TheCable

The Bank of Industry (BoI) has dissociated itself from claims that it is managing the $200m Nollywood support funds instituted under the Goodluck Jonathan administration.

In a statement on Monday, the bank categorically stated that it had been funding Nollywood from its own resources and has nothing to do with the $200m.

“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,” the bank said in a statement.

“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.”

The bank added that it has a billion naira fund for the promotion of the industry.

“Recently, the Bank launched the NollyFund with a Fund size of N1 billion to support movie production and distribution.”

Jonathan announced the revolving scheme for Nollywood in 2010, with the aim of improving the industry and combating piracy in the country.

Veteran actor, Larry Williams had called for a probe into the disbursement of the said funds to ensure that the nation use the money for the development of the art industry.

“There was a cash grant for the development of arts in Nigeria disbursed to the sector by the immediate past president but the practitioners do not know how the grant is being disbursed,” he said.

“We need to know how the funds given to the sector are being disbursed because the growth of Nigeria’s entertainment industry will be enhanced by such money if well utilized.

“Let’s restructure the industry to give a better foundation for the entertainment sector to grow the way it should.”

The $200m is said to be different from another N3 billion promised the industry in March 2013.