Connect with us

Hi, what are you looking for?

Capital Business
Capital Business


Nigeria’s iROKO closes on $19M Content & Capital Deals


Nigerian online television and film distribution service iROKO on Monday announced $19 million worth of new deals, including with French giant Canal+, to boost operations and take-up across Africa.

The deals for content development and capital funding come just weeks after US streaming giant Netflix expanded to 190 countries, putting them in direct competition with the Lagos-based firm.

“We’re taking Nollywood content to Africa,” iROKO founder Jason Njoku told AFP in an email, referring to Nigeria’s domestic film industry.

“We have plans to dub content into French, Swahili, Zulu – so we’ll stand apart from Netflix in terms of localisation of content. We are going narrow and deep into local content.

“However Netflix entering into the African market is really exciting, as it reveals the huge potential of the market. For us, we’re flattered to be mentioned in the same breath as them.”

iROKO, whose operation has been dubbed “the African Netflix”, said in a separate statement it aimed to produce “at least 300 hours of original content in 2016, with the expectation of doubling that by 2018”.

Mobile phone use has exploded in Africa in recent years and firms such as Njoku’s have tapped in to increasing Internet access through smartphones and the popularity of Nigeria’s film industry across the continent.

Nollywood is the world’s second-biggest film industry in terms of production, is estimated to employ some one million people and contributes 1.2 percent of Nigeria’s GDP.

As part of the new deal, Canal+ Overseas boss Jacques du Puy joins the iROKO board, the statement said.

Advertisement. Scroll to continue reading.

The Paris-based firm’s chief financial officer Fabrice Faux said the investment would lead to a “scale-up in French-speaking Africa, with clear ambitions and the means to reach them”.

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...