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President Jonathan lied? No fund for entertainment in BOI Olaooluwa

Mr-Rasheed-OlaoluwaCould it be that President Goodluck Jonathan lied or simply misspoke when he declared that the federal government had set aside the sum of $200million as intervention fund to help the thriving entertainment industry. The president publicly disclosed this at the Silverbird group 30th anniversary held at Eko Hotel & Suites, saying a sum of $200 million has been set aside by the federal ministry of finance for direct investment into the Nigerian entertainment industry.
While the news brought relief to practitioners in the industry, the reality as at now may be that such statement was mere political statement.
Collaborating the statement however, In November 2010, the former managing director of Bank of Industry, Mrs Evelyn Oputu revealed that plans to support the Nigerian Entertainment industry, popularly called Nollywood had been concluded by the Federal Government, through the Bank of Industry (BOI) and the Africa Development Bank (AfDB), on a N75 billion funding facility.
She said the potential of the essential sector of the economy has now led to the arrangement of the N75 billion fund that would be targeted at the different point in the value chain of the entire entertainment industry, from artiste development to video production and editing and then marketing and distribution.
The Managing Director, said this during an annual general symposium organised by the Lagos Chamber of Commerce and Industry (LCCI), adding that the fund was at the verge of disbursement.
But in contrary to what many were made to believe that the fund is sitting in the vault of Bank of Industry, the new managing director of the bank Rasheed Olaoluwa said no fund is with the bank. Speaking recently at the ministry of trade and investment media workshop, Olaoluwa disclosed that he is not aware of any fund of such with the bank. According to him, “I want to state publicly that there is no fund earmarked for Nollywood or entertainment industry” adding that he is aware however of the N3billion with the finance ministry. With this declaration, could it be that the president lied to the entertainers.
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