FG Commends Heritage Bank Commitment To Entertainment Industry
Federal Government has commended Heritage Bank Limited, Nigeria’s Most
Innovative Banking Service Provider, for its commitment to the development and growth of the creative industry.
L-R:
Tilewa Adebajo, CEO of The CFG Advisory; Jeff Kalligheri, TV/Film Producer;
Dike Dimiri, Ag. Chief Risk Officer, Heritage Bank and Hafeez Giwa, Managing Partner, HC Capital Properties,
at a two-day Creative Nigeria Summit held in Lagos recently with the theme:
Financing the Film, Television and Music Industries; which was co-sponsored by the Bank.
He said the Federal Government has held discussions with about 20 foreign/local investors who were expected to invest a minimum of $50,000 each to raise the $1 million, adding that five investors have already indicated interest to invest $50, 000 each and expressed the hope that more were also expected to show their firm commitment in due course.
The minister said the $1 million venture capital would provide seed money for young and talented Nigerians to set up businesses in the creative industry.
The
Minister of Information and Culture, Alhaji Lai Mohammed gave the
commendation at a two-day Creative Nigeria Summit held in Lagos recently
with the theme:
Financing the Film, Television and Music Industries; which was co-sponsored by the Bank.
He
remarked that the conference which was jointly organized by the Federal
Ministry of Information and Culture and the Think Tank Media and
Advertising was to take the industry into a golden
era with smooth access to short and long term financing, world class
management and local and international distribution.
In
a plenary session on Alternative Sources of Financing for the Creative
industry, Mr. Dike Dimiri, Acting, Chief Risk Officer of Heritage Bank,
articulated some issues that have continue
to plague the entertainment industry over the years.
L-R: Fela Ibidapo, Group
Head, Corporate Communications, Heritage Bank Plc; Minister of Information and Culture, Alhaji Lai Mohammed; a Poet, Titilope Sonuga and
Ag. Chief Risk Officer, Heritage Bank, Dike Dimiri,
at a two-day Creative Nigeria Summit held in Lagos recently with the theme: Financing the Film, Television and Music Industries; which was co-sponsored by the Bank.
According
to him, the industry is being hindered by lack of infrastructure such
as studios, equipment and talented manpower, adding that at a time when
some international universities are
offering cinematography as a course in mass communication, Nigeria’s
educational system is still skewed towards the print industry which is
dying rather than electronic industry that is widening, so there is
deficiency that needs to be corrected.
Other issues he cited as hindrances to
the creative industry are legal framework around which the industry runs
its business, especially how intellectual property is protected as well
as
the right type of finance for the industry.
The Chief Risk Officer also touched on
the need to have value chain in the industry, instead of one person
being involved in every stage of the business as well as the need for
operators
to package their works into libraries and use them as collaterals to
access money from banks.
Dimiri said Heritage Bank was committed
to the development and growth of the entertainment industry because one
of the easiest ways to solve the unemployment issue in the country is to
get
as many people as possible involved in the entertainment industry,
because manufacturing, banking and other sectors cannot do it alone
He said the music industry has done so
much for Nigeria in terms of employment and foreign exchange earnings
and if more resources could be put into it and also de-risk it, the
country would
be better for it.
Dimiri said Heritage Bank was therefore
concerned on how to find a framework through which it could get funding
to the players in the industry.
The two-day summit attracted who is who
in the industry and the Minister of Information and Culture, Alhaji Lai
Mohammed announced the establishment of a $1 million venture capital to
boost
the industry.
He said the Federal Government has held discussions with about 20 foreign/local investors who were expected to invest a minimum of $50,000 each to raise the $1 million, adding that five investors have already indicated interest to invest $50, 000 each and expressed the hope that more were also expected to show their firm commitment in due course.
The minister said the $1 million venture capital would provide seed money for young and talented Nigerians to set up businesses in the creative industry.
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