By Modupe Gbadeyanka
One of the financial institutions in Nigeria, Stanbic IBTC Bank Plc, is already in talks with movie distributors and cinema houses like Filmhouse, Genesis and Silverbird Galleria, amongst others, for the provision of funding structure for the construction of more cinemas across the country. This is part of the company’s commitment to the growth of the Nigerian entertainment industry.
Speaking at The Entertainment Fair and Festival Conference (TEFFEST) in Lagos recently, Mr Damian Umeasala, the Enterprise Finance Officer, Enterprise Banking, Stanbic IBTC Bank Plc, a subsidiary of Stanbic IBTC Holdings Plc, stated that the lender partnered with TEFFEST to understand the dynamics of the industry so as to grow its investment in the sector.
“Our support for the creative sector is also in line with a mandate that we have from the Central Bank of Nigeria (CBN) under a special intervention fund called The Creative Industry Financing Initiative (CIFI) in which the regulatory body has mandated all banks to set aside 5 percent of their profit after tax for the purpose of lending to players and professionals in this creative sector at 9 percent interest rate,” Mr Umeasala said at the maiden edition of the programme themed Entertainment is Life: Welcome to the Future.
CIFI is a loan scheme developed in collaboration with the CBN, to provide access to long-term and low-interest financing for entrepreneurs in the creative industry.
Speaking further, Mr Umeasala noted that the bank was prepared to support players in the creative sector with loan facilities either as individuals or as a group; adding that the gesture extends to media content creators for Cable TV Stations.
The convener of TEFFEST, Mrs Omotola Jalade-Ekeinde, said the event was borne out of the need to proffer solutions to the myriad challenges bedeviling the entertainment industry in Nigeria.
While expressing her appreciation to the management of Stanbic IBTC Bank Plc, the veteran thespian mentioned that TEFFEST was partnering with the bank to support the industry and help build the structure needed for growth.
TEFFEST is the first entertainment business festival in Nigeria that promotes and showcases world-class innovations around the entertainment business to Africa. It is a platform that provides structure, improves ease of business and showcase how all other industries can service, improve, relate to, and work with the entertainment industry.
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