CBN, Bankers committee award contract (worth $21b) for the refurbishment of National Art Theatre.

The Central Bank of Nigeria (CBN) and the Bankers’ Committee on Sunday 14th 2021 signed Memorandum of Understanding (MoU) and contract awards for the restoration and refurbishment of the National Arts Theatre, Iganmu, Lagos.

Renovation of the iconic structure which stand as one of the major symbols of Nigeria as a country as been a long conversation between the regulator and Banks for about a year and half but today signing of the MOU brings to reality the commitment to make it happen.

The project has been awarded to the following companies Cappa & D’Alberto Limited (main contractor) the Electrical Sub Contractor is Nairda Limited, while the Mechanical Sub Contractor is VACC Limited.
According to the CBN governor, Godwin Emefiele the Bankers Committee is ready to make available required funds for a prototype cluster located to the north of the National Arts Theatre. Emefiele called the development the “Signature Cluster”.

He said the facility will be a convenor – providing space, support network, business development and community engagement for the creative, cultural and technology sectors. The Signature Cluster will consist of a building each for Music, Film, Fashion and Information Technology verticals. 
Consequently, he said the 44 Hectare site adjourning the National Theatre will be developed and utilised for the development of purpose-built creative hubs for the Fashion Industry, Music and Film as well as Information Technology (IT).

Upon completion, the Edifice will deliver a successful Creative and Entertainment city that will encourage additional investment into Nigeria’s creative industry.
Speaking about the signature buildings, Emefiele said in addition to the four signature building there will be other facilities which include a multi-storey parking lot with a capacity of 500 cars, a police station, a fire station and a visitors Welcome Centre.
He also added that upon completion the renovated National Art Theatre will be hand over to world-class facility management.

“To ensure the National Arts Theatre and the adjoining entertainment hubs retain its decent and magnificent ambience, upon completion, the Ministry of information and the CBN/ Bankers committee will ensure that the edifice is managed by a world-class Facility Manager to be appointed using competent/ reputable consultants,” Emefiele said.
According to the Special Adviser to President Buhari on Digital and New Media, Tolu Ogunlesi, the 15 months timeline project is not financed by the government 

“The Banks (under auspices of ‘Bankers Committee’) are investing their money into the project. It’s not Govt financing. It’s a commercial project. Banks are investing money & setting up SPV to manage & operate Theatre & Creative Park for fixed period of time, & recoup investment.” Said Ogunlesi

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