2010 $200m Jonathan Alleged Fund To Nollywood Missing As BOI Denies Ever Receiving It

jona shockedFrom 2011: “Lagos — The last has not been heard of the controversial $200million stimulation package given by President Goodluck Jonathan to the entertainment industry, during the recently held 30th Anniversary of Silverbird Entertainment in Lagos. When Dr. Jonathan was making the pronouncement, it did not occur to him that his kind gesture towards the industry might soon become the source of fresh crisis in the already troubled Nigerian movie industry. Read more…

In 2013 Ngozi Iweala had said “She added that the new N3billion grants will not override the earlier  $200 million fund presently being disbursed by both Nigeria Export-Import Bank, NEXIM and Bank of Industry, BoI.” – See more

But now the BOI has denied ever receiving the $200million so where is it?

The Bank of Industry (BoI) has denied receiving $200 million Entertainment/Nollywood Fund from the former administration of President Goodluck Jonathan, for the development of Nigeria’s entertainment industry.

The bank described as untrue a news report calling for the probe of the bank on the premise that the former president had released the money to it, clarifying that the bank never received such money.

“The attention of the bank has been drawn to a news report titled “Probe Jonathan’s $200 million Nollywood Fund, Lari Williams tells Buhari” wherein Mr. Lari alluded to the domiciliation of $200 million with the Bank of Industry Limited for eventual disbursement to artists who are able to come up with viable business plans.

“BOI would like to state for the records that it is not managing any $200 million Entertainment/Nollywood Fund and at no time did the bank receive any such fund from the government for the Entertainment/Nollywood sector.

“This publication became necessary as some practitioners in the creative industry believe that BOI is in receipt of $200 million Entertainment/Nollywood Fund.

“Due to the commercial potentials of the entertainment industry in Nigeria, the bank has been making investments in the industry from its own resources since 2011. It has provided financial and advisory support to the following sub-sectors of the industry: movie production, cinemas, amusement/theme parks production studios, etc. Recently, the Bank launched the NollyFund with a fund size of N1.0 billion to support movie production and distribution.

“Based on the foregoing, we hereby state unequivocally that the Bank of Industry Limited is not in custody of $200 million meant for the Entertainment/Nollywood sector,” said the statement. Source