Grace Ashiru
Chocolate City Group, one of Africa’s leading entertainment companies, has launched a $1 million Founders Fund to support early-stage startups within Nigeria’s rapidly growing creative sector. The announcement was made during the company’s 20th anniversary celebration, which also coincided with the 50th birthdays of its co-founders, Audu Maikori and Paul Okeugo.
The Founders Fund is aimed at providing equity investment and mentorship to startups in the fields of music, film, and creative technology. This initiative seeks to tackle the financing challenges that have long hindered the growth of Nigeria’s creative economy, which is projected to reach a value of $15 billion by 2025.
The fund was officially launched by Hannatu Musa Musawa, Nigeria’s Minister of Arts, Culture, Tourism, and Creative Economy, in front of over 500 industry stakeholders, international partners, and media representatives.
Audu Maikori, Chairman of Chocolate City Group, highlighted the significance of offering patient capital to young entrepreneurs with genuine potential, remarking, “The reality is that financial institutions struggle to understand creative businesses. Investors seek quick returns, leaving young entrepreneurs with real potential stuck.”
The Founders Fund aims to bridge the financing and structural gaps that Maikori and Okeugo encountered while building Chocolate City into one of Africa’s most successful independent entertainment companies.
This initiative emphasizes Chocolate City’s dedication to fostering innovation and supporting the next generation of creative entrepreneurs in Nigeria.
