Why we can’t curb money laundering in Nollywood – Filmmakers

Some Nigerian filmmakers have shared the reasons why it might be difficult to eradicate money laundering in the industry.

This was in response to the appeal of the chairman of the Economic and Financial Crimes Commission, Olanipekun Olukayode at the National Film and Video Censors Board Round Table Forum with film producers, exhibitors, and distributors, tagged: ‘Morality and Ethics in Film Production in Nigeria’ at the second edition of the Lagos International Film and Cinema Convention.

Olukayode, who was represented by the Head, Public Affairs (EFCC), Lagos Directorate, Ayo Oyewole, charged Nigerian filmmakers to carry out their private investigation before accepting funding for movie production.

He warned against allowing money launderers to perceive the film industry as a soft target for illegal activity.

The EFCC boss said, “Filmmakers must conduct due diligence on funds for their productions otherwise they act as couriers for illicit funds.

“There is a need for filmmakers to carry out know your customer test before accessing any funding.”

In his response, the President of the Cinema Exhibitors Association of Nigeria, Opeyemi Ajayi informed the EFCC representative that his request is difficult for the film industry to meet because the sector is privately driven.

He also said the film industry doesn’t receive any funding or grants from the government.

Another prominent filmmaker, Teco Benson shared the same sentiment while advising the EFCC to put money down for productions if they want certain films produced or commissioned documentaries.

He said the onus is on the EFCC to track the owners of the funds, while filmmakers are concerned about how to repay the funds advanced to them.