Jide Kosoko reveals he is in debt after his ₦300 million Nollywood film flopped at the cinemas

• Veteran actor Jide Kosoko says he is in debt after his film Eleko: Oba Esugbayi failed to recover its production cost of over ₦300 million.

• Kosoko said the money came from investors who expected returns, but the film did not generate enough revenue to repay them.

• The film reportedly earned ₦18.3 million in its opening weekend after its March 2026 cinema release.

Veteran Nollywood actor and filmmaker Jide Kosoko says he is in debt after his film, Eleko: Oba Esugbayi, failed to recoup its production cost of over ₦300 million at the cinemas.

Kosoko made the revelation in an interview on the African A-List podcast, saying the money used to produce the film came from investors who expected returns on their investment.

He said the film "cost us over N300 million," then asked, "Do I have 300 million?"

According to Kosoko, some people gave him the money, but not as a gift. They invested in the film, which was then taken to cinemas.

"Different things happened, and we did not earn our money back," he said. He added that the little the film earned was shared among those involved, and described himself as the person with debt "dancing around their neck."

Eleko: Oba Esugbayi premiered on March 14, 2026, and opened in cinemas nationwide on March 20, timed for the Sallah and Easter holiday season. It was Kosoko's debut cinema production.

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The historical film tells the story of Oba Esugbayi Eleko, the Lagos monarch who resisted British colonial rule in the early 20th century. 

Kosoko produced it under his Jide Kosoko Film Presentation banner and stars in it alongside Femi Branch, who plays the title role, Femi Adebayo, Saidi Balogun, Dele Odule and Yinka Quadri, among others. It was distributed by Genesis Pictures.

Days after its release, Kosoko said on Instagram that the film grossed about ₦18.3 million in its opening weekend.

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Kosoko's remarks come weeks after actor and filmmaker Ramsey Nouah said taking a film to cinemas is not always a sound financial decision. 

Nouah said only a small fraction of cinema releases recover their production costs and make a profit, and that many producers fail to recoup their investment despite spending heavily on advertising and promotion.

Neither Kosoko nor the film's distributor had commented further at the time of filing.