BOI To Sell Nollywood Marketer's Property Over Bad Loan
Igwe Gabosky is in big trouble with the Bank Of Industry.
One of the founding distributors of Nollywood movies, Gabriel Okoye famously known as Igwe Gabosky is under a lot of pressure.
The Bank Of Industry are about to sell his house and other property to recoup a 500 million Naira loan that went sour.
Igwe Gabosky revealed in a meeting between the Nigerian Police force and the creative industry that activities of pirates in Lagos have ruined him, so re-paying the loan became impossible.
The loan, according to Gabosky was meant to create a reliable distribution network for intellectual properties in Africa, but pirates have left him bankrupt.
“The first movie I was to market was ‘Half Of A Yellow’, before I even finished printing the jackets, pirates had already flooded the market with fake copies and were selling them cheap”, he explained.
"The second one was “30 Days In Atlanta”, produced by AY and again movie pirates took over and the spoils were unevenly distributed.
"The third one was Kunle Afolayan’s ‘October 1’; go to Alaba international market, the traders behave as if they are an independent state in Nigeria and intellectual property laws do not work in the market. I am glad that the Police are coming to our rescue” he lamented.