The Securities and Exchange Commission (SEC) has approved the Utica Film Fund, marking another milestone for Nollywood financing; a fully regulated venture capital fund that is structured, transparent, and backed by institutional investors would channel money directly into film production, distribution, and infrastructure.
Developed by Utica Capital Limited, the ₦20 billion closed-ended fund will invest across the film value chain.
It begins with a ₦5 billion first tranche and a ten-year horizon, targeting high-growth opportunities in areas Nollywood has long struggled to finance: production, streaming, merchandising, and licensing. Minimum investment starts at ₦10 million for high-net-worth individuals and ₦100 million for institutions.
At its core, the Utica Film Fund continues the shift from passion-driven, self-financed projects to structured financing, a transition that is reshaping how Nollywood films are made, marketed, and monetised.
“Our mission is impact,” said Ola Belgore, Managing Director and Chief Executive Officer of Utica Capital, in a conversation with WebTV. “We’re not just fund managers; we’re an impact investment firm. The creative industry is big, it contributes to GDP, and it shapes how the world sees Nigeria. With this fund, we’re creating structure, profitability, and opportunity for the people who power it.”
The SEC’s Lagos Zonal Director, John Briggs, who represented the Commission’s Director-General at the stakeholder briefing, described the Utica Film Fund as “a licensed innovative fund that will deepen the capital market and unlock investment opportunities for the film industry.” He lauded Utica Capital for pioneering “another chapter in the development of viable market products”.
Representatives from 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 were also in attendance at the event.
It’s a chapter Nollywood has needed. For decades, the film industry’s financing model has been largely informal, driven by personal savings, private loans, or small-scale sponsorships. Utica’s venture structure introduces a layer of accountability and investor protection, bridging Nigeria’s capital markets with its creative economy.
Utica joins a growing list of institutional players eyeing Nollywood as a viable investment frontier. Earlier this year, MBO Capital committed ₦4.6 billion to accelerate Nollywood’s development, while the federal government partnered with Providus Bank to launch a ₦5 billion Creative Fund for film finance. These moves, combined with Utica’s licensed structure, suggest a significant institutionalisation of Nollywood funding.
Belgore estimates the film industry faces a ₦200–₦300 billion funding gap. “We can’t close it all,” he said, “but our ₦20 billion fund is a start. The next fund manager will see this, be encouraged, and do more. Once investors realise that creative ventures can be profitable, structured funding becomes the norm, not the exception.”
What Does a Licensed, Closed-Ended Fund Mean?
In Nigeria, a licensed fund is one approved and regulated by the SEC, meaning it meets strict rules on transparency, investor protection, and reporting.
For investors, that licensing provides a layer of safety; for the industry, it signals maturity and credibility. Similar licensed funds, like real estate or infrastructure funds, have channelled private capital into projects from housing to roads. The Utica Film Fund brings that same structure to film.
The fund is also closed-ended, which means investors commit their money for a fixed period (in this case, ten years) and can’t withdraw it at will, unlike a mutual fund.
That structure gives managers like Utica Capital the stability to plan long-term, fund multiple production cycles, and see returns develop over time. For Nollywood, that means the ability to back both blockbuster-scale titles and the infrastructure that supports them without the pressure of short-term liquidity demands.
The fund’s advisory team includes respected industry figures Richard Mofe-Damijo, Omoni Oboli, Femi Adebayo, and Kemi Lala Akindoju, who have lived the realities of Nollywood’s financing struggles.
Their role is to connect the fund’s financial mission to the industry’s creative pulse.
“We’ve been engaging with stakeholders for over a year to identify the pain points, from funding gaps to distribution challenges, and designed the fund to address them across the full value chain,” Belgore said.
Dr Adesegun Akin-Olubade, Chairman of Utica Capital, framed the fund’s purpose in broader terms: “This is an opportunity to invest in Nigeria’s cultural legacy and to tell Africa’s story profitably, proudly, and powerfully.”
Utica Film Fund Shows Momentum Across the Ecosystem
The Utica Fund doesn’t stand alone. Recent partnerships like Filmhouse Group’s collaboration with the Africa Film Finance Forum 2025 aim to connect creative businesses with international capital, reflecting a continental appetite for structured investment in film.
The trend extends to banks, too. Sterling Bank’s equity-financing model for filmmakers is helping producers retain ownership while accessing capital, another sign that financial institutions are taking creative risk seriously.
And with the continued rise of digital platforms, investor confidence in the film value chain has never been higher.
Utica’s path to regulatory approval also signals a regulatory milestone. Belgore described how the SEC convened multiple departmental heads to jointly review the proposal. “We more or less created a think tank for the fund,” he said. “The regulator’s interest was investor protection, and together we found a structure that met that standard.”
For Nollywood, the Utica Film Fund further legitimises film as an investable asset class: one that can attract institutional capital, generate measurable returns, and still tell the stories that define a nation’s identity.
