ANGEL INVESTORS BEHIND THE NIGERIAN ENTERTAINMENT INDUSTRY

Much  has been publicized about the Nigerian Entertainment Industry but very little about the money behind this critical Industry. Following the stark reality of the need to urgently diversify the Nigerian economy away from Oil & Gas Industry and to create jobs in astronomic numbers, which would positively impart the economy holistically. Many other sub industries under these would benefit and help as a buffer in this times of economic hardship premeditated by low oil prices and mismanagement of the economy over the decades. The previous government pledged a fund of $200 million dollars which the Bank of Industry (BOI) has serially denied receiving.

The opportunities created by the entertainment sector are good news for the government, as it somewhat reduces the difficulty of catering for Nigeria's large youth population, with more than 100 million people aged below 45.
The industry is creating perceptive entrepreneurs, cultural ambassadors, and global brands, whose exploits have internationalized Nigeria's entertainment sector.

In the maiden edition of this series, we unveiled some of the Billionaires supporting this Industry and we had Otunba Adenuga leading the pack with an investment of N4 billion.Today we move on to Jason Njoku, Adewunmi Ogunsanya and Chief Ade -Ojo.

Jason Njoku- Iroko TV

Iroko TV was founded by Jason Njoku.He started to purchase the online licenses of Nollywood movies having studied the Industry from afar with the financial help of his friend Bastion Gotter. "The West have Lulu and Netflix, we have nothing" he said.He worked from a two bedroom apartment in and struck a deal with youtubein Germany to be the official Channel partner for Nollywood company. In 2010, Jason and his friend Gotter Launched NollywoodLove, a You tube channel which became an instant success.He was noticed by Venture Capital Fund Tiger Global who were early investors in Facebook. An initial investment of $3 Million was made by Tiger ,and subsequently Jason and his partner were able to raise $22 million from other Venture Capital funds. The site drew in a large viewership from 178 countries with a catalogue of 5,000 movies.They have offices in Lagos, Newyork and London continually improving on the Company's technology resource.

Adewunmi Ogunsanya - Multichoice Nigeria

With Multichoice's investment of over N15 billion into the Nigerian entertainment Industry in the last 7 years, Ogunsanya can be said to be one of the biggest investors in this market with investment in SD and HD studios for SuperSport and M-Net worth over $6.3 million (+N1 billion) and mobile technology investment  over $30 million (N4.8 million).
Having commenced operation in Nigeria in 1993, MultiChoice Nigeria was born out of Details Nigeria Limited. The joint venture between Adewunmi Ogunsanya and MultiChoice Africa first provided a terrestrial service and the company began operations via a single analogue bouquet of six channels 20 years ago.Beside building carriage of five  TV stations and three Radio stations at no cost to operators, MultiChoice also facilitates technical training for staff of the National Broadcaster, investment in uplink station in Lagos to help the broadcasting industry build local capacity to repair analogue and digital decoders, annual media workshop to raise journalists’ skill in reporting. It has invested over $56 million (N9 billion) in sports, production, broadcasting and Training in the country and has also sponsored the DStv Basketball League with $1 million for four years. Adewunmi Ogunsanya owns 60% of Multichoice Nigeria as Chairman and he is a major entertainment media financer and investor.he has hands in many TV properties across the continent.

Chief Ade-Ojo

A major financier of October 1, by Award winning producer Kunle Afolayan and had his daughter Deola Sagoe playing a major role in it. Chief Ade- Ojo invested several millions on this movie.He is said to be investing in other movie productions which will revolutionalize the Cinema experience soon.

TO BE CONTINUED

he is also a major entertainment media financier and investor, with hands in many TV properties across the continent....

Read More at thenet.ng/2014/09/net-exclusive-billionaires-who-pump-millions-into-entertainment/ Follow us: @theNETng on Twitter | theNETng on Facebook

he is also a major entertainment media financier and investor, with hands in many TV properties across the continent....

Read More at thenet.ng/2014/09/net-exclusive-billionaires-who-pump-millions-into-entertainment/ Follow us: @theNETng on Twitter | theNETng on Facebook

60% shares- he is also a major entertainment media financier and investor, with hands in many TV properties across the continent....

Read More at thenet.ng/2014/09/net-exclusive-billionaires-who-pump-millions-into-entertainment/ Follow us: @theNETng on Twitter | theNETng on Facebook