Access Bank launches N1bn ‘AccessNolly’ fund

As part of the Bank’s continuous bid to improve and provide solutions for markets and the communities where it operates, Access Bank recently launched a N1bn ‘AccessNolly’ Fund.

The AccessNolly Fund is primarily targeted at movie producers and distributors for the production and distribution of films of international quality and standard.

The fund was launched on April 7, 2016 during a Power breakfast session with the theme ‘Transforming the Entertainment Industry’ which was held at the Bank’s head office on Victoria Island.

The Nigerian Film Industry is the 3rd largest film industry in the world with an annual revenue of $200 million and currently employs approximately 1million people making it the 2nd largest employer of labour.

Speaking at the event, Executive Director, Business Banking Division, Titi Osuntoki, said “The N1bn fund is primarily targeted at players within the industry that have the capacity to produce and distribute movies as well as meet other set eligibility criteria. Some of which are number of movies produced, number of years in the industry and annual business turnover.

Based on the key market segments identified in the sector, research has shown that the industry has the potential to contribute up to 1.5 per cent to the national GDP but has been hampered due to an existing funding gap.

The Bank has set aside these funds in order to facilitate the production and distribution of quality Nigerian movies, purchase of new film production equipment and the expansion and enhancement of production centers and film making hubs.

According to Osuntoki, only commercially viable scripts and well thought out storylines will benefit from the scheme.

‘We have identified the potential of this sector of the economy and we have chosen to revolutionize and transform the entertainment industry with a major focus on Nollywood as well as be the lead banking partner to this industry hence the birth of AccessNolly Fund”, she stated.

The event had notable directors, producers, actors and artistes such as Tunde Kelani, Kunle Afolayan, Joke Silva, Hon Desmond Elliot, Gabriel ‘Gabosky’ Okoye, Hilda Dokubo, Jide Kosoko, Adebayo Salami, Zack orji, Stephanie Okereke-Linus, Chioma Ude, Dapo ‘D’banj’ Oyebanjo, Zik Zulu just to mention a few.