Africa-Press – Gambia. Utica Capital Limited has unveiled a landmark N20 billion venture capital fund designed to bridge the major financing gap within Nigeria’s Nollywood industry. Announced at a press conference in Lagos on Thursday, the initiative represents a pivotal advancement in the industry’s growth.
Structured as a closed-ended venture capital fund with a ten-year investment horizon, the initiative aims to capture high-growth opportunities across the full film value chain spanning production, distribution, streaming, infrastructure, and licensing. An initial N5 billion tranche has already been released, marking the first step in a wider plan to reshape the industry.
Dr. Adesegun Akin-Olugbade, Chairman of Utica Capital Limited’s Board of Directors, highlighted the landmark nature of the launch, noting, “For the first time in Nigeria, and indeed in Africa, the Securities and Exchange Commission has approved a specialized Venture Capital Fund dedicated to the film industry. The Utica Film Fund stands as a pioneer, charting new ground at the intersection of finance and creativity.”
Akin-Olugbade underscored Nollywood’s vast global impact, describing it as far more than a source of entertainment. “Nollywood is a cultural force, a multibillion-dollar industry, and one of Nigeria’s most powerful exports. Every day, more than 35 million people engage with Nollywood content. Our films transcend borders, influence global views of Africa, and sustain millions of livelihoods. Yet, this industry has long suffered from inadequate funding, depending largely on personal savings, informal lending, and small-scale investors.”
He emphasized that the Utica Film Fund seeks to formalize investment within the industry through a structured, SEC-approved, and professionally managed platform. “This is not philanthropy; it’s intelligent investing driven by thorough due diligence, sound governance, and a diversified portfolio approach,” he stated.
Mr. Ola Belgore, Managing Director of Utica Capital Limited, underscored the severe funding shortfall the U-Film initiative aims to resolve. “Despite its vast scale and impact, Nollywood continues to suffer from chronic underfunding. Over 95 percent of its financing relies on personal savings and informal borrowing. Institutional investment is nearly nonexistent, even though the sector has consistently demonstrated strong returns. That’s the gap we intend to bridge,” he said.
Belgore detailed the fund’s investment strategy, emphasizing that it is built on three core pillars of diversification:
Diversified Portfolio: U-Film plans to invest in approximately 40 strategically chosen projects, covering feature films, distribution channels, digital platforms, merchandising, and creative infrastructure. The geographic allocation will target 70 per cent in Nigeria, 20 per cent across Africa, and 10 per cent globally.
Strong Governance: The fund is backed by independent custodians, trustees, valuers, and auditors, with oversight from a seasoned Investment Committee. Complementing this is an Advisory Committee featuring renowned Nollywood personalities such as Richard Mofe-Damijo, Omoni Oboli, Femi Adebayo, Kachi Offiah, and Sani Muazu. This blend of financial acumen and industry insight guarantees balanced and informed decision-making.
Attractive Returns: U-Film aims for an internal rate of return of 58.2 per cent over the fund’s lifespan, with a projected multiple of roughly 4.5 times on invested capital. Notably, Utica Capital will co-invest with its partners, ensuring complete alignment of interests.
The fund sets a minimum investment of N10 million for high-net-worth individuals and N100 million for institutional investors, with subscription options available in either Naira or U.S. dollars.
Belgore encouraged prospective investors to see the fund as a dual opportunity for financial returns and strategic influence: “For institutional partners, pension funds, insurance companies, asset managers, and corporate investors, this presents a chance to engage with a high-growth alternative asset class that offers structure, impact, and strong returns.”
At the launch, John Briggs, Head of the Lagos Zonal Office of the Securities and Exchange Commission, commended the fund’s innovation while cautioning about possible conflicts of interest. He urged the fund managers to monitor these matters closely.
Other attendees at the event included Custodian-FirstBank, legal advisors ALP NG & Co, Registrars-Cardinalstone Registrars, Trustees-Cardinalstone, STL Trustees, and several additional stakeholders.
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