Jide Kosoko says he is in debt after his film ‘Eleko: Oba Esugbayi’ failed to recoup its production cost of over N300 million at the cinemas.
In a recent interview on African A-List, the ace Nigerian
actor said the money used to produce the film came from investors who expected
returns on their investment.
The filmmaker disclosed that the movie did not generate
enough revenue to recover its production cost, and the little earned was shared
among those involved.
“My film ‘Eleko: Oba Esugbayi’ that recently came out and we
took to the cinemas, cost us over N300 million. Do I have 300 million? You
should know that some people gave it to me and it was not that they dashed me,
they invested in it and we took the film to the cinemas,” he said.
“Different things happened and we did not earn our money
back. The little that was earned was split. As I am, if you hear someone with
debt dancing around their neck, it is me.”
Kosoko’s revelation comes weeks after actor Ramsey Nouah
said taking a film to the cinema is not always a sound financial decision.
Nouah said only a tiny fraction of films released in cinemas
ever recoup their production costs and turn a profit.
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