$200m bonanza to the entertainment industry Who controls the fund?

Who controls the fund?
President Goodluck Jonathan last Saturday, at the 30th anniversary of the Silverbird Group, in Lagos, shocked Nigerian entertainers when he announced supporting the industry with a huge sum of $200 million  in recognition of the enormous contribution the entertainment sector has made over the years  towards the economic development of the country.
Announcing the release, Mr. President explained that  the money which is to be managed by the Central Bank, will make funds available in form of soft loans to encourage  movie producers, musicians and other entertainers.
Recall that the president late last month acknowledged the contribution of Nigerian writers, musicians and movie producers when he wrote on his facebook message entitled, ‘Nigerian keep your culture” as part of his series of Nigerian at 50 years.

Also, during the nation’s 50th independence anniversary, the president gave kudos to Nollywood.  He equally made case for the industry by asking the nation’s embassy to begin to promote Nollywood and music. Given this  gesture, HVP sought the reaction of some of the practitioners and this is what they have to say….
Don’t cause inflation —eLDee, musician
I don’t really know how they intend to release money to an industry that doesn’t have a structure. How did they even come by the figure? Some statements are just ambiguous. But if it’s true, it’s a good thing. The problem will be how to share the money. If they can work out a way that a few greedy people will not sit on the money, that will work. You don’t just give stimulus to people without a structure. They should put a structure in place and then tell us what you want to be done with the money. Don’t just cause inflation.
List out modalities– Bond Emerewu, CONGA president
We are yet to understand the modalities for accessing the fund. Therefore I cannot make any official statement in connection with the pronouncement by Mr. President at the moment.
Actually, I’m aware of the announcement but we want to keep our fingers crossed as we  watch development before coming out with a statement.
Soft loans is the way to go — Cally Ikpe
The president has good intentions no doubt but I can’t trust the implementation. They’ve not shown me any sign of seriousness.
They need to work hard and convince us this is not a fluke. I know he means well. The mechanics that will be employed so that this doesn’t turn into a national cake is what we await. I’ll suggest that the money should be deposited in the financial institutions and disbursed in terms of soft loans without stringent conditions. Integrity is also key. We should work on ourselves.
Only elected excos should appropriate the fund     — Emeka Ike,
It’s a welcome development but only a democratically elected exectives can appropriate the fund. The said fund can only be useful to Nollywood when the crisis rocking the industry is resolved.
Actually,  we welcome the gesture but the industry must be refocused and made to be crisis-free to enable us benefit from the fund.
It’s a blessing — Weird MC, artiste
I think for once that we should be positive. I think it’s a good thing for the industry. It’s a blessing. I just hope the money gets into the right hands especially the upcoming acts.
Hope it’s not a political statement— Alex Eyengho
It’s no doubt a boost to the entire Nigerian entertainment industry. However, As members of the  Association of Core Nollywood Producers(ANCOP) we hope this is not a mere policy or political statement.
In terms of utilization, the Nigerian entertainment industry must first be properly defined. Nollywood’s share of the gesture should be put on hold and kept in an escrow yielding account until MOPICON is put in place.
For now, the fund should not be handed over to any individual or group of self-serving individuals in whatever names, masquerading as representative of the entire Nollywood practitioners.

Source:http://www.vanguardngr.com/2010/11/200m-bonanza-to-the-entertainment-industry-who-controls-
the-fund/