The Securities and Exchange Commission (SEC) has given the green light to the Utica Film Fund, marking a significant advancement in the financing landscape of Nollywood. This fully regulated venture capital fund, supported by institutional investors, is designed to inject capital directly into film production, distribution, and related infrastructure with transparency and structure.
Created by Utica Capital Limited, this ₦20 billion closed-ended fund aims to invest strategically across the entire film industry value chain.
Launching with an initial ₦5 billion tranche and a decade-long investment horizon, the fund targets high-potential sectors within Nollywood that have historically faced funding challenges, including production, streaming platforms, merchandising, and licensing. The minimum investment thresholds are set at ₦10 million for affluent individuals and ₦100 million for institutional investors.
At its essence, the Utica Film Fund represents a shift from the traditional passion-driven, self-funded projects to a more formalized financing model, revolutionizing how Nollywood films are produced, marketed, and monetized.
“Our focus is on creating meaningful impact,” stated Ola Belgore, Managing Director and CEO of Utica Capital, during an interview with WebTV. “We see ourselves not merely as fund managers but as impact investors. The creative sector is a major contributor to Nigeria’s GDP and shapes global perceptions of our country. Through this fund, we aim to establish a framework that fosters profitability, structure, and opportunities for the creative talents behind the industry.”
John Briggs, the SEC’s Lagos Zonal Director who represented the Commission’s Director-General at the stakeholder briefing, described the Utica Film Fund as “an authorized innovative fund that will deepen capital markets and unlock new investment avenues for the film sector.” He praised Utica Capital for opening “a new chapter in the creation of viable market instruments.”
The event also saw participation from representatives of ALP NG & Co, First Bank of Nigeria Limited, Emerging Africa Capital Advisory Limited, Securities & Exchange Commission, FSDH Capital Limited, STL Trustees Limited, and Cardinalstone Trustees.
This development is a much-needed evolution for Nollywood. Historically, the industry’s funding has been informal, relying heavily on personal savings, private borrowing, or modest sponsorships. Utica’s venture capital framework introduces accountability and investor safeguards, effectively linking Nigeria’s capital markets with its creative economy.
Utica joins a growing cohort of institutional investors recognizing Nollywood as a promising investment destination. Earlier this year, MBO Capital pledged ₦4.6 billion to boost Nollywood’s growth, while the federal government collaborated with Providus Bank to establish a ₦5 billion Creative Fund dedicated to film financing. These initiatives, alongside Utica’s regulated fund structure, signal a move toward the formalization of Nollywood’s funding ecosystem.
Belgore estimates that the film industry currently faces a funding shortfall between ₦200 billion and ₦300 billion. “While we can’t bridge the entire gap,” he noted, “our ₦20 billion fund is a significant starting point. We hope this will inspire other fund managers to follow suit. Once investors recognize that creative projects can yield profitable returns, structured financing will become the standard rather than the exception.”
Understanding Licensed, Closed-Ended Funds
In the Nigerian context, a licensed fund is one that has received approval and is regulated by the SEC, ensuring compliance with stringent standards on transparency, investor protection, and reporting.
This licensing offers investors a layer of security and signals maturity and trustworthiness within the industry. Comparable licensed funds in sectors like real estate and infrastructure have successfully mobilized private capital for projects ranging from housing developments to transportation networks. The Utica Film Fund applies this proven structure to the film industry.
Being closed-ended means that investors commit their capital for a predetermined period-in this case, ten years-and cannot redeem their investments at will, unlike open-ended mutual funds.
This arrangement provides fund managers like Utica Capital with the stability needed to plan long-term, finance multiple production cycles, and allow returns to mature over time. For Nollywood, this translates into the capacity to support both large-scale blockbuster projects and the essential infrastructure without the pressure of immediate liquidity.
The fund’s advisory board features prominent Nollywood figures such as Richard Mofe-Damijo, Omoni Oboli, Femi Adebayo, and Kemi Lala Akindoju, who bring firsthand experience of the industry’s financial challenges.
Their involvement ensures the fund’s financial objectives remain closely aligned with the creative sector’s needs.
“We have spent over a year engaging with stakeholders to pinpoint challenges-from funding shortages to distribution hurdles-and designed the fund to address these issues throughout the entire value chain,” Belgore explained.
Dr. Adesegun Akin-Olubade, Chairman of Utica Capital, emphasized the fund’s broader significance: “This is a chance to invest in Nigeria’s cultural heritage and to narrate Africa’s stories in a way that is both profitable and proud.”
Utica Film Fund Reflects Growing Industry Momentum
The Utica Film Fund is part of a wider movement. For instance, Filmhouse Group’s recent partnership with the Africa Film Finance Forum 2025 aims to link creative enterprises with global capital, highlighting a continental enthusiasm for structured film investments.
Financial institutions are also stepping up. Sterling Bank’s equity financing model empowers filmmakers to access capital while maintaining ownership, signaling a growing recognition of creative ventures as viable investment risks.
With the surge of digital streaming platforms, confidence in the film industry’s value chain has never been stronger.
The regulatory approval process for Utica’s fund also marks a significant milestone. Belgore recounted how the SEC assembled multiple department heads to collaboratively evaluate the proposal. “We essentially formed a think tank for the fund,” he said. “The regulator’s priority was investor protection, and together we crafted a structure that satisfies those requirements.”
For Nollywood, the Utica Film Fund legitimizes film as a credible asset class-one capable of attracting institutional capital, delivering measurable returns, and preserving the storytelling that shapes Nigeria’s identity.
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