Chocolate City Group has announced the launch of the $1 million Chocolate City Founders Fund, a financing initiative aimed at supporting early-stage startups within Nigeria’s fast-growing creative economy. The fund will focus on ventures in music, film, and creative technology, addressing one of the sector’s most pressing challenges—access to sustainable financing. The announcement coincided with Chocolate City’s 20th anniversary celebration and the 50th birthdays of its co-founders, Audu Maikori and Paul Okeugo.
The fund is positioned to bridge critical funding gaps that have historically constrained growth in Nigeria’s creative industries, which are projected to reach a market value of $15 billion by 2025. By providing both equity investment and mentorship, the initiative aims to help young entrepreneurs build scalable, sustainable enterprises that go beyond short-term financial injections.
According to Audu Maikori, Chairman of Chocolate City Group, traditional financial institutions have long struggled to grasp the unique dynamics of creative businesses, making it difficult for founders to access capital. “The fund will provide patient capital from investors who understand the long-term value of intellectual property, brand building, and creative innovation,” he explained. “We’re investing in companies that blend creative excellence with sound business discipline.”
Paul Okeugo, Vice-Chairman of Chocolate City, emphasized that mentorship will form a crucial part of the program, particularly in areas like rights management, contract design, and operational sustainability. “Capital alone doesn’t build great companies,” he said. “We’re sharing the same structural support systems that helped us remain independent while competing on a global level.”
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The Founders Fund will be managed in partnership with Co-Creation Hub (CcHUB), which will oversee applications, due diligence, and portfolio development. CcHUB’s Managing Director, Ojoma Ochai, highlighted that the collaboration merges deep industry experience with the innovation support network required to nurture a strong creative startup ecosystem.
Financial advisory services for the fund are being provided by Argentil Capital Management. Its Managing Partner, Gbenga Hassan, underscored the sector’s potential, pointing to 63 percent annual growth in music streaming and Nollywood’s production of more than 2,500 films annually. Yet, he noted, access to structured financing remains minimal.
By coupling investment capital with strategic mentorship and operational guidance, the Chocolate City Founders Fund aims to build a new generation of investable creative enterprises, positioning Nigeria’s creative economy as a global powerhouse in entertainment, digital innovation, and intellectual property development.
