₦20bn Venture Capital Fund Targets Nollywood’s Global Expansion

Utica Capital Limited has announced the launch of a ₦20 billion venture capital fund designed to close the persistent financing gap in Nigeria’s fast-growing film industry, Nollywood.

The new vehicle, known as the Utica Film Fund (U-Film), was unveiled at a press conference in Lagos on Thursday. The fund introduces an initial ₦5 billion tranche, with a ten-year investment horizon, and is structured to invest in high-growth opportunities across the entire film value chain — including production, distribution, streaming, infrastructure, and licensing.

Chairman of the Board of Directors, Dr. Adesegun Akin-Olugbade, described the development as a landmark in Nigeria’s creative economy, noting that it is the first Securities and Exchange Commission (SEC)-approved venture capital fund dedicated exclusively to the film sector in Africa.

“For the very first time, the SEC has approved a specialised venture capital fund dedicated to the film industry,” he said. “The Utica Film Fund is a pioneer at the intersection of finance and creativity.”

Akin-Olugbade highlighted Nollywood’s massive global reach but lamented its chronic underfunding. “Nollywood is more than entertainment—it is a cultural powerhouse and one of Nigeria’s greatest exports. Yet, for too long, the industry has relied on personal savings and informal loans. The Utica Film Fund changes that by providing a structured, professionally managed investment vehicle with strong governance and diversification.”

The Managing Director of Utica Capital, Mr. Ola Belgore, reaffirmed that Nollywood’s financing gap remains a major constraint, with over 95 percent of funding sourced from informal channels.

“Despite its scale and influence, institutional capital is almost absent. That is the gap we intend to close,” Belgore said.

He outlined the fund’s strategy based on three core principles — diversification, governance, and returns. U-Film will invest in about 40 carefully selected projects spanning film production, digital platforms, merchandising, and creative infrastructure. Approximately 70 percent of the investments will be Nigeria-focused, 20 percent across Africa, and 10 percent globally.

The governance framework includes independent custodians, trustees, auditors, and an experienced Investment Committee, complemented by an Advisory Committee comprising Nollywood icons such as Richard Mofe-Damijo, Omoni Oboli, Femi Adebayo, Kachi Offiah, and Sani Muazu.

Belgore disclosed that the fund targets an internal rate of return (IRR) of 58.2 percent and a projected 4.5x multiple on invested capital over its lifetime. Minimum investment is ₦10 million for high-net-worth individuals and ₦100 million for institutional investors, with subscriptions available in both naira and U.S. dollars.

He urged institutional partners — including pension funds, insurers, and asset managers — to see the initiative as both a profitable and transformative opportunity. “This is an alternative asset class that delivers structure, impact, and yield,” he said.

The Head of the Lagos Zonal Office of the Securities and Exchange Commission, Mr. John Briggs, commended the innovation behind the fund but cautioned the managers to ensure strict governance and avoid potential conflicts of interest.

Partner institutions in the U-Film initiative include FirstBank Custodian, ALP NG & Co. (Solicitors), CardinalStone Registrars, CardinalStone Trustees, and STL Trustees.

Industry stakeholders described the Utica Film Fund as a bold move that could redefine the financing landscape of African cinema, unlocking the next phase of growth for Nollywood’s global ambitions.