One of the most populated sessions at the festival was the Bank of Industry (BOI)’s interactive session on the NollyFund scheme, an initial Program Limit of N1 billion and a single obligor limit of N50 million for individual loans.
The forum which held at the Silverbird Galleria, Victoria. Island, Lagos on Tuesday, provided a platform between filmmakers and members of staff of the bank to interact better on the much publicised BoI NollyFund.
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, he reiterated 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.
Notable filmmaker, Kunle Afolayan, is one of the filmmakers who have accessed the fund for their different projects. Afolayan’s movie, The CEO, for which the loan was obtained, is predicted to be one of the best pan-African movie to come out of Nigeria.
Afolayan was on the panel alongside veteran actress Joke Silva and film critic, Shaibu Husseini, joined Mr. Babatunde and Mrs Uche Nwuka, Group Head, Creative Desk at BoI to shed light on the workability of the Nollywood fund, which several filmmakers see as a welcome development.
Filmmakers from other African countries who noted that such scheme does not exist in their countries wanted to know if they are eligible to access the fund.
Although Mr. Babatunde said it is a scheme meant to develop just the Nigerian creative sector, the visiting filmmakers praised the initiative, saying that Nigerian filmmakers are lucky to have such a developmental agency interested in film business.