‘I Am in Debt’: Jide Kosoko Reveals N300m Cinema Film Loss

Veteran Nollywood star Jide Kosoko has disclosed that he is in debt after his film, Eleko: Oba Esugbayi, failed to generate enough revenue to cover its production budget of over N300 million.

Speaking in a recent interview with African A-List, the actor and filmmaker said the project was funded by investors who expected to make returns on their money after the film was released in cinemas.

Kosoko stressed that the funds were investments, not financial gifts, explaining that the scale of the production was beyond what he could personally finance.

“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? 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,” he said.

According to Kosoko, the movie’s cinema performance fell short of expectations, leaving the production unable to recover its investment. He added that the small amount generated was shared among the stakeholders.

“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,” he said.

The filmmaker also clarified, in another account of the interview, that his comments about debt were not necessarily an indication that members of the production team had outstanding salary payments. He said those who worked on the film had been paid, despite the project’s disappointing financial outcome.

Kosoko further acknowledged the considerable investments made by cinema operators and their role in the economics of theatrical film distribution.

“I won’t deceive anyone, but truly, those who own the cinemas have huge investments,” he said.

His disclosure highlights the financial challenges facing filmmakers who invest heavily in cinema releases without guaranteed returns.

Ramsey Nouah, another actor and filmmaker, has previously raised similar concerns, arguing that taking a film to cinemas does not always make financial sense. He said only a small fraction of cinema releases manage to recover their production expenses and make a profit.

Nouah also noted that even filmmakers who spend heavily on advertising and promotion can end up failing to recoup their investments, underscoring the risks associated with cinema distribution in Nollywood.

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