Veteran Nollywood actor and filmmaker Jide Kosoko has disclosed that he is in debt after his film, Eleko: Oba Esugbayi, failed to recoup its production cost of more than ₦300 million at the cinemas.
Kosoko made this known in a recent interview with African A-List, explaining that the project was financed by investors who expected to recover their money through cinema earnings.
The actor stressed that the funds were not a personal gift but an investment intended to generate returns after the film’s release.
“My film ‘Eleko: Oba Esugbayi’ that recently came out and we took to the cinemas, cost us over ₦300 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.
Kosoko explained that the film did not generate enough revenue to cover the investment, while the limited proceeds were shared among those involved in the project.
“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,” he added.
The filmmaker clarified that his financial difficulties were not necessarily linked to unpaid wages, noting that those who worked on the production had received their payments.
However, he said the film’s earnings fell short of the returns expected by him and the investors, leaving the project financially unsuccessful.
Kosoko also acknowledged the substantial investments made by cinema operators while discussing the film’s earnings and the distribution of revenue.
“I won’t deceive anyone, but truly, those who own the cinemas have huge investments,” he said.
His comments follow similar concerns raised by actor and filmmaker Ramsey Nouah, who has questioned the financial benefits of releasing films in cinemas.
Nouah reportedly observed that only a small proportion of films released in cinemas recover their production costs and generate profits. He added that filmmakers could still record losses despite spending heavily on advertising and promotion.
The comments have renewed attention on the financial risks associated with cinema releases in Nollywood, particularly the challenge of recovering large production budgets from box-office earnings.
