The already vibrant Nigerian film industry has been given a further boost with the launch of a new production company and a new $3 million film fund.
Labari Africa Productions was launched by director Femi D. Ogunsanwo and financial sector executives Tunde Leye and Adedayo Amzat, who previously collaborated on Nollywood Romance Comedy Looking for a Husband and its sequel Looking for a Husband 2 , both directed by Ogunsanwo.
Banner’s $3 million fund for a portfolio of Nollywood films, while also supporting local filmmakers to develop and produce new films, providing mentoring and on-site training opportunities for emerging talent, and supporting distribution and marketing effort. Labari Africa claims it is the first in a series of funding rounds to be raised over the next few years.
“We are delighted to launch this new film fund and support a new wave of Nollywood filmmakers who tell important stories and help position Africa favorably,” said Labari Africa Management Leye, Partner said. “This $3 million fund will help provide filmmakers with the resources and support they need to bring their stories to life and showcase to the world the incredible talent and creativity of the Nigerian film industry. ”
The fund’s first investment was the recently released heist thriller The Lagos Job , produced and directed by Ogunsanwo . The film follows a young woman to avenge her father’s death at the behest of a powerful and well-connected rival, starring Joselyn Dumas, Baaj Adebule, Antar Laniyan, Omowunmi Dada, Ade Laoye, Bimbo Manuel, Frank Donga and Daniel K Daniel, with British filmmaker Charles Oleghe, are in charge of cinematography. According to Leye, future investments will lead to the completion of at least one short film and one feature film script.
“Nollywood has been a major contributor to the Nigerian economy since its inception, contributing 2.3% of Nigeria’s GDP (approximately $600 million U.S. dollars ) ,” said Amzat, general partner at Labari. “We believe it is time for the expertise of the financial community to influence the funding of our films and ensure the continued growth and success of Nollywood. The fund will be open to established and emerging filmmakers and will focus on supporting Culture and Talent Project.”
