Pirates left me bankrupt, I can’t pay back N500m BoI loan, says Nollywood distributor

Gabriel Okoye, a pioneer Nollywood distributor popularly known as  Igwe Gabosky, says the activities of movie pirates wrecked his company and made him bankrupt.

He said he was one of the beneficiaries of the Bank of Industry (BoI)’ intervention fund in developing the creative industry.

Gabosky said the aim of the loan was to create the biggest media distribution company for intellectual property in Africa.

But Gabosky said he’s been unable to pay back the N500m he already received and that the financial institution was now after the property he used as collateral.

The movie distributor made this known on Monday at an interface meeting of the police and major stakeholders in the creative industry to fight piracy.

“The first job I was to distribute was “Half of a Yellow Sun’’. But, before I could finish printing, pirates had released the fake copies of the film on the streets and sold them for little money,” he said.

“The second job was “30 Days in Atlanta’’ by AY; Pirate also took over and distributed pirated copies of the films on the streets and AY was crying.

“The third was October 1, by Kunle Afolayan; I was in South Africa negotiating for ITS distribution when I was called and told that the film was already on the streets.

“The activities of the pirates crumbled the distribution companies and the N500 million I had already collected from BoI, I could not pay back till date.

“The Bank is now trying to take over all my property which I used as collateral.”

Gabosky said that many people in the industry had died because of frustration inflicted on them by pirates.

“We know these people that are pirating these works; Piracy is like terrorism,” he lamented.

“If you go to Alaba International market in Lagos, there are people that believe that the market is a sovereign state inside Nigeria where copyright laws cannot be enforced.

“I am glad today that the Nigeria Police has risen up and decided to answer us.”