“IF YOU HEAR SOMEONE WITH DEBT DANCING AROUND THEIR NECK, IT IS ME” — KOSOKO

Veteran Nollywood actor and filmmaker Jide Kosoko has revealed that he is in debt after his film, Eleko: Oba Esugbayi, failed to recoup its production cost of more than N300 million at the cinemas.

The disclosure was made in an interview with African A-List, a clip of which has gone viral on social media.

THE REVELATION

Kosoko explained that the film was financed by investors who expected returns, not money given to him as a gift.

“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.

He added that the movie did not generate enough revenue to recover the investment.

“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 said.

THE CINEMA ECONOMICS

Kosoko acknowledged the substantial investments made by cinema operators when asked about the film’s cinema earnings and their distribution.

“I won’t deceive anyone, but truly, those who own the cinemas have huge investments,” he said.

His comments echo concerns raised by actor and filmmaker Ramsey Nouah, who has said that releasing a film in cinemas does not always make financial sense.

Nouah said only a small fraction of cinema releases recover their production costs and turn a profit, adding that producers can still fail to recoup their investment after spending heavily on advertising and promotion .

WHY IT MATTERS

Kosoko’s admission is a rare moment of candour in an industry where box office success is often celebrated publicly and failures are hidden.

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It also highlights the harsh economics of Nollywood’s cinema market, where production costs are high, competition is fierce, and the share of revenue that goes to filmmakers is often insufficient to recoup their investment.For Kosoko, the debt is personal. For the industry, it is a warning.

ValidViewNetwork reports that Kosoko has not announced his next project. The debt remains.