Jide Kosoko says his film Eleko: Oba Esugbayi failed to recover its reported production investment.
Jide Kosoko in debt after his film Eleko: Oba Esugbayi failed to recoup its reported ₦300 million production cost following its cinema release. The veteran Nollywood actor and filmmaker disclosed this during a recent interview with African A-List, explaining that the film was financed by investors who expected financial returns.
“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.
Why Jide Kosoko Says He Is in Debt
Kosoko explained that the film did not generate enough revenue to recover the money invested in its production. He said the limited earnings were shared among those involved in the project.
“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,” Kosoko said.
His comments highlight the financial risks associated with producing and distributing films in Nigeria, particularly when substantial sums are invested in projects that depend on cinema ticket sales to generate returns.
In another account of the interview, Kosoko reportedly clarified that his remarks about debt did not necessarily mean production workers had gone unpaid. He said those who worked on the film had been paid, even though the project failed to deliver the financial returns he and the investors had expected.
Kosoko Acknowledges Cinema Operators’ Investments
The veteran filmmaker also acknowledged the substantial investments made by cinema operators when discussing the film’s earnings and revenue distribution.
“I won’t deceive anyone, but truly, those who own the cinemas have huge investments,” he said.
Cinema operators incur expenses associated with facilities, equipment, staffing and daily operations. Furthermore, ticket sales do not automatically translate into equivalent revenue for film producers because earnings are distributed according to the applicable arrangements.
For filmmakers, recovering production expenses can depend on audience turnout, marketing expenditure, distribution agreements and the share of cinema revenue returned to the production team.
The specific box-office earnings of Eleko: Oba Esugbayi and the exact amount of Kosoko’s outstanding debt were not disclosed in the information provided.
Ramsey Nouah Also Questions Cinema Profitability
Kosoko’s disclosure echoes concerns raised by actor and filmmaker Ramsey Nouah about the financial challenges associated with releasing Nigerian films in cinemas.
Nouah has reportedly argued that cinema distribution does not always make financial sense for producers, particularly when production, advertising and promotional expenses are high.
Comments attributed to him suggest that only a small proportion of cinema releases recover their production costs and generate profits. Some filmmakers may fail to recoup their investments despite spending heavily to promote their projects.
The concerns highlight a broader challenge for Nollywood: securing a cinema release does not guarantee commercial success.
Producers must balance production budgets with realistic revenue expectations while accounting for marketing costs, distribution arrangements and the proportion of ticket sales returned to investors.
What the Film’s Performance Means for Nollywood
The financial outcome of Eleko: Oba Esugbayi adds to ongoing conversations about investment risks and profitability in Nigeria’s film industry.
As production budgets rise, filmmakers face pressure to attract audiences and generate sufficient revenue to cover their expenses. A disappointing cinema performance can leave producers struggling to recover investors’ capital, even after a film has completed production and reached theatres.
Kosoko’s experience also illustrates the difference between producing a film and achieving commercial success. A filmmaker may invest heavily in a project, but its eventual earnings depend on audience demand, distribution arrangements and other market factors.
For investors, the situation reinforces the importance of evaluating production budgets, distribution strategies and potential revenue before committing funds to film projects.
Although Kosoko did not disclose the full financial details of the film, his comments indicate that Eleko: Oba Esugbayi failed to recover its reported production cost and that he is experiencing debt as a result.
The disclosure highlights the financial uncertainty surrounding cinema releases and the difficulties filmmakers can face when box-office revenue falls short of expectations.
About the Author
