At the risk of reporting doom, I quietly waited for this moment to confirm rumours of leading Nigeria’s cinema company, Filmhouse/FilmOne going under.
For a company of that status – which someone likened to Hollywood studio system in the sense of a vertically integrated company – hearsays of allegations and counter allegations of sexual assault, financial misappropriation, personal ego and unfriendly mien to its immediate constituency were no good songs to the ears, hence my reluctance to run to town with a sensational report.
When again, on Wednesday, I heard the executive honcho, Kene Mkparu, pre-empted his sack and quickly resigned, it only took a day after for the management of the company to release a statement, albeit of his supposedly smooth exit.
Irrespective of how well-pieced the statement was, it merely confirmed the purported internal rancour which could have remained doubtful if the damage control mechanics had crafted an earlier statement to suggest that the big man was moving to higher grounds. After all, he left Genesis Cinemas in like manner six years ago to co-establish Filmhouse with Kene Okwuosa as Deputy Managing Director and Moses Babatope as Executive Director/COO; the two guys holding forth as Managing Directors for the Group: Filmhouse Cinemas and FilmOne Distribution and Production respectively.
No matter what anyone is made to believe regarding the financial stability and otherwise of Filmhouse/FilmOne, it is not a good sign for the company and the Nigerian motion picture industry in terms of an enduring corporate legacy.
My instinct tells me that Okwuosa and Babatope may have only been retained in order not to send more wrong signals. Because, for a truth, I learnt the company was going to be sold off in the middle of the squabble that had Mkparu suspended before he was later recalled just so buyers won’t get wind of the problems and under-price.
If eventually things pick up fine as I pray, it is hoped that the company’s supposed unfriendly mien to film producers, needless shrewdness to players in a developing industry, unfair treatment given to films outside FilmOne production alliances, and seeming monopolistic attributes in the face of a ‘docile’ competitor like Silverbird Cinema/Distribution would be nipped in the bud.
That said, Filmhouse/FilmOne, going by recent development in its management may be breaking the heart of Nigerians as an investment that had a promising start and a strategic development plan to roll-out 25 cinemas over a six-year period. It is six years already and crisis is not the same as 25 cinemas, a target it is yet to meet. Yes, with only nine outlets – four in Lagos, two in Ibadan, one in Calabar, one in Akure, and one in Kano – it is yet to meet half its target.
Filmhouse opened its doors in December 2012, establishing itself as a key player in the cinema exhibition space by opening cinemas in key cities across Nigeria. To further diversify its operations and tap into another attractive segment of the film industry, the management team launched FilmOne, a distribution and production company, in 2014. On November 1 2014, African Capital Alliance (ACA) announced its investments in Filmhouse and FilmOne. Now you know who the real owners of the company are.
ACA had invested out of its third fund (CAPE III), a $400 million private equity fund in Filmhouse/FilmOne, enhancing its fast rise in the cinema exhibition and distribution chain.
The company is noted for some of the highest grossing Nigerian films till date.
And as it is that opportunities in the Nigerian motion picture industry is yet largely untapped, the company can only be advised to put its house in order in the new phase so announced by Okwuosa. Let’s also say that Mkparu’s exit will turn in Nollywood’s favour by opening up new structures that may fight the seeming existing monopoly. It is also hoped that lessons have been learnt from all parties.
