By: Odeh Favour
Veteran Nollywood actor and filmmaker, Prince Jide Kosoko, has revealed that he is currently burdened with massive debt following the financial failure of his latest film project in cinemas.
Speaking during a recent interview on African A-List, the ace actor disclosed that his film, titled ‘Eleko: Oba Esugbayi’, incurred a production cost exceeding N300 million. He explained that the capital was secured from investors who naturally expected returns on their investments.
According to the filmmaker, the project failed to recoup its original budget at the box office, leaving him in a tight financial spot as the little earnings generated had to be shared among stakeholders.
Addressing the situation during the interview, Kosoko said: “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?”
He further clarified the nature of the funds, stating: “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.”
Expressing the weight of the financial burden, he added:
“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 echoes recent concerns raised across the Nigerian film industry regarding cinema profitability. His disclosure comes just weeks after fellow veteran actor Ramsey Nouah publicly noted that taking a movie to the cinema is not always a sound financial decision, observing that only a tiny fraction of films released in cinemas ever manage to recoup their production costs and turn a profit.
