Tuesday , October 26 2021
CBN, Bankers' Committee Signs MOU for National Theatre Renovation

CBN, Bankers’ Committee Signs MOU for National Theatre Renovation



The Bankers’ Committee led by the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on Sunday signed a Memorandum of Understanding (MOU) with the Federal Government for the handover of the National Arts Theatre, Iganmu, Lagos.

In July 2020, the federal government handed over the National Theatre to the Central Bank of Nigeria and the Bankers committee for restoration and development of the 134 hectares of fallow land within the premises.

Mr. Emefiele said revamping the National Arts Theatre will unlock the creative talents of hundreds of thousands of Nigerian youth in the fields of music, movie, fashion, and information technology.

“Bankers’ Committee to provide funding for a prototype cluster labeled “the Signature Cluster” which consists of a building each for Music, Film, Fashion, and Information Technology verticals,” he tweeted Sunday.

“In addition to these, a Welcome/Visitor’s Centre, Police and Fire Stations, and structured parking for up to 500 vehicles will be built.

“Main contractor is Cappa & D’Alberto Limited, the Electrical Sub Contractor is Nairda Limited, while the Mechanical Sub Contractor is VACC Limited.”

The governor commended President Muhammadu Buhari for his “magnanimous approval for the handover of the National Arts Theatre as well as the pivotal role he continues to play in providing the Nigerian youths with limitless opportunities to reach the summit of their capacities”.

The Federal Executive Council (FEC) on February 10 approved an agreement that will lead to the renovation of the National Theatre in Lagos for N21 billion.

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According to the Minister of Information and Culture, Lai Mohammed, who disclosed the development after the FEC meeting, the CBN will invest the money in the project in a PPP arrangement.

“The CBN through the Bankers Committee is willing to invest N21,894,000,000 to renovate the National Theatre, refurbish it, and run it profitably.”


About Bukola Olanrewaju

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