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Access Bank starts fund for Nollywood

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By Ada Anioji

Access Bank, one of Nigeria’s leading deposit money institutions is commencing a new partnership with the Nigerian movie industry, Nollywood.

This, the Bank esplains, is part of it’s continuous bid to improve and provide solutions for markets and the communities where it operates.

Specifically, Access Bank has launched a N1bn ‘AccessNolly’ Fund.

The AccessNolly Fund is primarily targeted at movie producers and distributors for the production and distribution of films of international quality and standard

The fund was launched on April 7, 2016 during a Power breakfast session with the theme ‘Transforming the Entertainment Industry’ which was held at the Bank’s head office on Victoria Island.

The Nigerian Film Industry, popularly referred to as Nollywood, is reputed as being the 3rd largest film industry in the world today with an annual revenue of $200 million and currently employs approximately 1million people making it the 2nd largest employer of labour.
Speaking at the event, Executive Director, Business Banking Division, Titi Osuntoki, said “The N1bn fund is primarily targeted at players within the industry that have the capacity to produce and distribute movies as well as meet other set eligibility criteria. Some of which are number of movies produced, number of years in the industry and annual business turnover.
Based on the key market segments identified in the sector, research has shown that the industry has the potential to contribute up to 1.5% to the national GDP but has been hampered due to an existing funding gap.
The Bank has set aside these funds in order to facilitate the production and distribution of quality Nigerian movies, purchase of new film production equipment and the expansion and enhancement of production centers and film making hubs.
According to Osuntoki, only commercially viable scripts and well thought out storylines will benefit from the scheme.
‘We have identified the potential of this sector of the economy and we have chosen to revolutionize and transform the entertainment industry with a major focus on Nollywood as well as be the lead banking partner to this industry hence the birth of AccessNolly Fund”, she stated.

The event had notable directors, producers, actors and artistes such as Tunde Kelani, Kunle Afolayan, Joke Silva, Hon Desmond Elliot, Gabriel ‘Gabosky’ Okoye, Hilda Dokubo, Jide Kosoko, Adebayo Salami, Zack orji, Stephanie Okereke-Linus, Chioma Ude, Dapo ‘D’banj’ Oyebanjo, Zik Zulu just to mention a few.

Access Bank Plc is a full service commercial Bank operating through a network of 350 branches and service outlets located in major centres across Nigeria, Sub Saharan Africa and the United Kingdom. Listed on the Nigerian Stock Exchange in 1998, the Bank serves its various markets through 5 business segments: Corporate and Investment Banking, Commercial Banking, Business Banking, Personal Banking, Operations and IT Divisions.

The Bank has over 800,000 shareholders including several Nigerian and International Institutional Investors. As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible and socially relevant.

 

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