CBN, Bankers' Committee award contract for refurbishment of National Theatre

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

The signing brings to fruition the commitment made by the regulator and the Banks head a year and a half ago.

National Arts Theatre is one of the most iconic buildings in Nigeria built nearly 45 years ago.

Speaking at the official signing of the MoU, Godwin Emefiele, governor of the CBN, said the Bankers’ Committee is providing funding for a prototype cluster located to the north of the National Arts Theatre, a development which he labelled 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. In addition, a Welcome/Visitor’s Centre, Police and Fire Stations, and structured parking for up to 500 vehicles will be built.

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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).

The aim is to deliver a successful Creative and Entertainment city that will encourage additional investment into Nigeria’s creative industry.

In addition to the four signature buildings, Emefiele said other support facilities which include multi-storey parking to accommodate 500 cars (the National Theatre currently has dedicated parking for 250 cars), a police station, a fire station and a visitors’ Welcome Centre would be built.

“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.

The main contractor for the project is Cappa & D’Alberto Limited, the Electrical Sub Contractor is Nairda Limited, while the Mechanical Sub Contractor is VACC Limited.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.