once this is done, opportunities will come knocking, one after the other.
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