Bank of Industry beefs up support for Nigeria’s movie industry
The Bank of Industry (BoI) has revealed its intention to facilitate access of members of the creative industry of Nigeria to its loan facilities. The bank intends to make N2 billion available with a restructured criteria, which will make the funds more accessible. This is aimed at boosting quality movie content and high standard production.
Bank of Industry Limited is the oldest, largest and rated the most successful development financing institution. Founded in 1964, but reconstructed in 2001, its core values are encoded in its SPPIRIT acronym, meaning- service, professionalism, passion, integrity, resourcefulness, innovation and team spirit. It explains partly why the bank chose to invest in the creative industry.
According to Rasheed Olaoluwa, Managing Director of the institution, Bank of Industry has not only relaxed the criteria for getting loans by the industry members, it has also put in place a mechanism geared towards galvanizing repayment of loans.
The bank is ensuring this move adds value, not just to the creative industry, but also to Nigeria. To achieve this, the bank set up a Nollyfund under which leading producers will get the financial support to produce quality movies of global standard and screen them on many available platforms home and abroad.
In order to safeguard this investment, the bank inaugurated a Nollyfund Implementation Advisory Group. This group advises the financial institution on loan approval to the creative industry. For the approval to be authentic and rapid, the group has the responsibility of critically reviewing the film in question from pre-production through post- production. This way, movies that loans are taken for, should be the best they can be.
The group also critically scrutinizes the budget of movie production, after which it makes technical recommendations to BoI management for final credit appraisal and subsequent approval in line with the bank credit policy.
Kunle Afolayan is the first beneficiary of the loan. Afolayan is one of the leading producers and directors in the Nigerian movie industry. The presence of Rasheed at the film location of Afolayan’s ongoing movie project, ‘The C.E.O’, is an evidence the bank is monitoring its investment and ensuring its judicious utilization.
This financial support will provide adequate funding for quality production and promote creativity in the movie industry. By starting off with Afolayan, the bank shows a good taste for high quality and bespoke creativity.
Nonetheless, the challenge of piracy may reduce the effects of the bank’s investment. Afolayan reportedly said he was yet to make half of the capital invested in his popular ‘October 1′ as of June. Tunde Kelani, another ace film maker, reported also that he lost millions to piracy. This might endanger any investment in the industry except measures of curbing it is incorporated into the process of making a movie.
Kunle Afolayan commended the bank for improving the access to the loan facility, noting that ‘The C.E.O’ project commenced because of the accessible loan from the bank.
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