Olaoluwa Denies $200m Entertainment Fund

Contrary to the report
credited to President Goodluck Jonathan that Federal Government  had set aside the sum of $200 million as intervention fund to help the entertainment industry, the new Managing director of the Bank of Industry (BOI) Rasheed Olaoluwa has disclosed  that no such fund is with the bank.
Speaking recently at the Ministry of Trade and Investment Media Workshop, Olaoluwa disclosed that he was not aware of any fund of such with the bank.
He said, ‘I want to state publicly that there is no such fund earmarked for  Nollywood or entertainment industry” adding that he is aware, however of the N3 billion with the finance ministry.
It will be recalled  that President Goodluck Jonathan was reported to have publicly disclosed at the Silverbird Group 30th anniversary held at Eko Hotels and  Suites that the sum of $200 million has been  set aside  by the Federal Ministry of Finance for direct  investment into the Nigerian Entertainment industry. While the news brought relief to practitioners in the industry, the reality as at now may be that such statement was mere political statement. Corroborating the statement however, in November 2010, the former managing director of Bank of Industry,  Mrs Evelyn Oputu revealed that plans  to  support the Nigerian  Entertainment  industry popularly known as Nollywood had been  concluded by the Federal Government   through the  Bank of Industry BOI and the African Development  Bank (ADP) on a N75 billion Funding facility.
She said the  potential of the essential sector of the economy has now led to the arrangement of N15 billion fund that would be targeted at different  point in the value chain of the entire entertainment industry from artiste development to video  production and editing  and then marketing and distribution. The  managing Director said this during an annual General symposium organised  by the Lagos Chamber of Commerce and Industry (LCCI) adding that the fund was at the  verge of disbursement.