Chocolate City Group, one of Africa’s leading entertainment companies, has launched a $1 million Founders Fund to support early-stage startups in Nigeria’s growing creative sector. The announcement coincided with the company’s 20th anniversary and the 50th birthdays of co-founders Audu Maikori and Paul Okeugo. The fund is designed to provide equity investment and mentorship to startups in music, film, and creative technology, addressing long-standing financing challenges in Nigeria’s creative economy, which is projected to reach $15 billion by 2025. The launch was officiated by Nigeria’s Minister of Arts, Culture, Tourism, and Creative Economy, Hannatu Musa Musawa, in front of over 500 industry stakeholders, international partners, and media representatives.
Audu Maikori, Chairman of Chocolate City Group, emphasized the importance of providing patient capital to young entrepreneurs with genuine potential, noting that financial institutions often struggle to understand creative businesses and that investors typically seek quick returns. The Founders Fund is intended to bridge the financing and structural gaps that Maikori and Okeugo themselves faced while growing Chocolate City into one of Africa’s most successful independent entertainment companies.
This initiative underlines Chocolate City Group’s commitment to fostering innovation and supporting the next generation of creative entrepreneurs in Nigeria, providing both financial backing and mentorship to help them scale and succeed.
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