The Nigerian entertainment industry is estimated to be worth $4 billion as at 2013 and and will grow at $ 8.5 billion in 2018 at a compound annual growth rate (CAGR) of 16.1% over the period.Relative comparision with South Africa shows $17.6 billion with a slower growth rate of 10.%. this clearly shows Nigeria's entertainment and media industry growth rate are the fastest in the world ,according to our research report (Emerging Giant) on the Nigerian entertainment Industry. The industry represents 1.2% of Nigeria's GDP which has been rebased to $510 billion .
The Jonathan government pledged a support of $200 million to Nollywood which the Bank of Industry (BOI) has denied receiving. However , the industry is enjoying investor's patronage from some deep pocketed individuals who also fill the void as angel investors.
1 Otunba Mike Adenuga- This man, like a comet is an awesome force that has hit the Nigerian entertainment industry and helped to change the landscape forever. He is known to follow the industry closely and monitors its progress spending over N4 billion on various deals.He is key to the upgrade in lifestyle some of the top artists and sportsmen today are enjoying. Some of the beneficiaries are King Sunny Ade, D Bang( Banger Lee), Gbenga Adeyinka, Bisade Ologunde aka Lagbaja and many others who are GLO ambassadors.His philanthropy is known to be phenomenal, remember his gift to the Super eagles of N130m after winning the African cup of Nations and N32m to coach Keshi. Others are the payment of Ebenezer Obey's eye surgery abroad which cost tens of millions of naira. Otunba Adenuga is reported by Forbes to be worth about $4 billion, but from my investigations, that figure is only based on his listed company Conoil and the portion of Equitorial Trust Bank collapsed into Sterling Bank Plc. My take is; he is worth a whopping $23 billion, but known to be a recluse and tries to fly below the radar.
2.Aliko Dangote
- The Commodity Magnate is Forbes richest African man with a networth of $18 billion.In 2013, Dangote , Fola Adeola and Bank of Industry bankrolled the Epic movie based on the the Nigerian civil war Half of a Yellow Sun starred by A-rated Hollywood actor Chinwete Ejiofor and based on Chinamanda Adichie's book. The movie cost $8 million and prior to its release was embroiled in some drama with the Nigerian movie censor board over the sensitive content, believed to be capable of fueling tribal hate and opening old wounds which could instigate reprisals.Eventually the issue was resolved and the movie released after being edited. Dangote also rewarded the eagles with a gift of N130 million and has also recorded great philanthropic strides in the economy such as providing relief for victims of Boko Haram onslaught in the North east and many others.
3. Olatunji Olowolafe- A trained Medical Doctor and Billionaire, Verod Capital Group owned by him has made inroads into the Nigerian entertainment industry benefiting celebrities such as Tuface Idibia, Brymo, P-square, D Banj now known as Banger Lee, Dj Jimmy Jatts who have all topped sales charts. Olowolafe's Spinlet, a music download and media distribution company launched in Nigeria and he is said to have splashed over N800 million on this platform which allows customers to buy, listen and share African music.
Others investors whom are well positioned in this industry are Fola Adeola, Adedeji Adeleke (Davido's Father), Chief Kessington Adebutu (Baba Ijebu Lotto), Chief Ade-Ojo (Kunle Afolayan's October 1st), Adewunmi Ogunsanya DSTV Chief who is a major financier,but rarely likes to take credit for his investment and financial support for the entertainment Industry. For comprehensive Industry reports contact seye_2000@yahoo.com
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