Veteran Nollywood actor Jide Kosoko has made a shocking revelation about his financial status despite spending over six decades in the Nigerian movie industry. The renowned 71-year-old actor disclosed that, although he has been active in Nollywood for 60 years, he does not consider himself a wealthy man.
Speaking in a candid interview on *The Honest Bunch* podcast, Kosoko explained that while he is financially stable and able to afford his basic needs, he does not meet the standard definition of a rich man in Nigeria. He expressed gratitude for his ability to sustain himself but lamented the financial struggles that many Nollywood veterans continue to face despite their years of dedication to the industry.
“I have been in this [movie] industry for this long. I thank God that I can eat three square meals. But can I say I am a rich man by Nigerian standards? No,” he stated during the interview.
Kosoko attributed the financial struggles of many Nollywood veterans to the devastating effects of piracy. He argued that piracy has significantly affected the revenue of the industry, preventing actors, producers, and filmmakers from reaping the full benefits of their hard work. He emphasized that many Nollywood veterans, including himself, have been unable to amass substantial wealth due to the rampant illegal distribution of their movies.
Expressing his frustration, the actor called for stricter penalties against piracy, stating that the current copyright laws in Nigeria are too lenient. He explained that pirates continue to profit massively from the hard work of content creators, and the fines imposed on them are insignificant compared to the wealth they accumulate through illegal means.
“The punishment in the copyright law for piracy is still not strong enough as far as I am concerned. Somebody who has been pirating people’s works for years is a billionaire, so how much do you want to fine him?” Kosoko questioned.
“Fine him N500 million, and he will just bring it out of what he has sold. But if you attach a 20-year jail sentence to it with no option of a fine, people will refrain from piracy,” he said.
The veteran actor emphasized that the issue of piracy is not only affecting actors but the entire Nollywood industry, from producers to crew members. He argued that if piracy is not tackled with severe legal consequences, upcoming actors and filmmakers will continue to struggle financially, just as many veterans have over the years.
Kosoko, who started his acting career in 1964 as a child actor in the television production *Makanjuola*, has starred in hundreds of Nollywood films spanning both English and Yoruba genres. Despite his immense contribution to the growth and development of the Nigerian film industry, he noted that the lack of a well-structured financial system for actors has made it difficult for many veterans to achieve lasting financial security.
He further pointed out that the entertainment industry in other countries, such as the United States, provides actors with royalties from their previous works. However, in Nigeria, once an actor is paid for a role, they do not earn anything from future sales or distributions of the film. This, according to him, is another reason why many Nollywood stars struggle financially after years of service to the industry.
Despite these setbacks, Kosoko expressed hope that the industry would eventually improve if piracy is tackled effectively and if better structures are put in place to ensure actors receive long-term financial benefits from their work. He urged the government and relevant stakeholders to take urgent action to protect the interests of Nollywood professionals and secure the industry’s future.
As Nollywood continues to grow into one of the largest film industries in the world, Kosoko’s revelations have sparked discussions about the need for structural reforms to ensure that actors, producers, and all industry stakeholders are adequately rewarded for their contributions.