BusinessHighlight

Buhari Administration Commends Heritage Bank’s Commitment to Entertainment Industry

172

[dropcap]T[/dropcap]he Federal Government has commended Heritage Bank Limited for its commitment to the development and growth of the creative industry.

The Minister of Information and Culture, Alhaji Lai Mohammed, singled out Heritage bank, Nigeria’s Most Innovative Banking Service Provider, for their effort in developing the entertainment industry.

The minister gave the commendation at a two-day Creative Nigeria Summit held in Lagos recently with the theme: Financing the Film, Television and Music Industries; which was co-sponsored by the Bank.

He remarked that the conference which was jointly organized by the Federal Ministry of Information and Culture and the Think Tank Media and Advertising was to take the industry into a golden era with smooth access to short and long term financing, world class management and local and international distribution.

In a plenary session on Alternative Sources of Financing for the Creative industry, Mr. Dike Dimiri, Acting, Chief Risk Officer of Heritage Bank, articulated some issues that have continue to plague the entertainment industry over the years.
According to him, the industry is being hindered by lack of infrastructure such as studios, equipment and talented manpower, adding that at a time when some international universities are offering cinematography as a course in mass communication, Nigeria’s educational system is still skewed towards the print industry which is dying rather than electronic industry that is widening, so there is deficiency that needs to be corrected.

Other issues he cited as hindrances to the creative industry are legal framework around which the industry runs its business, especially how intellectual property is protected as well as the right type of finance for the industry.
The Chief Risk Officer also touched on the need to have value chain in the industry, instead of one person being involved in every stage of the business as well as the need for operators to package their works into libraries and use them as collaterals to access money from banks.

Dimiri said Heritage Bank was committed to the development and growth of the entertainment industry because one of the easiest ways to solve the unemployment issue in the country is to get as many people as possible involved in the entertainment industry, because manufacturing, banking and other sectors cannot do it alone.
He said the music industry has done so much for Nigeria in terms of employment and foreign exchange earnings and if more resources could be put into it and also de-risk it, the country would be better for it.
Dimiri said Heritage Bank was therefore concerned on how to find a framework through which it could get funding to the players in the industry.
The two-day summit attracted who is who in the industry and the Minister of Information and Culture, Alhaji Lai Mohammed announced the establishment of a $1 million venture capital to boost the industry.

He said the Federal Government has held discussions with about 20 foreign/local investors who were expected to invest a minimum of $50,000 each to raise the $1 million, adding that five investors have already indicated interest to invest $50, 000 each and expressed the hope that more were also expected to show their firm commitment in due course.
The minister said the $1 million venture capital would provide seed money for young and talented Nigerians to set up businesses in the creative industry.

Leave a comment

Related Articles

Pres. Tinubu flags off Lagos-Calabar Coastal Road, inaugurates other projects in Lagos

President Bola Tinubu has flagged off the Lagos-Calabar Coastal Road on Victoria...

NNPC Ltd. GCEO Kyari wins Champion Newspapers’ Most Outstanding Energy Icon Award

The Group Chief Executive Officer of NNPC Ltd., Mr. Mele Kyari, has...

Tragedy: Two kidnapped Kogi varsity students killed as parents negotiate ransom payment 

The students were killed amid negotiations for ransom payments by their parents....

Breaking: FG sues 36 states at Supreme Court over local government autonomy

In a bid to ensure the autonomy of the nation’s local governments,...

Just in: Protest breaks out over disbanded Kano Emirate

Protesters are currently on the streets of Gaya, one of the five...

Paris-bound businessman nabbed at Abuja airport, ingests 111 wraps of cocaine

Emmanuel Okechuku Orjinze, a 48-year-old businessman travelling to Paris, has reportedly consumed...

Ex-EFCC chairman Ibrahim Lamorde dies at 61

A one-time Chairman of the Economic and Financial Crimes Commission (EFCC), Mr....

365 days in office: Tinubu to inaugurate projects in Lagos, Abuja, across the country

Ahead of the first anniversary of his administration on May 29, President...

Odili to Fubara: Don’t be afraid, nobody can shake you, we are solidly behind you

Dr. Peter Odili, a former governor of Rivers State, has restated his...

Intervene in Kano Emirate stalemate, Islamic scholars beg Pres. Tinubu

Worried by the tension following the dethronement of the Emir of Kano,...

Nigerian economy: Worst days are over, Pres. Tinubu assures

President Bola Tinubu has assured Nigerians that the worst days are over...

Just in: We will accept whatever the law says, deposed Emir of Bayero breaks silence

The deposed 15th Emir of Kano, Alhaji Aminu Ado Bayero, has stated...

Breaking: Hunter now the hunted! Gunmen abduct Army officer in Makurdi, demand N5m ransom

The kidnapping of Charles Ogbonna, a Senior Non-Commissioned Officer (SNCO), has been...

Lamido’s reinstatement: We will obey court’s order for status quo ante – Kano Police Command

The Kano State Police Command has stated that it will comply with...

National Sports Festival Holds January 2025, Announces Sports Minister

The Federal Government has approved January 2025 as the official date for...

Just in: Soldiers deployed to protect deposed Aminu Bayero

Following an order for the arrest of deposed Emir Aminu Ado Bayero...

Just in: Nigeria records 2.98% GDP growth in Q1 ’2024

The Gross Domestic Product (GDP) of Nigeria fell to 2.98 percent, a...

Northern elders react to Sanusi’s reinstatement, caution Kano Gov. Yusuf

As the return of Kano Emir Muhammadu Sanusi II continues to raise...

NELFUND student loan portal opens

The Nigerian Education Loan Fund (NELFUND) has opened the application portal for...

NNPC Ltd. , Schlumberger (SLB) Sign Agreement to Boost Upstream Operations

As part of strategic reforms aimed at unlocking opportunities in the nation’s...