D’banj proposes intellectual property as collateral for bank loan


Singer D’banj has advocated the use of intellectual property as collateral for bank loan.

The 40-year-old said this in Abuja on Friday at the inauguration of Nigerian Export-Import (NEXIM) Bank’s Women and Youth Export Fund (WAYEF) platform for easy access to funds.

A statement issued by the singer’s manager Damian Okoroafor quoted him as saying the creative industry was a bigger exporter of Nigerian products than the country’s crude oil and as such it deserved all the attention it needed to enable it grow.

“Our creative industry is a bigger and better export than the oil industry. So, there is the need for more access to stress-free funds for those in the creative industry, using their intellectual property as collateral.

“When you look around the world, one of our biggest exports is the creative sector, thanks to our music, movies and photos.

“So, WAYEF is another opportunity to fully throw some weight behind the creative industry, through capacity training or access to funds,” Okoroafor quoted D’Banj as saying.

D’banj had on March 26 rewarded five young talented Nigerians with one million naira each to develop themselves.