Jide Kosoko Speaks on Financial Struggles Despite Six Decades in Nollywood

Veteran Actor Jide Kosoko has revealed despite a career spanning over 60 years in Nollywood, he does not consider himself a rich man. Speaking on The Honest Bunch podcast, the 71-year-old actor stated that while he can afford his basic needs, he does not meet the financial threshold that defines true wealth in Nigeria. His comments have sparked conversations about the financial realities of long-serving actors in the industry.

Jide Kosoko’s revelation comes as a surprise to many, considering his contributions to the Nigerian film industry since the 1960s. However, he explained that the financial instability of Nollywood, coupled with the persistent issue of piracy, has prevented many actors from accumulating substantial wealth. His candid statement sheds light on the economic challenges faced by veterans in an industry often perceived as glamorous.

Piracy: The Silent Killer of Nollywood’s Economy

Jide Kosoko strongly attributed his financial struggles to the unchecked menace of piracy, which has plagued the Nigerian film industry for decades. According to him, despite Nollywood’s massive growth and global recognition, piracy continues to deprive filmmakers and actors of their rightful earnings. He argued that until stricter laws are enforced, the industry will continue to suffer severe revenue losses.

The veteran actor proposed that the Nigerian government should impose harsher penalties for piracy, suggesting a minimum of 20 years imprisonment without the option of a fine. He believes that such stringent measures would serve as a strong deterrent to those profiting illegally from the hard work of actors and filmmakers. His advocacy aligns with growing concerns among stakeholders about the need for stronger intellectual property protection in Nollywood.

A Journey Through Six Decades of Acting

Jide Kosoko’s illustrious career began in 1964 when he featured as a child actor in Makanjuola, a popular television production at the time. Over the years, he has appeared in hundreds of movies spanning both Yoruba and English-language productions, solidifying his legacy as one of Nollywood’s most respected figures. His ability to evolve with the changing dynamics of the industry has kept him relevant for generations.

Despite his long career, Kosoko’s revelation about financial instability highlights a larger issue in the Nigerian entertainment industry—longevity does not always equate to financial security. While many actors achieve fame, only a few attain lasting financial success due to systemic industry challenges, including poor residual structures and lack of retirement benefits.

The Harsh Realities of Nollywood’s Financial Structure

The financial struggles of veteran actors like Jide Kosoko bring attention to the structural flaws in Nollywood’s economic model. Unlike Hollywood, where actors earn from royalties and residuals, Nollywood operates on a one-time payment system. Once an actor is paid for a role, they do not receive any additional earnings, regardless of how successful the movie becomes. This model has left many seasoned actors struggling financially, especially in their later years.

Jide Kosoko’s comments have reignited calls for the establishment of a pension scheme for Nollywood actors. Many industry stakeholders believe that implementing a structured financial support system would prevent veteran actors from facing financial hardship after dedicating decades to the industry. This issue remains a significant challenge as the industry continues to grow without comprehensive financial protections for its practitioners.

The Need for Industry Reforms and Better Pay Structures

Kosoko’s statements also highlight the urgent need for Nollywood to implement better pay structures and contracts that protect actors in the long term. Many filmmakers prioritize immediate profits over fair compensation, often underpaying actors despite the industry’s multi-billion-naira valuation. Without financial security, even the most talented actors risk ending their careers in financial distress.

As Nollywood gains more international recognition and collaborations, experts suggest that now is the time to reform the industry’s economic framework. Implementing standardized contracts, ensuring revenue-sharing models, and establishing retirement benefits are some of the steps that could help secure the financial future of Nollywood’s stars. Jide Kosoko’s revelation serves as a wake-up call for policymakers and industry leaders to address these lingering concerns.

Jide Kosoko’s Advocacy for a Better Nollywood

Beyond his personal financial challenges, Kosoko remains committed to advocating for a better Nollywood. He continues to use his platform to push for industry reforms, improved working conditions, and stronger legal protections against piracy. His extensive experience and firsthand knowledge of Nollywood’s evolution make him a crucial voice in discussions about the industry’s future.

Kosoko’s story reflects the broader reality of many veteran actors who, despite their immense contributions, struggle with financial instability. His call for urgent reforms serves as a reminder that Nollywood’s growth must be accompanied by structural improvements that ensure financial security for those who dedicate their lives to the industry. If his warnings are heeded, Nollywood could transition into a more sustainable and financially rewarding industry for all its stakeholders.