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Nigeria: Nollywood set to hit the market as Iroko targets London’s alternative bourse

By David Whitehouse
Posted on Tuesday, 9 February 2021 18:14

Filming of Nollywood hit "Dazzling Mirage", directed by Tunde Kelani on the outskirts of Lagos. REUTERS/Akintunde Akinleye

West African film-streaming service IrokoTV will seek to list on London’s Alternative Investment Market within the next 12 months, CEO Jason Njoku tells The Africa Report.

The sale would aim to raise between $20m and $30m, and would value the whole business at between $80m and $100m, Njoku says from his base in Accra. Discussions with brokers will start in the coming weeks, says Njoku, who holds a stake of 18% in the debt-free company.

Iroko has the world’s largest online catalogue of Nollywood films. Njoku has redefined the company’s strategy to target diasporic markets in Europe and North America, rather than growth in its main West Africa markets of Nigeria, Ghana and Côte d’Ivoire.