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Basketmouth Calls Out Nollywood Producers for Fund Mismanagement
Basketmouth accuses Nollywood producers of mismanaging streaming funds, claiming it affects Nigerian film quality and transparency
[dropcap]N[/dropcap]igerian comedian and filmmaker Basketmouth has criticised Nollywood producers for allegedly mismanaging funds provided by global streaming platforms.
Speaking in a recent interview on Arise TV, the entertainer claimed that this malpractice has led to a decline in the quality of Nigerian films.
Basketmouth alleged that many producers misuse substantial portions of the budgets allocated for movie production, diverting funds for personal gains rather than investing in quality filmmaking.
“When the streaming platforms came in, they gave money to these producers… these producers would take the money—$1.5 million or whatever they give them—and use about 10% of that money to make the movie,” he stated.
He further alleged that the streaming platforms, upon discovering these practices, implemented measures to ensure transparency by paying actors directly.
However, producers reportedly found a way around this by coercing actors into returning part of their pay.
“Even to the point where the streaming platforms stepped in and said, ‘You know what? We are going to be paying the actors directly,’ these guys would still go behind and tell the actors to pay half of that money back to them. You can verify the information anywhere,” Basketmouth revealed.
The filmmaker argued that this mismanagement has significantly affected the quality of Nollywood films, particularly epic productions, which he described as often resembling stage plays rather than high-budget movies.
“So, when you do that and expect your movie to be 100%, it can’t. It’s impossible. But these guys? They’ll cut, buy houses, buy cars,” he alleged.
@freelanews BasketMouth wan start to yearn again o…🎼🎹 #foryou #fyp #trending #foryoupge #goviral #AncestorsChallenge ♬ original sound – Freelanews
Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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