Entertainment
Olaoluwa Denies $200m Entertainment Fund
Contrary to the report
credited to President Goodluck Jonathan that Federal Government had set aside the sum of $200 million as intervention fund to help the entertainment industry, the new Managing director of the Bank of Industry (BOI) Rasheed Olaoluwa has disclosed that no such fund is with the bank.
Speaking recently at the Ministry of Trade and Investment Media Workshop, Olaoluwa disclosed that he was not aware of any fund of such with the bank.
He said, ‘I want to state publicly that there is no such fund earmarked for Nollywood or entertainment industry” adding that he is aware, however of the N3 billion with the finance ministry.
It will be recalled that President Goodluck Jonathan was reported to have publicly disclosed at the Silverbird Group 30th anniversary held at Eko Hotels and Suites that the sum of $200 million has been set aside by the Federal Ministry of Finance for direct investment into the Nigerian Entertainment industry. While the news brought relief to practitioners in the industry, the reality as at now may be that such statement was mere political statement. Corroborating the statement however, in November 2010, the former managing director of Bank of Industry, Mrs Evelyn Oputu revealed that plans to support the Nigerian Entertainment industry popularly known as Nollywood had been concluded by the Federal Government through the Bank of Industry BOI and the African Development Bank (ADP) on a N75 billion Funding facility.
She said the potential of the essential sector of the economy has now led to the arrangement of N15 billion fund that would be targeted at different point in the value chain of the entire entertainment industry from artiste development to video production and editing and then marketing and distribution. The managing Director said this during an annual General symposium organised by the Lagos Chamber of Commerce and Industry (LCCI) adding that the fund was at the verge of disbursement.
Popular businessman and socialite, Pascal Okechukwu, aka Cubana Chief Priest, has said that his relationship with singer Davido is beyond money and gossip.
He stated this in a recent interview with BBC Igbo.
“Davido is my friend. He is my in-law; he married Chioma who is from Imo State where I hail from.
“So the relationship I have with Davido is beyond money and gossip,” he said.
DAILY POST reports that Chief Priest disclosed via his Instagram page that his outfit for the wedding of the singer, Davido and his wife, Chioma, in Lagos on Tuesday cost seven million Naira.
The socialite recently appreciated Davido for not “discarding” Chioma.
He stated that the DMW boss has made Imo State proud by choosing to marry from the state.
Nigerian singer Simisola Kosoko, popularly known as Simi, has lent her voice to the ongoing anti-tax hike protests in Kenya.
The Tide’s source reports that Kenyan youths are marching against tax hike in widespread demonstrations tagged ‘RejectFinanceBill2024.’
Five people were shot dead and dozens wounded after police clashed with protesters who stormed the parliament building in Nairobi on Tuesday, according to Amnesty Kenya.
Reacting via her X handle on Tuesday night, Simi declared her support for the demonstrators.
She stated that “it is both powerful and heartbreaking for a people to have to fight and die for freedoms and rights.”
The singer wrote, “I stand with the people of Kenya. It is both powerful and heartbreaking for a people to have to fight and die for freedoms and rights. Godspeed and Strength. [Hash tag] RejectFinanceBill2024.”
In a series of other posts, she wrote: “Wow. When you’ve had enough, the fight is almost inevitable.
“African leaders- have not you done enough?
“I can’t wait for the day Africa is not a weapon fashioned against Africans. All of this amazing Black power and human resource, but the majority are not likely to thrive unless they run.”
Famous Nigerian Afrobeat singer, Davido was spotted among other top artistes at Asake’s ‘Lungu Boy’ tour concert in Atlanta, Georgia.
Asake’s performance at his sold-out show at the 17,000-capacity State Farm Arena in Atlanta began on August 16, 2024, and is set to run for 10 days.
In a trending video on social media, Davido appeared backstage with American rapper Quavo to support Asake during the live performance.
Other musicians in attendance included Nigerian hitmaker Zlatan and American rapper Russ Millions.
The Tide’s source reports that Asake’s ‘Lungu Boy’ tour is set to cover six U.S. cities, where he will headline notable venues including Madison Square Garden in New York, the Toyota Center in Houston, and the State Farm Arena in Atlanta.
Asake’s tour comes just days after the release of his latest hit, ‘Lungu Boy,’ which features several superstars, including Wizkid, British rappers Central Cee and Stormzy, Travis Scott and Brazilian singer Ludmilla.
‘Lungu Boy’ set a new record for the biggest opening week on Spotify Nigeria, garnering 18.9 million streams in its opening week and breaking the previous record of 14.4 million streams held by Davido’s ‘Timeless.’