Bank of Industry (BOI) Introduces Nollyfund - A special product program for film makers/producers | Welcome to Linda Ikeji's Blog

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Friday, 24 April 2015

Bank of Industry (BOI) Introduces Nollyfund - A special product program for film makers/producers

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

34 comments:

Ngene Olivia said...

Ok, that's cool

Benita Benish said...

Alright

@lwkmd_naija - follow on instagram/twitter said...

Nice innovation. Lindaobserve

Bimposhvilla oluwaseun said...

Great idea..

salifu ebiojo said...

Cool

christie benjamin said...

Good one.

NaijaDeltaBabe said...

Okay

Alloy Chikezie said...

Nice

Champions League draw: Barcelona versus Bayern Munich, Real Madrid against Juventus

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@lwkmd_naija - follow on instagram/twitter said...

Bigger nolly

Anonymous said...

COOOL...TOMJERRYSWIT

TAMARA SPLASH said...

Good one

Prince Abdul said...

thats cool

gyasi said...

Thank you for this plateform ooo.
I'm working on a script I hope when I send it to one of this directors/producers they won't steal my story and tell me the script is not good enough. This scares me to the heavens.

Rubylicious said...

I hope the monies are spent judiciously.


#BabatundeRajiFasholaForFCTMinister


Oluchi Lambert said...

Very cool

david uzochukwu said...

Good one, i pray they make educative and hypertech movies oh. Linda i sight you.

Subomi said...

Fantastic! this is what I thought money pledged by GEJ was for

Anonymous said...

In our Service opinion, this is commendable based on the assumption that the interest rate will be welcoming and Pirate Kings who own massive distribution network are identified and made part of the distribution stakeholders.
With this you are sure of BOI getting her money, Producer breaking even and making profit and Pirates have no course of pirating because of an assured stake in distributorship.
ServicePOLICE

ed DREAMZ said...

a.k.a EDWIN CHINEDU AZUBUKO said...
.
Thats nice... Wishing them all the best...
.
.
***CURRENTLY IN JUPITER***

ROYAL PRIESTHOOD said...

Wow! Dis is so wonderful, and it wil surely go a long way for them to get fund. Thumbs up for dis.

Oskirin said...

dem go soon privatise una.our govt no get sense @ all.na 2dey privatise dem sabi.all d govt agencies wey dem privatise,wht is dere result? all d staff of boi make una dey save 4 rainin days oooo.

Juliet Iwuno said...

Good move, now we won't be hearing dat dey were soliciting for funds to produce a good movie. Linda take note!

Juliet Iwuno said...

Good move, now we won't be hearing dat dey were soliciting for funds to produce a good movie. Linda take note!

Anonymous said...

This guy dey UBA before?

Alexander Precious said...

Nice

Amaka Ngenegbo said...

Very good.



#TeamBlessed#

fillipos said...

Hmmm

Anonymous said...

BOI you got it wrong with your new direction you have indirectly certified a new Cartel to dictate and blackmail Film producers,scripts and ideas will be stolen,I'm a Film Producer,trust me with your bank new direction I will not knock on your door.
End of the day Producer who needs 50million would have been blackmailed, paid out bribe close to 15million from 50million,left with 35Million cash for a 50m project,they will start cutting corners and they will fail,you will turn round and caller us Failures.
You do not need any post or production,script expert to determine film projects.What Boi need is for FIlm Producers to secure and get approval from Distributors ready to work with a specific Producer and their collateral and guarantees in place as advice by your Bank,please let it start and end there ,the bottle neck you want to created will hurt this whole business prospect ,even before it starts. Please make it simple -good film project,discuss with a distributor who will partner and guarantee as advice by Boi,it's the job of the distributor to agree on time frame to complete project and insist project involve professional,- Sia.

Anonymous said...

Good idea but not so good,it's like a cool bottle of coca cola with bitter .Boi get raide of all the Hawkers you have asemble .
No bank in any part of the world does what you want to try to a film project,and make it every body's business,if you go ahead wahala go dey plenti,they will sue your Bank and consultants tired.
You want to open a can of corruption ,go ahead and make few criminal PLC.

Anonymous said...

I have read with disgust some disparaging comments against BOI's initiative. Their idea of a panel of experts is a fantastic one. Those criticising the idea are doing so because they fear that the budgets for films would not be overblown.

I guess the scheme is not compulsory. There would always be alternatives and Producers have the right to go to BOI with their collateral and access facilities for films without been subjected to the special scheme "rigors".

This scheme would give serious minded producers without the cash required to have the opportunity to see their dreams come to fruition.

Let me ask the haters: What have you done as a producer to help up and coming producers secure facilities.

Many young talented lads out there are looking for cash to shot a movie they have prepared the script over 5 years ago.

The norm in advanced countries where banks finance films is for film experts to be engaged as consultants to help in the artistic element of films which a finance person can miss in normal appraisal of projects.

People should learn to appreciate. abeg.

Anonymous said...

@7.13pm We are not saying the Loan is a bad idea, is the process,,why do u need critics to review? An u going process,why do you want me to get approval from a post or production house who will blackmail me to do business with their side kick ?
Let the Distributors and Producers determine whom they will do business with ,you can not arm twist a producer to do creative business post or production with a company they do not want .
The Distributors and Producers should be given free hands to choose who they will flow with and deliver a professional production acceptable to Distributor and BOI.
The post ,production,critics,reviewers,script writers etc,got nothing to loose if they screw up your chance or Film production
BOI,since the Distributors are the end user,they know what they want they can smell a good project miles away,the rest are distractions and time wasters.,remember the Producer will be securing his Loan ,Distributors sticking their necks out with guarantee down payments,the Guy with a 5 years script have a clear vision of what he wants for his Film,give he room to interprete with his creative team acceptable to Distributor and Boi,not them at the mercy of post or production,script etc. - Sia.

Anonymous said...

@7.13
In advance countries the Producers work with an Investor for TV like Netflix,HBO,for Films like Disney etc.,they do not force writers post or productions company down the throat of the producer or Director.
They may suggest acceptable to Producer or Director or both.
Another Area Investors insist on they wants to bank their Investment On A List bankable names,not what BOi is driving with script ,post etc.
They only approve cuts ,VFX. and Film final feel must be acceptable to the Investor.(in Ngeria Distributor and Producer).
In reality BOI is the Investor ,but they are shifting that to the Distributor and Producer.
Even in Nigeria Jason of Iroking do not force writers,post or production companies down to Directors and Producers.Please get your facts right. - Sia

Anonymous said...

RO aka Rasheed . Wicked man , was an executive director in UBA before he was moved to HEIRS Holdings to carry files for Tony Elemelu . He is so wicked and unforgiving that he will go out of his way to sack an entry level staff he is prejudiced against . Hisssssss

Anonymous said...

The conditions does not apply if the Producer provides acceptable security. Also the production/post facilities are state of the arts up to date BOI funded, in other words BOI 's studios.
The Fund is NON-SECURED thus BOI needs to protect itself while supporting producers. I don't see the reason for complaints unless someone wants to divert funds. serious and passionate Producers understand this.
Any producer not happy with the NollyFund Conditions should simply provide acceptable security, be free and stop moaning.
Kk

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