According to Lai Mohammed, the Minister of Information and Culture disclosed that the national edifice was handed over as a result of financial difficulty.

The minister maintained that the President Muhammadu Buhari-led administration, does not have the money to renovate the national theatre. Thus, the handing over became a neccessity.

In an interview with Radio Nigeria, Mohammed admitted that for over 43 years the national theatre has been suffering due to lack of funding from the government.

His words; “The handover of the national theatre to the CBN is one of the many steps by government to reposition the creative industry.

“For more than 43 years, there has been really no serious renovation as a result of lack of fund by the government and the edifice is in a sorry state. Several attempts to privatise or concession the edifice either before or during my tenure as minister has failed, and the truth of the matter is that government has no money to embark on the renovation.

“Therefore, when the CBN made the offer, we saw it as a golden opportunity to return the national theatre to its glory days.”

Our backstory…

Unmask NG, in July 2020, reported that the national theatre had been handed over.

In what appeared to be a fraudulent move, the Federal Government has for the second time in less than a year, handed over the country’s National Arts Theatre to the CBN, and Bankers’ Committee, for renovation.

Prior to the latest handing over development, about nine months ago, precisely October 2019, the Federal Government handed over the National Theater, located in the Iganmu area of Lagos, to the CBN and Bankers’ Committee, for the same reason.

In a surprise turn of events, on Sunday, July 12, 2020, this same government repeated the same action, in a similar way.

The post Revealed: This Is Why FG Handed Over National Arts Theatre To CBN appeared first on Business News in Nigeria.

Recall that about nine months ago, precisely October 2019, the President Muhammadu Buhari-led government handed over the National Theater, located in the Iganmu area of Lagos, to the CBN and Bankers’ Committee, in order to renovate and construct it into a world-class convention centre.

In a surprise turn of events, on Sunday, July 12, 2020, this same government repeated the same action, in a similar way.

Having been handed over for renovation, a 40-acre Creative Industry Park is expected to be developed around the National Theatre. Unmask NG understands that the development was meant to boost the growth of the creative sector in diverse areas like entertainment, movie, music, fashion, and ICT.

As stated when first handed over, Governor Godwin Emefiele of the CBN, said the National Arts Theatre would be transformed into a high revenue-generating hub, adding that under the CBN Creative Industry Financing Initiative, a hub would be built around the edifice to accommodate talented youths so that they can develop their God-given gifts.

The CBN boss also expressed conviction that the project would eventually lead to the buildup of a more resilient economy.

Budget for the renovation

Although, the money budgeted for the renovation of the National Arts Theatre is yet-to-be made public. However, going by a disclosure made by Emefiele during the 11th Bankers Committee Retreat in Ogere, Ogun State, it is most likely that about N25 billion, have been spent twice to revive the moribund National Arts Theatre.

If not, why the renovation of the National Arts Theatre has been handed over twice to the CBN and Bankers’ Committee for renovation, in different ceremonies, is a question that begs for answers.

The post Corruption Alert? FG Hands Over National Arts Theatre To CBN For Second Time In A Year appeared first on Business News in Nigeria.