Notwithstanding the laudable objectives of restoring a national icon, and the promise of a revolution in the creative industry, the handover of the National Theatre complex in Lagos by the Federal Government to the Central Bank of Nigeria and the Bankers Committee requires transparency. 1. How much is going to be invested and over what period of time? 2. What is the structure of finance? 3. What are the deliverables? What do we get for the amount to be spent? Where is the project plan for this new hub? I presume before funding has been approved a study had been done, and a plan was fully prepared. Where is the plan? Is it a secret? 4. How does the plan intend to generate 1 million jobs? 5.
What will be the ownership & holding structure for the National Theatre after the investment? Who will run and manage it? A whopping N22bn into the redevelopment of a moribund iconic building for the creative industry to thrive; where is this money coming from? Whose money is it? Convincing stakeholders requires answers to the foregoing questions, which the Minister can answer. Seeing as the land and property belongs to the people of Nigeria it would only be right to spell out the commercial and ownership structure after the N22 billion investment.
