Veteran Nollywood actor Jide Kosoko has revealed how he spent over ₦300 million on a cinema movie but ended up in debt after the project failed to recover its production cost.
It was reported that the thespian made this known during an interview on the African A List podcast on October 19, where he spoke about his experience investing heavily in a movie that did not generate enough revenue to cover the expenses.
According to Kosoko, the money used for the project was contributed by people who supported him in making the film.
However, the movie’s performance at the cinema did not meet expectations, leaving him with financial difficulties at the end of everything.
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He explained that the total amount invested in the production exceeded ₦300 million, but the revenue generated was not enough to repay the money spent.
Kosoko further disclosed that the little money the movie made was shared among those involved, leaving him without enough returns to recover his investment.
He said during the interview on Monday: ” I spent over 300 million naira on a cinema movie, money that people contributed for me and i ended up in debt, we didn’t earn back the money, the little we earned was split too”
