The Central Bank of Nigeria (CBN) is a main defendant in a legal dispute that is stalling a proposed development of the National Theatre. Investors, including foreigners, have mobilised about $2 billion for the project. Why is the CBN involved in an otherwise private project?
Answers to these questions may be given in court when the case commences at the Federal High Court, Lagos on March 18, 2021.
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TopWideApeas Consortium, winner of the concession which the Attorney-General of the Federation signed off finally on the agreement on 3 May 2017, is in court to stop the interference of the to all concerned federal government agencies/agents – the Minister for Information, Tourism and Culture, the National Theatre Management Board, Infrastructure Concession Regulatory Commission, Central Bank of Nigeria Governor and Mr. Wigwe (chairman of the Bankers Committee) to desist from tampering with its concession contract.
How the CBN got into the concession agreement to the exclusion of the rights owner is the wonder that TopWideApeas would want the court to resolve. In a statement, TopWideApeas revealed that the delays to realising the project started when, “With all the processes concluded, the Minister for Information, Culture & Tourism insisted on the formal presentation of the contract details to the Federal Executive Council and then said he was asked to step it down for now. By the time we had resolved, under the superintendence of the vice president (who at the material time was acting for the president) the information minister’s contrived and parochial obstacles, 18 months had elapsed and the formality of public signature and presentation got caught up and suspended by the distraction of the prelude and immediate aftermath of the 2019 general elections”.
TopWideApeas’ statement continued that, “In the open bid conducted in strict compliance with the provisions of the ICRC Act the TopWideApeas Consortium won and was duly announced the concessionaire for the development of the fallow lands surrounding the National Theatre Complex”.
The planned development was to turn “the fallow lands an eco-friendly grand mini-city housing two five-star hotels, water theme park, arts and entertainments arcades, office complexes shopping malls and a high-rise car par, as well as providing appropriate connections to the Lagos light rail Metro Blue Line station planned for the National Theatre Complex”.
With the earlier successes of a May 2013 letter of “No Objection” the Infrastructure Concession Regulatory Commission, ICRC, issued to the Minister of Tourism and Culture for “the development of complementary facilities to the National Theatre via Public Private Partnership (PPP) Procurement”, TopWideApeas Consortium and its partners raised $2 billion and other resources to develop the surroundings of the National Theatre to the standards in its proposal.
Some senior officials of the National Theatre Complex and other concerned federal government agencies concerned about how poor the National Theatre would look in the midst of the development, insisted that TopWideApeas should also assume responsibility for a comprehensive rehabilitation and upgrading of the complex to synchronise with the planned new structures. TopWideApeas agreed to bear the extra costs from the modifications and that upon completion of the rehabilitation, the upgraded National Theatre would be handed over to the Federal Government for the continued management by the board of the complex.
It is not clear why the CBN is insisting on taking over a project it claims would cost it N25billion of public money without a clear plan about the future of the development. Are there no areas of need the CBN can invest the money?
When TopWideApeas lawyers brought up the issue of contempt to the attention of the court, it was rejected, but a CBN senior manager, Mr. Daniel Inyang asserted that, “The alleged handover of the National Theatre, Iganmu and/or its adjourning fallow land to the 5th Defendant (CBN) could be as a result of media misinformation and sensationalism as the National Theatre was not handed over to the 5th Defendant.”
TopWideApeas’ suit is for all concerned federal government agencies/agents to desist Lagos on March 18, 2021.
*Akinyele, a public analyst, wrote from Lagos
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