The Economic and Financial Crimes Commission (EFCC) has called on Nigerian filmmakers to meticulously scrutinize the sources of their funding to prevent the film industry from becoming a conduit for illicit money.
This appeal was made during the National Film and Video Censors Board (NFVCB) Round Table Forum, held at the Second Lagos International Film and Cinema Convention.
Representing the EFCC Chairman, Mr. Olanipekun Olukayode, the Head of Public Affairs for the Lagos Directorate, Ayo Oyewole, emphasized the necessity for filmmakers to conduct thorough due diligence before accepting any investments.
"Filmmakers must conduct due diligence on funds for their productions; otherwise, they act as couriers for illicit funds," Oyewole stated.
He further advised filmmakers to carry out "know your customer" checks to ensure the legitimacy of their funding sources. Dr. Husseini Shaibu, Executive Director of the NFVCB, echoed these concerns, noting that with the crackdown on other sectors like tobacco advertising and real estate, the film industry could become the next target for illegal funds.
"With the abrogation of tobacco advertising in the electronic and print media, and the EFCC closing down on Estate Developers, the film industry naturally becomes the next target for illicit funds," he said. However, the call for stringent vetting has met with some resistance from industry stakeholders.
Opeyemi Ajayi, President of the Cinema Exhibitors Association of Nigeria, pointed out the practical challenges of adhering to these guidelines.
"The request by the anti-graft agency is difficult for the film industry to meet, especially since the sector is privately driven and doesn't receive any funding or grants from the government," Ajayi explained.
Prominent filmmaker Teco Benson also shared his reservations, suggesting that the EFCC should provide financial support if they want specific types of films produced.
"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," Benson remarked.
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