October 4, 2023

The Black Book: Nigeria’s Fintech Leaders Fund First African Film To Top Netflix World Charts

The Black Book

Editi Effiòng’s Nollywood action-thriller, The Black Book, has claimed the top spot worldwide on Netflix after leaders in Nigeria’s fintech startup space came together to fund the film.

The Black Book

The Black Book claimed the top spot worldwide just five days after its debut on Netflix, also making it the first ever number-one African film on Netflix.

Vanguard reported that from September 18 to 24, the film accumulated 5.6 million views and 11.6 million watch hours.

The movie, which traces the story of a mourning father seeking justice following his son’s murder at the hands of a corrupt group of police officers, was co-authored by Bukunmi Ajakiye, produced by Lala Akindohu and filmed by Yinka Edward.

The movie was created in Nollywood – Nigerian cinema – which has experienced significant growth over the past few years due to the rise in internet access and the ability to stream movies online.

The Increase In Influence For Nollywood

From 2016 to 2022, Netflix invested $175 million and contributed $218 million to Gross Domestic Product (GBP) in South Africa, Nigeria, and Kenya.

Streaming giants like Amazon, Showmax, and Multichoice have also poured resources into the industry.

Previous to this, limited investment opportunities hindered the growth of Nollywood movies and their content, profitability and the industry’s ability to reach global audiences.

Tech companies and venture capitalists have also taken an interest in Nollywood.

The Black Book marks the first time leaders in Africa’s fintech startup space have crowded in to fund a film in Nollywood.

Effiòng shared a list of executive producers who helped fund his film.

“The Black Book was brought to life by a group of investors and entrepreneurs from tech, VC and finance ecosystems,” he wrote on LinkedIn.

“EPs do not often get recognition in celebrating art, but it is important to acknowledge those who believed in our vision long before the world got to see it. To those who believed, the brave, the cheerleaders, the “unbelievably liquid” one, thank you.”

Here are some of the investors and entrepreneurs who invested in the movie.

Kola Oyeneyin 

Oyeneyin is a Nigerian entrepreneur and activist who founded Venia Group – a venture creation and development company. He is also the co-founder of Volition Capital. 

Adesubomi Plumptre

Plumptre is a Nigerian SEC-licensed fund manager who co-founded Volition Capital Investment Limited – an asset management company helping Africans build wealth and financial stability.

Ezra Olubi

Olubi, a Nigerian entrepreneur, co-founded and became the chief technical officer (CTO) of Paystack. The startup was acquired by Stripe in 2020 for $200 million, making it the most successful exit in the African tech scene.

Joshua Chibueze

Chibueze co-founded PIggyVest and PushCV. He is a tech entrepreneur and customer success engineer. Chibueze was named in the Forbes Africa Under 30 list for Technology.

Prosper Otemuyiwa

Otemuyiwa is a software guru who co-founded and became CTO at Eden Life and co-founded forLoop Africa.

Kola Aina

Aina is a founding partner at Ventures Platform, an early-stage discovery venture capital for the next generation of African entrepreneurs.

Gbenga Agboola

Agboola is a Nigerian software engineer and entrepreneur who is the CEO and co-founder of Flutterwave – an organization aiming to change the landscape of payments in the African continent.

Sara Keenan

Tech Reporter at POCIT. Following her master's degree in journalism, Sara cultivated a deep passion for writing and driving positive change for Black and Brown individuals across all areas of life. This passion expanded to include the experiences of Black and Brown people in tech thanks to her internship experience as an editorial assistant at a tech startup.