Netflix is set to premiere its highly anticipated Nollywood film, “The Black Book,” on September 22nd. The film has garnered significant attention, driven by the excitement it generated on social media following the release of its trailer in August.
One noteworthy aspect of “The Black Book” is its directorial debut by Editi Effiong, the CEO of Anakle Film. It also offers a fresh perspective with veteran actor Richard Mofe-Damijo taking on the lead role of Paul Edima. Additionally, the film boasts an impressive roster of executive producers, with eleven out of sixteen being prominent figures in the tech industry, serving as founders, CEOs, or investors. Notable names among them include Kola Oyeneyin (CEO of Opportunik Global Fund), Adesunbomi Plumptre (co-founder of Volition Cap), Ezra Olubi (co-founder of Paystack), Odunayo Oweniyi (co-founder and COO of Piggyvest), Somto Ifezue (co-founder of Piggyvest), Joshua Chibueze (co-founder and CEO of Piggyvest), Gbenga Agboola (founder and CEO of Flutterwave), Kola Aina (founding partner at Ventures Partner), Olumide Soyombo (co-founder of Blue Chip Technologies), Nadayar Enegesi (co-founder of Eden Life), and Prosper Otemuyiwa (co-founder and CTO of Eden Life).
Editi Effiong, who serves as both the director and executive producer of the film, expressed gratitude to these executive producers in a LinkedIn post, acknowledging their support for the project long before it became visible to the world.
Effiong’s announcement of the executive producers on social media led to a flurry of investment inquiries, discussions with institutional investors about the deal structure, and assistance in restructuring a creative sector fund for an international investment bank. His ultimate goal is to bring more transparency to the financing of film projects.
“The Black Book” is a gripping action thriller set in the 1980s, revolving around the story of a grieving deacon named Paul Edima, who takes matters into his own hands to clear his son’s name after a wrongful kidnapping accusation. The film delves deep into the world of drug trafficking and its impact on Nigeria, Africa’s largest economy.
The movie features a diverse cast, including industry veterans like Richard Mofe-Damijo, Olumide Oworu, Sam Dede, Shaffy Bello, Iretiola Doyle, Taiwo Ajayi Lycett, Ade Laoye, Ikechukwu Onunaku, Patric Doyle, and Bimbo Manuel. “The Black Book” explores Nigeria’s history of drug trafficking and its consequences, particularly on the younger generation.
While the film’s action sequences are visually stunning, what truly sets it apart is its ability to attract a new breed of investors to the film industry. Effiong’s background in the tech industry and his strong connections with tech founders likely play a significant role in this achievement.
Anakle Films, Effiong’s company, initially started as a tech-focused digital agency that created online and offline experiences. Despite venturing into movies, Effiong still considers Anakle a tech company.
However, “The Black Book” is not the first film to attract tech founders and investors. Earlier titles like “Gangs of Lagos” and “Finding Hubby” also received funding from tech-focused investors. Oo Nwoye, co-founder of Techcircle, suggests that these investments in movies may not always be profit-driven but could be motivated by a desire to support the arts.
Financing a major film project is a costly endeavor, often requiring budgets of $1 million or more. Movie investors primarily recoup their investments through the distribution of the film, similar to the exit strategy of a startup when it gets acquired.
The film industry, however, carries a degree of risk. According to a Forbes report, about 80% of films fail to turn a profit due to the allure of the industry and the challenges of making a blockbuster. Movie investors are akin to creditors, as their return depends on the film’s success, which hinges on audience reception.
Anakle Films has a track record of notable movies, including “Up North,” “The Set Up,” “Fishbone,” and “Day of Destiny.” Effiong’s reputation and social capital have also garnered respect in the industry.
Netflix, which operates on a subscription-based model, typically acquires content through various agreements. “The Black Book” is unique in that Netflix acquired exclusive streaming rights, indicating potential for future chapters in the story.
In conclusion, “The Black Book” not only promises an exciting cinematic experience but also highlights the growing involvement of tech founders and investors in the Nigerian film industry, with Editi Effiong leading the way in bridging the gap between tech and film.
