Nigerian oil tycoon Tunde Folawiyo launches creative studio in Lagos State

In March, Nigerian oil tycoon Tunde Folawiyo’s five-year-old entertainment firm, the Temple Company, announced the launch of a multi-functional creative studio in Lekki in Lagos State.

Vanguard cited Temple Company Group CEO Idris Olorunnimbe as stating that African talents now have access to a local studio meeting Hollywood standards. Olorunnimbe claimed that the studio is an entire ecosystem for audio and video content production.

“It has always hurt me when our exceptional talent has to hop on a plane as the only recourse to match their imagination with execution,” he said. “Ogidi brings an end to that. Anything you can dream can be achieved right here.”

The news initially failed to make waves in the media. However, things began to change for the better when representatives of the Nigerian government, dignitaries and celebrities attended the official launch ceremony to support the hub.

Business Day quoted Nigeria’s Vice President Yemi Osinbajo as saying: “With the Ogidi Studios, Nigeria now operates on the same level of sound and video technology with major global players. The entire value chain in music and entertainment can now be local. So, we are at the cusp of a revolution in entertainment production, creative talent and services, and a major economic opening for business in Nigeria.”

A partnership was also unveiled at the ceremony between the government and Temple Company to train 1,000 youths to work in the industry. Youth and Sports Development Minister Sunday Dare said the studio is a unique opportunity to engage young people.

The partnership will cover graphic design, 2D animation, video editing, sound production, cinematography, art direction, filmmaking and creative writing.

Folawiyo is a Nigerian-dollar millionaire and managing director of the Yinka Folawiyo Group, a conglomerate with investments in energy, agriculture, shipping, real estate, and engineering. As of 2014, Forbes estimated his net worth at $650 million.In January, Ardova, a leading oil and gas firm in Nigeria, announced its acquisition of Enyo, an oil retail company with 93 outlets owned by Folawiyo, Business Post reported.