Labari Africa Productions has just launched with a $3 million film fund. The production company was unveiled by director Femi D. Ogunsanwo, Tunde Leye and Adedayo Amzat.
The trio recently partnered on Nollywood romantic comedy Finding Hubby and its sequel Finding Hubby 2, both directed by Ogunsanwo.
Hollywood Reporter says the fund is aimed at a producing Nollywood features while also supporting local filmmakers to develop and produce new films, providing mentorship and on-set training opportunity for emerging talent and supporting distribution and marketing efforts.
The first investment from the fund is the recently-wrapped heist-thriller The Lagos Job, produced and directed by Ogunsanwo. Future investments, according to Leye, will see the completion of a least one short film and a feature-length film script.
“We are excited to launch this new film fund and support a new wave of Nollywood filmmakers who tell the important stories that help position Africa favorably,” said Leye, who serves as managing partner of Labari Africa Productions.
“This $3 million fund will help provide the resources and support filmmakers need to bring their stories to life and showcase the incredible talent and creativity of the Nigerian film industry to the world.”
“From its humble beginnings, Nollywood has become a major contributor to the Nigerian economy, contributing 2.3 percent (about $600 million) to Nigeria’s GDP in 2021,” said Labari general partner Amzat.
“We believe the time is right to bring expertise from the world of finance to bear on how our films are funded and ensure Nollywood’s continued growth and success. The fund will be open to established and emerging filmmakers, focusing on supporting projects that showcase Nigeria’s diverse culture and talent.”
