D’banj: Why banks should accept intellectual property as collateral

D’banj, Nigerian singer, has advocated the use of intellectual property as collateral for obtaining bank loans.

According to NAN, D’banj spoke at the inauguration of Nigerian Export-Import (NEXIM) Bank’s Women and Youth Export Fund (WAYEF) platform for easy access to funds.

A statement by Damian Okoroafor, D’banj’s manager, quoted that singer as also saying that the creative industry is a bigger exporter of Nigerian products than crude oil and, as such, deserves all the attention it needs to enable it to grow.

“Our creative industry is a bigger and better export than the oil industry. So, there is the need for more access to stress free funds for those in the creative industry, using their intellectual property as collateral,” he said.

“When you look around the world, one of our biggest exports is the creative sector, thanks to our music, movies and photos.

“So, WAYEF is another opportunity to fully throw some weight behind the creative industry, through capacity training or access to funds.”

D’banj had earlier rewarded five talented Nigerians, in different fields, with one million naira each to develop themselves.