“I’m Still Not Rich After 60 Years in Nollywood” – Jide Kosoko

Veteran Actor Opens Up on Industry Struggles, Piracy, and Financial Realities

Published on March 24, 2025
By Sunny Green Itodo

Renowned Nollywood veteran, Prince Jide Kosoko, has revealed that despite his over six decades in the Nigerian movie industry, he does not consider himself wealthy by Nigerian standards.

Speaking on The Honest Bunch Podcast, the 71-year-old actor shared his thoughts on the financial struggles of actors in Nollywood, the impact of piracy on the industry, and why many legendary actors do not attain long-term financial stability.

Not Wealthy, Just Comfortable

Kosoko, who began acting as a child in 1964, expressed gratitude for his career longevity but lamented that fame does not always translate to wealth in the Nigerian entertainment industry.

“I have been in this industry for this long. I thank God that I can eat three square meals. But can I claim to be a rich man by Nigerian standards? No,” he said.

The veteran actor admitted that while he has lived a comfortable life, he has not accumulated the kind of wealth many assume he has, given his status as one of Nigeria’s most respected actors.

Piracy Has Devastated Nollywood’s Economy

Kosoko went on to highlight the negative impact of piracy on Nollywood’s financial structure, explaining that it has prevented many actors and filmmakers from fully enjoying the rewards of their hard work.

“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?”

He criticized the current penalties for piracy, arguing that fines alone are not an effective deterrent against the illegal duplication and distribution of creative works.

“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.”

According to Kosoko, the government needs to implement harsher laws to protect the livelihoods of actors, directors, and producers who suffer financially due to the rampant piracy of their movies.

Nollywood’s Financial Challenges

Despite being Africa’s largest film industry, Nollywood still struggles with financial sustainability, leaving many veteran actors without substantial wealth or retirement security.

Kosoko noted that the industry’s poor royalty system, lack of residual payments, and inconsistent income streams contribute to why even some of the biggest names in Nollywood do not have long-term financial security.

Many actors, he said, often depend on movie contracts and personal businesses to survive, as the industry lacks a structured system that guarantees steady earnings.

Jide Kosoko’s Legacy in Nollywood

Prince Jide Kosoko began his acting career in 1964, starring as a child actor in the television production “Makanjuola.” Since then, he has featured in hundreds of movies in both English and Yoruba languages, earning widespread recognition for his versatility and talent.

Over the years, he has received numerous awards for his contributions to the Nigerian film industry and has remained an influential figure in mentoring young actors and advocating for industry reforms.

Reactions from Nigerians

Kosoko’s revelation about not being wealthy despite decades in Nollywood sparked widespread conversations among Nigerians, with many sharing their thoughts on the plight of veteran actors in the industry.

A social media user, @TundeReal, commented:

“It’s really sad that actors who entertained us for years are not financially secure. The Nigerian film industry must do better to protect its legends.”

Another user, @AmakaBlessing, wrote:

“Nollywood needs to establish better payment structures and pension plans for its actors. These veterans deserve to live comfortably after years of hard work.”

What’s Next for Nollywood?

Kosoko’s statements have reignited discussions on how to improve Nollywood’s financial systems, with industry stakeholders calling for:

✔ Stronger anti-piracy laws to protect intellectual property
✔ Structured royalty payments for actors and filmmakers
✔ Retirement benefits and pension schemes for industry veterans
✔ Better revenue-sharing models to ensure fair compensation

Read also: “I’ll Never Stop Speaking Up Against Oppression, Bad Governance” – Mr Macaroni

For now, Kosoko remains committed to his craft, continuing to star in movies and advocate for the progress of the Nigerian film industry.