For Nollywood, ascendancy fuelled by Providus

I am happy for Nollywood. Those who know the history of the industry will admit that Nollywood is enjoying some bubble at this time, like a guy on an imaginary trip on a gossamer. But this is real. All of a sudden, the days of yore, of little beginnings, look so anachronistic, some kind of fables and ancient tales that never happened. Yes, they happened and Nollywood has undergone a most appreciative evolutionary process before our very eyes.

Let me strip myself of circumlocution and hit the target straight. The relationship between Nollywood and Providus Bank, facilitated by the Tinubu administration, is a most welcome development and, without doubt, can rocket the industry to new heights. Yes. This is the time for Nollywood ascendancy and it’s nearly surreal.

The small news at the corner of the papers that the Federal Government was disbursing the second batch of a N5bn Creative Fund to Nollywood, is big news to me. All of a sudden, the industry once described as woolly, unable to display investment dashboard and return paths for invested funds, has attracted the imprimatur of a very young bank – oh yes, just founded in 2016 – which from all indications, may be leading the nation to where a huge honeypot in the financial sector is buried.

One Fegho Umunubo, the. Special Assistant to the President (Office of the Vice President) on Digital and Creative Economy, was reported to have said in an Instagram post that: “N5bn Creative Fund Launch, Under the renewed Hope Agenda of President Bola Tinubu (GCFR), we successfully launched the 2nd batch in partnership with Providus Bank at Eko Hotels last week.

“Following the successful disbursement of the N1.5bn to four producers/actors for their movie projects, we are excited to support more creative projects.”

Such a huge amount to only four industry practitioners! This is as good as it can be and I am praying for more of such investments.

Let me explain. Nollywood was built on personal and family funds, some scratches from friends and admirers, and the visionary wizardry of some traders at Apongbon, Lagos and Iweka Road, Onitsha, among others. Some kind of crowdfunding that couldn’t make the industry practitioners – actors, crew members and other behind-the-scenes players earn enough to ward off pecuniary difficulties.

I do not want to list the names of those who died in the process or those who lost businesses and family fortunes; Nollywood is spinning a good story that is worth telling, and please permit me to add that the industry is built on the efforts, sweat, honour and blood of so many people, quite a number of whom are happy to be alive.

So, this is much a tribute to the gallantry and creativity of the departed as well as a deserved appreciation of the resilience of the living.

Monday night, Zik Zulu Okafor of Zulu Productions commended the efforts of Providus Bank for providing an industry support fund for Nollywood, admonishing his colleagues to build on this foundation in order to attract more funds for the sector. He warned against profligate spending and counselled that such a fund should only be deployed for the purpose for which it was given.

Industry Sheik, Zeb Ejiro of Zeb Ejiro Productions declared his own position to this writer.

“We should not allow this opportunity to slip through our hands. We must not allow it to fail. Please, if you are taking the fund, let it work. The money is almost like an equity fund. No timeline to return it. No crazy conditions. This is the best so far that has come to us,” he said.

Let’s try to explain the position of the industry some more. There have always been conversations about a fund for Nollywood to activate the industry and position it to attract global attention and even funding. This writer is aware and actually participated in some of such discussions at Sithengi in South Africa, Fespaco in Burkina Faso, Georgia Tech in Atlanta, Georgia and at a forum in Los Angeles. Sometimes, everybody disagreed openly and even internationally, and then they began to fight over funds that were not yet available.

Besides, previous governments didn’t have the gravitas to float a fund for Nollywood but were very happy to bask in the glitz and glamour of the industry and enjoy photo opportunities with Nollywood stars. They enjoyed the beauty of the industry and were not ready to assist in doing the spade work.

Without looking at the distractions of previous history, Providus agreed with the government to float a fund. We have always argued that the creative material should be a strong enough product to securitise a loan. Providus reasons the same way. I am told that bickerings in the industry have also seriously reduced. This is good, because the industry needs some peace to make progress.

But I must say that this is the time for the industry practitioners to be creative in making money work for them. The reason for this is that the industry they knew in the early 90s has changed so much, moving at the pace of technological evolutionary processes.

The much revered DVD which put lots of power in the hands of some traders, has died naturally. The television stations that used to contribute airtime to producers through barter arrangement are struggling for life. DSTV which became a star of the industry and a redemptive messiah through programme commissioning and acquisition, can now only do that within the limits of fund availability but more with a consideration for profit.

That leaves the cinema houses to play its role. While I will want to observe that the cinema culture has really not gained too much traction even with all the investments, it takes much focus and process fidelity to create a product that hits at the cinema. And you must be ready to count the tickets! Not every moviemaker can have the gusto of Funke Akindele to create A Tribe Called Judah.

That directs attention to Netflix and a number of over-the-top channels that are streaming programmes from different corners of the world. However, Netflix has been putting a lot of money into high-end Nigerian movies. The organisation is very much concerned about quality assurance and has the capacity to push out its movies.

An industry source told me, the YouTubers are also making a lot of money. This is quite encouraging that the entertainment sector which only a few years ago swallowed money with little capacity to pay back, is becoming a good bride.

So, in my enthusiasm to commend Providus Bank, let me, in aligning with Zik and Zeb, also sound a note of caution to everyone in the value chain. The moviemakers should explore all marketing channels, including the ones not known to us yet, to ventilate their products commercially. This means seeking the services of experts with open access to modern marketing tools and opportunities.

For Providus, I respectfully observe that not all projects are bankable, not all producers and actors are bankable and not all scripts have commercial value. The bank should be very interested in the creative process without jeopardising the poetic licence of the creators. While the Tinubu administration should be commended for creating the Ministry of Arts, Culture and the Creative Economy with Hannatu Musa Musawa as minister and appointing Dr Shaibu Hussein to superintend the quality of Nigerian films at the National Film and Video Censors Board (NFVCB), Providus, more than any other organisation, has the coveted opportunity to influence the quality of Nigerian films. With a caveat: no meddling with poetic licence.

I commend the efforts of those who used their bare hands to break ice and built the pillars of an industry that has arrested the admiration of the world. I salute the boldness of Providus to make funds available to Nollywood at very liberal terms, and I invite this government to stand up and have a good dance with the stars.

Sheik Zeb Ejiro

Just as I was contemplating this material Monday evening, Zeb Ejiro, the acclaimed Sheik of Nollywood, notified me of an invitation to the Nigeria Week London 2024, where he will be honoured with a Life-time Achievement Award. I celebrate with you, Zeb, and would like to see the recognition as a fitting tribute to your brother as well, Chico Ejiro, whose memory will form part of the Nollywood Walk Of Fame when it does come.

Views expressed by contributors are strictly personal and not of TheCable.