The Nigerian version of the globally acclaimed business reality television show, ‘Lions’ Den’ is currently in the works.

The producer of the show, Ultima Studios, revealed this on Wednesday during a media interview in Lagos.

The show, the first of its kind in Nigeria, is a variation of the original show that was first aired in Japan and has now been produced in over 30 countries.

The show targets entrepreneurs who have good business ideas but need to raise funds to advance their business.

In his address, the CEO of Ultima Studios, Femi Ayeni, said an agreement has been reached with UK-based Sony Pictures Television to produce the reality show in Nigeria.

He said, “Ultima’s choice of Lions’ Den as its next venture is a celebration of the entrepreneurial spirit of Nigerians. The programme will not only provide exciting viewing for viewers at home; but will also provide an opportunity for serious entrepreneurs to attract much-needed investments.

”Furthermore, as has been the case in all other countries where the show is running, it is not just the entrepreneurs but also the viewers at home that will benefit from the comments made by the Lions.”

Also speaking at the event, the Senior Vice President, UK, Iberia & Africa Distribution, Sony Pictures Television, Mark Young , said, “SPT already have a fantastic and longstanding relationship with Ultima Limited and we are thrilled to be working alongside them once more to bring Lion’s Den back to Nigeria. Ultima and SPT have had great success working together on Nigeria’s longest running reality show ‘Who Wants to be a Millionaire’ and we look forward to continuing to develop many more exciting projects in the future.

The basic format of the show also sees entrepreneurs pitch bold new ideas and inventions to five millionaires (the investors), in search of investments to fund the growth of their business ideas.

The entrepreneurs must convince one or more of the investors to invest a specific amount of their money – or they fail. They will need to prove themselves with hard facts and figures, and answer the investors’ probing questions.

If a pitch impresses the investors, they negotiate aggressively to own the biggest possible share in the venture in exchange for cash.