By TheWatch.NG
Veteran Nollywood actor, Jide Kosoko, has made a startling revelation about the financial struggles of many actors in the Nigerian film industry, despite their years of hard work and fame.
Speaking on The Honest Bunch podcast, the 71-year-old actor reflected on his six-decade-long career, acknowledging that while he is comfortable, he does not consider himself wealthy by Nigerian standards.
“I have been in this [movie] industry for this long. I thank God that I can eat three square meals. But can I claim to be a rich man by Nigerian standards? No,” he said.
Piracy and the Struggle for Financial Stability in Nollywood
Kosoko attributed the financial struggles of many Nollywood actors to rampant piracy, which has long plagued the industry. He lamented that despite the passion and effort actors put into their craft, they are often unable to fully reap the financial rewards due to illegal distribution.
“The punishment in the copyright law for piracy is still not strong enough as far as I am concerned. Somebody who has been pirating people’s works for years is a billionaire, so how much do you want to fine him?
“Fine him N500 million, and he will just bring it out of what he has sold. But if you attach a 20-year jail sentence to it with no option of a fine, people will refrain from piracy,” he argued.
His statement reflects a larger issue within Nollywood, where many filmmakers and actors struggle with poor returns on investment despite the industry’s booming popularity across Africa and beyond. While Nollywood produces over 2,500 films annually, making it one of the largest film industries in the world, many of these movies fall victim to piracy, reducing the earnings of their creators.
The Reality of Nollywood Finances
Jide Kosoko’s revelation brings to light a long-standing issue in Nollywood—the illusion of wealth versus the reality of financial instability for many in the industry. Unlike Hollywood or Bollywood, where structured royalty payments, syndication deals, and residuals ensure actors and filmmakers earn long after their movies are released, Nollywood lacks such structures.
Many Nigerian actors rely heavily on brand endorsements, ambassadorial deals, and business ventures outside of acting to maintain financial stability. Some have turned to social media influencing, while others have diversified into directing, producing, or running their own businesses.
For actors who work primarily in traditional Nollywood settings, the financial strain is evident, especially for those who don’t transition into the newer streaming platforms like Netflix and Prime Video, where some level of structured payment exists.
Jide Kosoko’s Legacy in Nollywood
Jide Kosoko’s impact on Nollywood is undeniable. Starting his career as a child actor in 1964 with the television production Makanjuola, he has gone on to feature in hundreds of Nollywood movies in both English and Yoruba languages. His extensive experience in the industry gives weight to his concerns about piracy and the financial realities of Nigerian actors.
Despite the challenges, Kosoko remains passionate about Nollywood and believes that with stronger copyright enforcement, better royalty structures, and improved industry regulations, the situation can improve for actors and filmmakers alike.
“The government and industry stakeholders must take this issue seriously. If piracy continues unchecked, many of us will work hard but have little to show for it in the end,” he warned.
As Nollywood continues to expand its reach globally, the industry must tackle these fundamental issues to ensure that actors, directors, and producers can truly benefit from their work.
