Firm Asks CBN to Steer Clear of National Arts Theatre

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Firm Asks CBN to Steer Clear of National Arts Theatre

Firm Asks CBN to Steer Clear of National Arts Theatre
October 13
11:50 2019

The Central Bank of Nigeria and the Bankers Committee have been asked not to do anything with the National Arts Theatre because the property is subject of a pending suit at the Federal High Court in Abuja.

In a letter to the CBN Governor, Mr Godwin Emefiele, by the law firm of Aina Blankson acting on behalf of Jadeas Trust Limited, the firm told the CBN governor that it would amount to a contempt of court for him to interfere with the National Theatre .

Jadeas said it emerged the preferred bidder for the concession of the National Arts Theatre in 2013 following a bidding carried out by the National Council on Privatization and managed by the Bureau of Public Enterprises.

Recently, there have been reports that the federal government had handed over the National Theatre and the surrounding mass land to CBN and the Bankers a committee for the development of a Creative Industries Business Park.

Jadeas said that after it emerged as the preferred bidder, it quickly assembled a team of international government agencies and private sector partners to deliver a world class project which would serve as the new tourism and creative industries gateway into the country.

This plan was however truncated when in 2015, the National Theatre of Arts under the auspices of the Ministry of Information and Culture commenced a concession exercise that led to the emergence of Topwideappeas Consortium as preferred bidder. The exercise was supervised by the Infrastructure Concession Regulatory Commission.

Following the parallel concessions, Jadeas approaches a federal high court in Abuja seeking among other reliefs the completion of the concession process commenced by the BPE.

The law firm stated that both Jadeas and Topwideappeas has recently signed a memorandum of understanding to jointly develop the project.

It further added that the terms of settlement had been accepted by both the BPE and the ICRC.

It therefore warned that a committal proceeding would be initiated against CBN if the bank should go ahead to deal with the property in dispute.


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