BY ESE DIBEBI
The Bank of Industry (BoI) has, in the wake of reports stating that veteran Nollywood actor, Larry Williams has urged President Muhammadu Buhari to probe the $200 million entertainment industry fund, released a statement denying being in the custody of such funds.
BoI stated that it has been funding Nollywood from its own coffers and has nothing to do with the said funds. The bank said, “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.”
It went on, “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.”
However, there is a possibility that the $200 million is being mistaken for the N3 billion fund in custody of the Ministry of Finance, which was issued as grant for the film industry under the Project ACT Nollywood.