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Bankers’ committee spent $100m on National Theatre – Emefiele

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The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, said on Saturday the Bankers’ Committee spent $100 million on the ongoing renovation works at the National Art Theatre in Lagos.

Emefiele, who disclosed this to journalists in Abuja, said more funds would be invested into the project as foreign investors had started showing interest in the theatre built in 1977.

Ripples Nigeria had reported that the banker’s committee and the CBN had taken over the project to complete its renovation for commercial purposes.

The committee provided the funds for a prototype cluster labelled “The Signature Cluster” with a building specifically designed for music, film, fashion and information technology verticals.

READ ALSO: Nigerian govt hands over National Theatre to CBN, Bankers’ Committee for restoration, upgrade

Emefiele said: “For avoidance of doubt, this project is costing the bankers’ committee, by last estimates, about $100 million. More will be invested in this project, but it is going to be a business where the monies will be realised again.”

It was gathered that the majority of the foreign investors are from the United States, with their focus also on the creative opportunities.

He added: “I’m happy that foreign investors are already showing interest.

“I want to place it on record that we have received enquiries from the United States from investors who have said that they are interested in taking a look at not just the National Arts Theatre, but also the creative opportunities that we are developing around here.

“So, I must say that this is exciting for us at the Bankers’ Committee and also at the Central Bank of Nigeria.”

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