Nollywood Financing, Nigerian Art Take Centre Stage as Odujinrin & Adefulu Marks 54 Years

Sunday EhigiatorNollywood financing, the growing influence of streaming platforms and the importance of intellectual property in the creative economy took centre stage as Odujinrin & Adefulu, a commercial law firm, hosted an evening of Nigerian art and culture ahead of its 54th anniversary.The event, tagged ‘An Evening of Nigerian Art & Culture’, recently held at the firm’s Lagos office, brought together artists, creative industry professionals and other guests to celebrate Nigeria’s creative ecosystem.A major highlight was a fireside chat with Zulumoke Oyibo, Co-founder and Chief Operating Officer of Inkblot Productions, who offered insights into the financing challenges confronting Nollywood and the opportunities emerging from the industry’s growth.Oyibo explained that filmmakers often depend on family and friends to finance their productions, particularly because such investors tend to be more patient and willing to believe in the vision behind a project.She, however, identified access to institutional financing as a major challenge, noting that commercial banks typically require collateral before extending loans to film producers.On managing investment risks, she advised filmmakers to diversify their investments across multiple productions rather than commit all available resources to a single project. She also emphasised the importance of working with partners who share a common vision.The discussion examined the possibility of using intellectual property as collateral to secure financing for film productions.Oyibo observed that this remained difficult in Nigeria because financial institutions generally favoured tangible assets over intangible ones, adding that the market was yet to develop the infrastructure and risk appetite required to support IP-backed financing on a significant scale.She also highlighted improvements in Nollywood’s production quality and storytelling over the past decade, citing Inkblot’s The Wedding Party as an example of how ambitious, high-quality productions could raise industry standards and stimulate growth.On distribution, she discussed KAVA, Inkblot’s streaming platform, and its role in connecting premium Nigerian film content with audiences across Africa and in the diaspora.The conversation complemented an art exhibition organised in collaboration with the firm’s art advisory partner, June Creative Art Advisory Limited, which transformed its garden, meeting rooms and corridors into exhibition spaces.Seven Nigerian artists featured in the exhibition were Mary Adebayo, Bunmi Babatunde, Phillips Nzekwe, Julie Nzekwe, Victor Obot, Tunde Owolabi and Odinakachukwu Francis.Two guided viewing sessions provided guests with opportunities to interact with the artists and understand the ideas and creative processes behind their works.The event also featured a live saxophone performance by 16-year-old musical prodigy, Temilayo Abodunrin, adding a musical dimension to the celebration.The firm’s founding partner, Chief Oladipo Odujinrin, was also in attendance, alongside Managing Partner, Dr. Adeoye Adefulu, and partners Damilola Adetunji, Lucky Ayeki and Olubukola Olabiyi.