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CBN, Bankers’ Committee signs MOU with FG for National Arts Theatre, creates clusters

The CBN, Bankers’ Committee have signed an MoU with the Federal Government for the handover of the National Arts Theater.



The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has led other members of the Bankers’ Committee to sign a Memorandum of Understanding (MOU) with the Federal Government for the handover of the National Arts Theater, Iganmu, Lagos.

This is as the national monument, which was completed in 1976, will have Cappa & D’Alberto Limited as the main contractors, Nairda Limited as the electrical sub-contractor and VACC Limited as the mechanical sub-contractor.

The disclosure is contained in a statement from the CBN, through a series of tweet posts on its official Twitter handle on Sunday, February 14, 2021.

Emefiele said that revamping the National Arts Theatre would unlock the creative talents of hundreds of thousands of Nigerian youths in the fields of music, movie production, fashion, and information technology.

The statement said that the Bankers’ Committee would provide funding for a prototype cluster labelled, ‘The Signature Cluster’ which consists of a building each for music, film, fashion and information technology verticals.

The prototype cluster is also expected to include a welcome/visitor’s centre, police and fire stations, and structured parking for up to 500 vehicles will be built.

It was also said that the CBN boss was full of praises for President Muhammadu Buhari for his magnanimous approval of the handover of the National Arts Theatre, as well as the pivotal role he continued to play in providing the Nigerian youths with limitless opportunities to reach the summit of their capacities.

The signing ceremony also had in attendance, Lagos State Governor, Babajide Sanwo-Olu, Herbert Wigwe, the MD/CEO of Access Bank Plc and Chairman Body of Bank CEOs, Sunday Dare, Minister for Youth and Sports, Lai Mohammed, Minister for Information and Culture, and others.

What you should know

  • It can be recalled that around July 2020, the Federal Government announced the official handover of the National Arts Theatre Complex to the CBN and the banks under the aegis of the Bankers’ Committee, in order to commence the renovation of the facility.
  • The Federal Executive Council had, a few days ago, approved an MOU between the Federal Ministry of Information and Culture and the Bankers’ Committee for the renovation of the National Arts Theatre with the CBN expected to provide about N21.89 billion.
  • The Bankers’ Committee will be expected to manage the facility for a few years before handing it over to the Federal Government.

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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