CULTURE and tourism minister Chief Edem Duke has sold the National Theatre in Lagos to United Arab Emirates conglomerate Mulk Holdings in a deal said to be worth about $40m under which the facility will be turned into a shopping mall.

Build in 1976, the National Theatre, Iganmu, shaped like a military cap,  has been Nigeria's most iconic building and was the nation's showpiece facility when it hosted the black cultural festival Festac in 1977. However, since then, the building has fallen into a state of disrepair and is said to be sinking into the marsh upon which it was built.

Last year, Chief Duke considered turning the theatre into a hotel but his plans were rejected and ever since then, he has been looking for a buyer for the facility. Apparently, he has now entered into an arrangement with the Mulk Holdings, a diversified conglomerate with interests in retail and other businesses.

According to sources close to the deal, a concessionary arrangement has been signed between the Bureau of Public Enterprises (BPE); Chief Duke; Kabiru Yar’Adua, the general manager of the National Theatre and representatives of Mulk Holdings, under which the buyer provide of $40m counterpart funding into a project.

Mr Yar'Adua said: “Mulk Holdings has announced its entry into the retail sector in West Africa through a $40m joint venture to develop Nigeria’s National Arts Theatre in Lagos into a duty-free shopping centre in partnership with the Suzanne Group. The interior of the National Theatre will be redesigned and renovated into a modern duty-free and retail shopping mall and the project will cover approximately 30,000m2 of the existing space in two 15,000m2 phases.”

Chief Duke added: “The National Theatre has been the hub of cultural activities in Nigeria since 1976 and this will kick-start a master re-development programme for this area. As part of the continuous drive to promote culture and tourism, the federal government is making necessary arrangements to transform the land into a modern mixed-use commercial and business hub of global standards.”

Future plans will involve leasing the land around the theatre to the Suzanne Group in a 30-year concession. Based in Dubai, the Suzanne Group caters to duty free shopping outlets in international airports and seaports, and is a registered supplier of services to the offices of the United Nations.

source:  Nigerianwatch