Jide Kosoko complains about debts after the film’s production

Veteran Nollywood actor and director Jide Kosoko has revealed that he is in debt after his film, Eleko: Oba Esugbayi, failed to recoup production costs of over 300 million naira from its theatrical run.

Kosoko made the revelation during an interview with African A-List published on October 17, with a clip of the conversation subsequently gaining attention on social media.

The veteran actor explained that the money used to produce the historical film came from investors who expected a return on their investments rather than a personal donation to finance the project.

According to him, the film, which premiered in theaters in March, did not generate enough revenue to cover production expenses, leaving investors unable to fully recover their money.

Kosoko said the limited revenue generated by the theatrical release was shared among those involved in the project, further complicating efforts to recoup production costs.

“My movie ‘Eleko: Oba Esugbayi’ which came out recently and which we took to cinemas cost us over 300 million naira. Do I have 300 million? You should know that some people gave it to me and it’s not that they let me down, they invested in it and we took the film to cinemas,” he said.

The film fails to recoup its production costs

Kosoko stated that several factors influenced the film’s financial performance, resulting in earnings lower than the amount invested in its production.

He explained that the money raised was not his personal wealth, stressing that the investors had pledged their funds with the expectation that the cinema release would generate sufficient revenue.

The actor added that the proceeds made from the film were divided among those involved, but were not enough to repay the entire investment.

“Several things happened and we didn’t get our money back. The little we earned was split. Like me, if you feel someone with a debt dancing around their neck, it’s me,” he said.

His comments highlight the financial risks associated with film production and film distribution, where substantial upfront investments do not necessarily translate into box office success.

For filmmakers who rely on outside investors, disappointing theatrical earnings can leave significant funding gaps, particularly when production budgets run into hundreds of millions of naira.

Kosoko’s revelation also drew attention to the financial pressures that can accompany ambitious film projects in Nollywood, where producers must balance production costs, distribution deals and audience demand.

The actor did not provide further details on the amount of debt currently owed or the specific factors that contributed to the film’s underperformance.