Entertainment News

BoI Officials Visit Set of Steph Nora Okere’s ‘Roberta’

The director’s voice brought an instant quietness on set, as cast and crew stood by for the next shot call. Scene 16 of the film, entitled ‘Roberta’, had notable actor Kalu Ikeagu and actress Somkele Iyamah Idhalama in the jolly good mood. The former had just returned home to his wife who, and together, they giggled their way to the bedroom. “Cut!” and that was it. Long and close shots had been completed for the scene. The Bank of Industry delegation was on set to monitor progress. The producer, Steph Nora Okere had obtained a loan from the bank’s NollyFund scheme, which had also provided support for the likes of Kunle Afolayan (October 1), Opa Williams (Three Wise Men), and Jadesola Osiberu (Isoken) among others.

Directed by Ema Edosio, the young filmmaker said she decided to direct the movie “because of the strong diverse characters represented in the script. It has a message of hope that I think can speak to every Nigerian. We live in a society where things are a bit tough and dreams almost impossible to achieve. The movie sends a clear message of hope. You can be whatever you want to be irrespective of your past or challenges in front of you. I feel privileged to be a part of this amazing journey.”

Edosio who noted that Nigerians of all genders can relate to the film, spoke more about the music talent-inclined film. “The music we choose was very inspirational; to add to the message and theme of the film, she said.

‘Roberta’ which also stars Wale Ojo and Nigerian dance queen, Kaffy, according to Edosio, will wow Nigerians.

Ask if it will make as much box office feat as the comedy films, she said: “I think we underestimate the Nigerian audience when we say that every movie needs comedy to break the box office. I believe that Nigerians are hungry for well-told stories that they can relate to. Stories that would not just make them laugh but inspire them and I believe that this film can inspire and appeal to every Nigerian and this I think would translate box office breaks.”

Entertainment News

Bank of Industry Visits Filmmaker On Set

As shoot of Queen Amina continues in Jos 

Having financed top film projects such as Biyi Bandele’s Half of a Yellow Sun, Michelle Bello’s Flower Girl and Kunle Afolayan’s The CEO, the next indication of Bank of Industry (BOI)’s support for Nollywood has emerged in Queen Amina, a period story of the legendary Hausa Muslim warrior queen of Zazzau.

Top officers of the Bank; Mrs. Cynthia Nwuka, Group Head, Creative Industry and Mr. Okey Madu, Assistant Manager were, last weekend, at Shere, a desert and current set of the movie located in Jos, Plateau State, where more than 200 cast and crew members were shooting a war scene that exemplifies one of the travails of the historical queen, played by Lucy Ameh.

Produced by Okey Ogunjiofor of the Living in Bondage fame, Queen Amina is the second in production, in the series of more than a dozen film projects which have already received a nod from the development bank under the BoI Nollyfund (BNF) scheme, an initial program limit of N1.0billion in easy-access single-digit interest loans.

Nwuka and Madu arrived the location in the company of veteran Hausa actor and member of the Advisory Board of NollyFund, Alhaji Sani Muazu, and were received by Ogunjiofor and the director of the movie, Mr. Izu Ojukwu, a notable director of epic movies in Nigeria.

Ogunjiofor who got N50million from BOI for the project was glad to receive the Bank’s officials, introducing cast and crew members as he conducted his quests round some of the equipment on set.

It was an unusual site for a typical Nollywood film, with state-of-the-art equipment, soundless generating set, location vans, original props, period costumes, and passionate cast and crew members who were excited by the opportunity of being part of a global African story.

Ogunjiofor, who produced the acclaimed Nollywood pathfinder, Living in Bondage in 1992 is optimistic that this next major project, although coming 20 years after, will make him more prominent than his first movie.

“I have researched the story of Queen Amina in the last 20 years, and I’m glad that the opportunity to bring it to life has finally come,” he said.

Nwuka encouraged Ogunjiofor to be steadfast despite the challenges he might encounter in the course of the movie. “You are likely to encounter some challenges as it is with every production. But when that happens, let us know on time so that we can join hands to block it and move on. Before we got to this level with the Nollyfund, it wasn’t easy. I have always said that if Kene Mparu of Filmhouse did not prove that the feat we have attained with Nollywood now is possible; if Kene didn’t run with this assignment, we won’t be where we are today. So we should make it possible so that others coming behind can take it further,” she advised.

Ogunjiofor however described the cast and crew as die-hard people who would surmount the challenges of the terrain to ensure a successful output. “We are working, and I can assure you that when you see what we have done, you would beat your chest and say we are in the right direction.”

On the composition of the actors, Ogunjiofor said: “I’m using all-Northern cast to tell this story. I’m using a mixture of Nollywood and Kanywood to build a bridge. What I did for Nollywood in the South that has created a huge industry is what I’m transferring to the North so when I leave the North after this production, the North will never be the same again because all the people we have trained now on how to ride horses and fight with the sword are not Igbos neither are they Yorubas. They are all from this side and these skills are with them now. We are doing this film right in their presence and a lot of them are getting trained at the same time. So, when we leave they won’t go back to doing less of what they are doing now and I am happy that the superstars of the North are all here,” he said, referring to the likes of Ali Nuhu and Sani Danja. “And we have the permission of anybody who is ‘anybody’ in the North in terms of royal lineage for this story, so there is no stopping us,” he told Nwuka.

The ace producer also spoke highly of his crew members whom he said are experts in their various fields. They include, Izu Ojukwu who is the driver of the whole picture; Peter Kreil, a specialist in lighting and pictures from Austria who is the DOP;  Dagogo Diminas who is handling Make-up and Millicent Jack who is in charge of costumes.

Ogunjiofor expressed his gratitude to all partners when he said, “Of course we are in collaboration with Clink Studio and our back bone is Bank of Industry, and a little support from with Project Act-Nollywood. So, these ar

satisfaction at the level of work so far on the project, saying that the passion of the filmmakers can only encourage BOI to continue its support for Nollywood.

“We are optimistic that filmmakers like you with track record of quality will prove it again. And this can only help to expand the Nollyfund scheme from the initial N1.0billion earmarked. It is our believe that as we produce international standard movies through this partnership, there would be the need to expand our chain of exhibition outlets such as Filmhouse, Viva cinemas, Ozone cinemas and others in the country, even as we get the best out of our accredited indigenous movie studios,” she said.

Expressing confidence on the project, Nwuka said she was on location to show her Bank’s support for the cast and crew.


e the people who are making my dreams to come true. There are so many other ones; I have the permission of the Emir of Zazzau because, of course this is his story. Washington has been on this case with me for a long time but I am happy that very soon they will be happy that what they have always wanted to do with me is seeing the light of the day.”

Nwuka Olaoluwa expressedDespite the perceived dearth of auditable business structure among Nollywood practitioners, BoI’s support for the motion picture industry has evolved in a series of joint investments with filmmakers through a well-guided easy-access single-digit interest loans.

The special product enables Nigeria’s leading movie producers receive financial support to produce international quality films and screen them through various platforms of movie distribution available both in Nigeria and internationally.

During an interactive session with Bank of Industry’s Divisional Head, Large Enterprises, Mr. Babatunde Joseph, at the just concluded Africa International Film Festival, AFRIFF, he noted that the NollyFund was created to give an opportunity to Nollywood stars and fillmakers to make films, tell their stories and also make their profit, while helping them with various distribution platforms in Nigeria and Africa at large.

Interestingly, the Bank has already accredited some reputable Distributors such as G-Media, Filmone Distribution Company, Silverbird Distribution Company and Genesis Deluxe Distribution Company, as well as  Studio Operators such as 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 creative-industry projects such as Half of A Yellow Sun, Flower Girl, Digitization of Silverbird Cinemas, G-media and establishing of Filmhouse Cinemas, Viva Cinemas and Ozone Cinemas among others.

Entertainment News

BOI Nolly Fund To Boost Your Creative Media Business

The Bank of Industry (BOI), in its bid to salvage other sector s of the economy in order to improve their contributions towards Nigeria’s GDP, has raise various funds targeted SMEs with the aim of expanding their asset-base to enable them carry on projects of larger scale. The film sector of the entertainment industry is not any less, an emerging sector which contributed 1.42% ($7.3 billion or N1.4 trillion) to Nigeria’s Re-based GDP in 2013.

This is the rational behind the Nolly Fund. The Fund 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.

The Fund will be accessed by Companies engaged in film production. The fund shall be used for film production value chain (i.e. from pre-production to post-production). To support this process and ensure that only commercially viable scripts with good storylines will benefit from the scheme, the Bank has set up a Project Implementation Advisory Group made up of two (2) cinemas management experts, one (1) national film distributor, two (2) production and post-production experts, two (2) film critics/reviewers, two (2) film producers and a Banker.



The total size of the Nolly Fund is N1.0 billion however a single obligor is limited to a maximum funding of N50.0 million.

The first tranche of the Fund is projected to create a minimum of 2,000 direct and 5,000 indirect jobs for Nigerians engaged in film production value chain.

  • 1% Processing fee (full payment at approval)
  • 1% Commitment Fee (full payment on acceptance of loan)
  • Quarterly Monitoring Fee of 0.125% of outstanding Principal
  • Interest rate: 10% per annum payable at the end of every month.

Maximum of one year commencing at the end of the moratorium period.


Six (6) months (with option for additional (3) three months) from date of loan disbursement.


  1. Customer requests for the facility and if approved an offer is made by BOI to customer based on approved terms and conditions.
  2. Customer accepts the offer and meets all conditions precedent to draw down.
  3. Disbursement is done in phases in accordance with agreed milestones.


Applications can be submitted at any of the participating banks, however the Bank of industry (BOI), has a number of existing accredited Business Development Service Providers (BDSP) and applying through this Organisations who have been well briefed on all BOI requirements can increases your chances and speed up the application process

Entertainment News

BoI’s intervention to creative industry hits N2b under Nollyfund

With seven projects presently accessing its facilities and another 10 at different stages of loan approval, the Bank of Industry (BOI) has unveiled plans to facilitate access of members of Nigerian Creative Industry to its facilities, as intervention to the sector hits N2 billion.

Speaking during a visit to the set of a film by Kunle Afolayan at the weekend, the Managing Director, BoI, Rasheed Olaoluwa, explained that the bank has restructured its operations to improve access to its services, adding that the peculiarity of each sector is being considered for loan disbursements.

According to him, the bank has relaxed its criteria to aid access to the facilities adding that viable distribution channels are equally being financed to aid loan repayment as well as mitigate default by stakeholders.

He added that the bank, in line with its mandate had developed a special product tagged “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.

He said: “To support this process and ensure that only commercially viable scripts with good story-lines benefit from the scheme, the Bank did set up a NollyFund Implementation Advisory Group to advise the institution on loan approval to the creative industry.

“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.

“The visit to Kunle Afolayan’s set for the production of his new movie, ‘The C.E.O’, is part of the bank’s activities in assessing the utilisation of the facility approved for a project. It is the same way when we visit factories to see how funds were utilised.

“NollyFund had an initial programme limit of N1.0billion and a single obligor limit of N50million for individual loans. However, over N2 billion has been accessed so far by the industry. Kunle Afolayan is the first person to access the fund, while others are underway”.

On his part, Movie Producer, Kunle Afolayan commended the bank for improving access to the facility, noting that the project wouldn’t have started without funding from the bank.

“The BoI initiative for the creative industry should be encouraged. We had applied for facility some few back but we got denied. With the restructuring of the loan processes, we have been able to access the funds easily, while the innovative approach to financing by the bank is highly commendable”, he added.

Entertainment News

BOI Refutes Custody of $200m Entertainment Fund

The Bank of Industry (B0I) has debunked insinuations that it is in custody of any fund announced by former President Goodluck Jonathan, as grant to a the Nigerian motion picture industry. The Bank was reacting to reports credited to veteran actor, Larry Williams, urging President Muhammadu Buhari to probe a certain $200 million purportedly placed under BoI’s management by Jonathan, for disbursement to practitioners in the entertainment industry. “BoI would like to state for the records that it is not managing any $200 Million Entertainment/Nollywood Fund and at no time did the Bank receive any such fund from the government for the Entertainment/Nollywood sector,” the Bank said in a statement. According to the statement, “the Bank has been making investments in the industry from its own resources since 2011. It has provided financial and advisory support to the following sub-sectors of the industry:  movie production, cinemas, amusement/theme parks, production studios etc. Recently, the Bank launched the NollyFund with a Fund size of N1.0 billion to support movie production and distribution. ”There are indications that the reported $200 million was mistaken for a N3billion fund in custody of the Ministry of Finance, and issued as grant for the motion picture industry, under the Project ACT Nollywood. Recall that in March 2013, the former president, during the 20th anniversary of Nollywood, announced a Project ACT Nollywood fund of N3 billion, to build the capacity of filmmakers and actors, as well as the establishment of film distribution platforms. Williams is asking for a probe into how the grant, which is being managed by the Ministry of Finance, headed by former Minister, Ngozi Okonjo-Iweala, has been disbursed so far. Williams told the News Agency of Nigeria (NAN) that, “we need to know how the funds given to the sector is being disbursed because the growth of Nigeria’s entertainment industry will be enhanced by such money if well utilized.”

Entertainment News

Bank Of Industry Introduces Nollyfund


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.boi.ng/nollyfund to obtain more information on the Product features, the procedure for submission of applications, documentation requirements, pricing, amongst other relevant information.

Entertainment News

Award-winning international singer, Asa, visits BOI

Nigerian award-winning international Afro-pop and soul singer, Asa, paid a courtesy visit to the Lagos office of the Bank of Industry Limited. The visit is one of the many activities through which the Bank maintains a relationship with the creative industry in Nigeria. Asa’s relationship with the Bank dates back even longer, with the singer being one of the acts that performed during the BOI-organised New World Investment Campaign in London during the 2012 Olympics. Asa’s visit is the 2nd of such, coming on the heels of the Bank singing D’Banj in 2013 as its ambassador to the creative industry.

Entertainment News

BoI Takes on Nigeria’s Film Industry Distribution Challenges

To tackle the challenge of effectively getting into the hands of consumers of the output of the Nigerian movie industry worldwide, the Bank of Industry has moved to tackle the problem of distribution, which is the major setback to the nation’s movie industry.

To deal with the issue, BoI is funding the country’s first credible, verifiable and controlled channel of distribution, referred to as G-Media.

According to BoI, tackling the issue of distribution besides having a multiplier effect on the industry also guarantees that the whole production process is not jeopardised by market uncertainties.

The project, which is in partnership with Nollywood distribution giant, Gabosky Films Inc, is being funded out of the $200 million earmarked by BoI from an expected $500 million grant from the African Development Bank (AfDB) to revamp and enhance the nation’s industrial and entertainment sectors.

Speaking at the pre-launch press briefing of G-media, Senior Manager, BoI, Ibrahim Ahmed, disclosed that over N2.5 billion has been approved and set aside for the entertainment sector and about N1 billion has been distributed so far.

According to him the sector enjoys the full support of the bank’s managing director, Evelyn Oputu, who has set up a specialised division manned by dedicated professionals to attend to the needs of stakeholders.

“The BoI decided to partner Gabosky because we see the entertainment industry as a business and we are ready to deal with all that are ready to approach us in that light. Our mission is to transform Nigerian industrial sector and integrate it into the global economy by providing financial and business support services to existing and new industries to attain modern capabilities,” he said.

He stressed that BoI would continue to support businesses in large, medium and small projects to ensure that they are able to produce goods and services that are competitive both in the domestic and external markets.

In his remarks, the president of Gabosky Films Inc, Gab Okoye, stated that BoI has shown their readiness to help stakeholders tackle the challenges of the entertainment sector by funding any innovative projects such as the G-media idea, which is backed by N1.8 billion from the bank.

He however, noted that the stakeholders themselves were not churning out enough bankable projects to encourage the development bank release funds to them even as most of the ideas being presented to the bank lacked in-depth research and the requisite structure to be profitably sustained.

He disclosed that the issue of distribution has often been identified as the major problem of Nollywood, as enthusiastic audiences across the world are unable to get their hands on the movies that they love to watch due to inadequate channels, which allowed piracy to thrive at a globally unprecedented 82 per cent.

“One of the results of the distribution problems of Nollywood has been the withdrawal of some of the best hands that gave the industry its early success from movie productions. When sales dropped drastically and less capable hands became the leaders of the industry, the major producers and directors thought it best to stay away from the rot,” he said.

He appealed to the professionals to come back to the sector and join hands together in order to rebuild Nollywood into a dynamic industry once again with the promise that G-Media will get their films to buyers on its new real-time auditable and sales verifiable platform.

“The first phase of the G-Media distribution project is set to commence in January 2014 with 25 ultra-modern stores spread across the country, 30 regional distributors as well as 4,000 community distribution stores,” Okoye disclosed.

Breaking down the technological make-up of the innovative project, George Nnanwubar Consultant, Technology Team G-Media MDMS Web-Portal, explained that Gabosky Films Media Distribution and Management Software is a cross-platform web based database application designed for the Nigerian movie industry, where content owners, licensed content manager, content distributors and consumers can connect in a controlled environment and have controlled access to stored information on the industry and its content distribution.

According to him, the project would definitely achieve its dream of transforming the Nollywood industry into a profitable business for investors and also save Nigeria from this long over-due embarrassment on the global stage.

Entertainment News

D’banj unveiled as BOI’s ambassador in the creative industry

In keeping with the Bank of Industry’s commitment to supporting the creative industry in view of its current and potential contributions to the Nigerian economy through job and wealth creation, the Bank recently designated Mr Dapo Oyebanjo popularly known as (D’banj) as its Ambassador in the creative industry. The unveiling ceremony took place at BOI Head Office in Lagos.

In this capacity, D’banj will serve as one of the vital bridges between BOI and the various stakeholders in the entertainment industry with a view to facilitating access to BOI’s facilities and also in advising on industry needs as well as challenges and how they can best be overcome by the Bank and other relevant institutions.

At the brief ceremony, BOI’s Managing Director and Chief Executive Officer, Ms Evelyn Oputu, indicated that the choice of D’Banj as its Brand Ambassador was to showcase and uphold  him as a shining example of  some of the disciplined and talented Nigerian artistes who are using their endowments to enhance themselves and benefit the people around them to the greater glory of their fatherland.

An elated D’banj thanked the Bank and promised to work to justify his choice as BOI’s Brand Ambassador in the creative industry.

Prior to various inititiatves that the Bank recently rolled out in support of the creative industry in Nigeria, it had in recent years leveraged its domestic and international development partners to mobilise support for the nation’s talents in the creative space. This is especially so in the area of capacity building which is a precondition for actualising the industry’s potentials and the subsequent conversion of such potentials to profit.

First of such endeavours was a training programme that was organised by BOI in partnership with the Enterprise Development Centre, (EDC) of the Pan Atlantic University and the British Council in 2010.