I Only Have Access To 1% Of My $30m Net Worth – iRokotv Co-founder

The co-founder and Chief Executive Officer of iROKOtv, Jason Njoku, said 95 per cent of his $30m net worth is tied in stocks, saying he has access to only 1 per cent of the whole money.

The owner of iROKOtv, a web platforms that provides paid-for Nigerian films on-demand said this in a tweet.

The iROKOtv boss denied being cash rich, adding that the whole amount is “audio money” and it has not changed their lifestyle.

Njoku said, “My family’s wealth is $25-30m, 95% is audio (tied up in illiquid media plus internet stock), it’s a nice big number but it changes nothing. 95% is still audio. Do we live a great life? Completely. We’re 1%, but are we cash rich? Nope. We still dey find money.”

US based Forbes had listed the Nigerian as one of the entrepreneurs in the continent looking to dominate web platforms movie business.

According to Forbes list in 2013, the co-founder of iROKOtv was worth $30m, while he is projected to hit $40m over the coming years.

The CEO had, in 2020, shared how he spent 3 to 4 years denying the $30m net worth ascribed to him by Forbes to his mother, sister and acquaintances.

The company secured an initial investments fund of $3m from Tiger Global company in 2010.

iROKOtv also got an additional $22m from international venture capitals including Investment AB Kinnevik and RISE Capital.

Currently the platform has grown to the capacity of a catalogue of 5,000 movies and has offices in Lagos, New York and London.