$3.5b National Theatre concession suit for March 3

By Robert EgbeThe Federal High Court in Lagos will, on March 3, hear a suit filed by Topwideapeas Limited challenging the nullification of its concession on the National Theatre complex in Iganmu, Lagos.The plaintiff said it earmarked $3.5 billion for the projects development before the contract was allegedly breached.Topwideapeas, through its counsel Chijoke Okoli (SAN), is praying the court to declare the concession termination as unlawful.The National Theatre and the National Troupe of Nigeria Board, Infrastructure Concession Regulatory Commission, Minister of Tourism, Culture and National Orientation, Attorney-General of the Federation (AGF), Central Bank of Nigeria (CBN), Access Bank of Nigeria Plc and its Group Managing Director, Mr Herbert Wigwe, are the defendants.Read Also:N22b Creative Industry Fund: CBN, Lagos assess National TheatreThe plaintiff prayed the court to declare that it has a valid and binding contract on the concession of the fallow land surrounding the National Theatre complex in the updated draft Concession Agreement between it and the Federal Government.The company is also praying for an order of perpetual injunction, stopping the defendants or their agents from interfering with its right as the concessionaire of the fallow land.It is praying for an order directing the defendants to ensure prompt handover of the fallow land to it for the commencement of construction of the projects planned under the concession agreement.Topwideapeas is claiming the N1 billion damages and N50 million as the cost of the suit.
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