To Bridge Funding Gap in Movie Industry, Utica Capital Launches N20bn Film Fund

Utica Capital Limited has launched a N20 billion closed-ended venture capital fund to accelerate investment and deepen the growth of Nigeria film industry.

According to the company, the venture capital registered and approved by the Securities and Exchange Commission (SEC) of Nigeria aims to reduce the N200 billion funding gap in Nigeria’s movie industry.

Chairman, Utica Capital, Adesegun Akin-Olugbade, while speaking at the launch of the initial N5 billion tranche of Series 1 of the Utica Film Fund said the fund was released to boost the competitiveness of the country’s film industry at the global level.

“Nollywood is more than entertainment. It is a cultural powerhouse, a billion-dollar industry, and one of Nigeria’s greatest exports to the world. Every day, over 35 million people consume Nollywood content. Our films travel across borders, shape perceptions of Africa, and provide livelihoods for millions. Yet, for too long, this industry has been underfunded, relying on personal savings, informal loans, and small-scale investors,” Akin-Olugbade said.

He added, “We are not just launching another investment product; we are making history. For the very first time in Nigeria, and indeed in Africa, the Securities and Exchange Commission has approved a specialised Venture Capital Fund dedicated to the film industry. The Utica Film Fund is, therefore, a pioneer, blazing the trail where finance and creativity intersect.

“With a structured, SEC-approved, professionally managed vehicle, we are creating a channel for institutional and high-net-worth investors to participate in the growth of Nollywood and to earn competitive, risk-adjusted returns while doing so. This is not charity; this is smart investing, backed by rigorous due diligence, strong governance, and a diversified portfolio strategy.”

In his address, Managing Director of Utica Capital, Ola Belgore said: “Nollywood is not just an industry. It is a vital force, the second-largest film industry in the world, producing more than 2,500 films each year, reaching over 35 million viewers daily, and generating over N14.5 billion in export earnings in the first half of 2024 alone.

“Yet, for all its scale and influence, Nollywood remains deeply underfunded. More than 95 per cent of its financing still comes from personal savings and informal loans. Institutional capital is almost absent, despite clear and consistent proof of strong returns. That is the gap we are here to close.”

He said the 10-year investment was structured to invest in high-growth opportunities across the entire film value chain including production, distribution, streaming, infrastructure, and licensing.

According to Belgore, possible return on investment through the fund stands at a net internal rate of return of 58.2 per cent over the life of the fund, with an average gross IRR of 89.4 per cent.

He said, “U-Film offers attractive returns. The projected multiple returns on invested capital stand at approximately 4.5 times over the life of the fund. Importantly, Utica Capital will invest alongside our partners, ensuring our interests remain fully aligned with yours.”