BMA understands that a new production company will be launching in Nollywood – Nigeria- with a boost of US$3 million film fund.
Media reporting indicates that Mr Femi Ogunsanwo has launched Labari Africa Productions alongside financial sector execs Tunde Leye and Adedayo Amat.
The three have previously partnered on Nollywood romantic comedy Finding Hubby and its sequel Finding Hubby 2, both directed by Ogunsanwo.
According to them, the partners’ US$3 million fund will be directed at a slate of Nollywood features while supporting local filmmakers to develop and produce new films, providing mentorship and on-set training opportunity for emerging talent, and supporting distribution and marketing efforts.
Labari Africa claims it’s the first in a series of funds to be raised in the coming years.
Tunde Leye, the managing partner of Labari Africa, said, “We are excited to launch this new film fund and support a new wave of Nollywood filmmakers who tell the important stories that help position Africa favourably. This US$3 million fund will help provide the resources, and support filmmakers need to bring their stories to life and showcase the incredible talent and creativity of the Nigerian film industry to the world.”
The first investment from the fund is the heist-thriller The Lagos Job, produced and directed by Ogunsanwo. The film traces a young woman’s quest to avenge her father’s death on the orders of a powerful and connected rival. The film feature Joselyn Dumas, Baaj Adebule, Antar Laniyan, Omowunmi Dada, Ade Laoye, Bimbo Manuel, Frank Donga, and Daniel K Daniel, with U.K.-based filmmaker Charles Oleghe having led cinematography.
Leye notes that future investments will see the completion of at least one short film and a feature-length film script.
Also commenting, Adedayo Amzat, Labari’s general partner, said, “From its humble beginnings, Nollywood has become a major contributor to the Nigerian economy, contributing 2.3 per cent (about US$600 million) to Nigeria’s GDP in 2021. We believe the time is right to bring expertise from the world of finance to bear on how our films are funded and ensure Nollywood’s continued growth and success. The fund will be open to established and emerging filmmakers, focusing on supporting projects that showcase Nigeria’s diverse culture and talent.”