Firm challenges banks on National Theatre deal

Our Reporter Winner of concession to manage the National Arts TheatreTopWideApeas Consortium has concluded plans to challenge attempts by the the Bankers Committee and other bodies from tampering with its contract.Citing an agreement signed off on May 3, 2017, which confers it as winner of the concession by the Attorney-General of the Federation, the firm is in court to stop the interference of concerned Federal Government agencies, the National Theatre Management Board, Infrastructure Concession Regulatory Commission and others from tampering with its concession.In a suit billed for hearing at the Federal High Court, Lagos on March 18, 2021, the firm is challenging the position of the CBN in stalling the proposed development of the national theatre where investors including foreigners have mobilised about $2 billion for the project.In a statement, TopWideApeas said the delays to realising the project started when with all the processes concluded, the government insisted on the formal presentation of the contract details to the Federal Executive Council (FEC).TopWideApeas statement read: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 into 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 park, as well as providing appropriate connections to the Lagos light rail Metro Blue Line station planned for the National Theatre Complex.
Click here to read full news..