Festac 77 sequel gets Afreximbank backing in Lagos deal
- Adonis Production has signed an investment agreement with Canex Creations Incorporated for its film 77: The Festac Conspiracy.
- The deal was sealed at the National Theatre in Lagos during the 2026 Canex Weekend.
- The film, a follow-up to 76, is expected in cinemas in early 2027.
A Nigerian film about the 1977 Festival of Arts and Culture has secured backing from a commercial arm of the African Export-Import Bank (Afreximbank), in a deal signed in Lagos this week.
The agreement covers 77: The Festac Conspiracy, a follow-up to the film 76, which is still showing on Netflix. It was signed at the banquet hall of the National Theatre during the 2026 Canex Weekend.
Prince Tonye T. J. T. Princewill, executive producer of the film and chairman of Adonis Production's board, signed for the production company. Canex Creations Incorporated (CCI), a commercial subsidiary tied to Afreximbank's $2 billion fund, signed on the bank's side.
CCI chief executive Osahon Akpata described the project as a film Africa can be proud of, and said his team would give it full support. He also urged other filmmakers to follow Adonis Production's push for high standards.
Princewill thanked the CCI team for putting money behind the film and said he would give them reason to invest again. He said Adonis Production tells true stories because Africa has plenty of truth to share, adding that reality outdoes fiction. He noted that both the National Theatre building and the Festac village were inspired by the same festival, and said it was an honour to mark its 50th year with the film.
Afreximbank executive vice president Kanayo Awani, who also chairs the CCI board, joined the signatories on stage.
Why it matters
Nollywood films are usually financed by private distributors and streaming deals. Bank-backed money of this kind is less common, and it can mean steadier funding for big-budget productions and more work for crews, actors and technicians in Lagos.
The Canex Weekend brings filmmakers, buyers and financiers together, and a signed deal at the event gives other Nigerian producers a visible example to point to when seeking partners.
What happens next
77: The Festac Conspiracy is due in cinemas in early 2027. The sources did not give the size of the investment or the terms of the agreement.
