…Bankers’ Committee spent N68bn on National Theatre – Cardoso
President Bola Ahmed Tinubu on Wednesday called on the Central Bank of Nigeria (CBN) to establish an endowment fund for the maintenance of the National Theatre, now renamed the Wole Soyinka Centre for Culture and Creative Arts, following the completion and official reopening.
Speaking at the reopening ceremony in Lagos, Tinubu announced that he would personally contribute to the proposed fund, which is intended to support the long-term growth and sustainability of Nigeria’s vibrant creative industry.
The President also urged Nigerians to shift from negative narratives about the country and instead focus on telling positive stories that reflect belief in Nigeria’s promise and potential.
“It has been a wonderful evening, and I have enjoyed myself. It is now left for Cardoso and others to put together an endowment fund, and I will contribute to it. It’s not a bad thing for us to use this opportunity to create jobs, maintain accessibility, and commitment. This place will not go dry again”, Tinubu said.
Olayemi Cardoso, governor of the Central Bank, revealed that the Bankers’ Committee invested N68 billion in the restoration and modernisation of the National Theatre complex.
He described the effort as a deliberate and transformative investment in Nigeria’s cultural future, not just a corporate social responsibility gesture.
“This edifice has stood for nearly half a century as a proud symbol of our heritage. Completed in 1976 and inaugurated during FESTAC ’77, it became a beacon of African creativity and a repository of our shared history,” Cardoso said. “Many will recall both its golden years of cultural vibrancy and the long period of neglect that followed. Even in silence, the Theatre remained the soul of our cultural identity, awaiting revival. Today, that day has come.”
He noted that the revival of the Theatre began in 2020 through a landmark public–private partnership, when the Federal Government approved the transfer of the facility and its estate to a special collaboration involving the CBN on behalf of the Bankers’ Committee. What started as an ambitious vision to reimagine an aging monument has become a stunning reality.
According to him, the journey was not without challenges, ranging from structural complexities and contractual issues to delays caused by the global pandemic. However, the project remained close to the President’s heart, and it was Tinubu’s vision that elevated it from a simple restoration to a symbol of national renewal. The decision to rename the facility in honour of Nobel Laureate Wole Soyinka, he said, demonstrated the government’s bold intent to place creativity at the centre of Nigeria’s cultural and global renaissance.
“The Wole Soyinka Centre is more than a renovation; it is a rebirth,” Cardoso said. “Its iconic silhouette has been preserved while delivering world-class performance halls, cinema spaces, exhibition galleries, an African literature library, rehearsal rooms, media and medical facilities, and fully modernised infrastructure. The surrounding grounds now offer landscaped gardens, outdoor exhibition areas, upgraded access, and seamless integration with the Lagos Blue Line rail, placing culture at the heart of city life.”
He emphasised that the success of the project was the result of extraordinary partnerships. “The CBN, the Bankers’ Committee, the Lagos State Government, and the Ministry of Art, Culture and the Creative Economy came together with a shared purpose. The Bankers’ Committee alone committed N68 billion, not as corporate social responsibility (CSR), but as a deliberate investment in Nigeria’s cultural future. This project proves that when public and private sectors unite behind a national purpose, there is no limit to what Nigeria can achieve.”
Looking to the future, Cardoso said the Wole Soyinka Centre is not only a tribute to history, but a launchpad for the future. He noted that Nigeria’s creative industries have the potential to generate billions in revenue and create millions of jobs, but beyond economics, culture embodies the identity and soul of the nation. “With this restoration, we are investing in our youth, in our stories, and in Nigeria’s rightful place on the global stage.”
Babajide Sanwo-Olu, governor of Lagos State welcomed guests and reflected on the deep historic significance of the event. He expressed gratitude for President Tinubu’s presence, noting that the reopening coincided with Nigeria’s 65th Independence Anniversary. He reminded attendees that Lagos was the very city where, in 1960, the Union Jack was lowered and the Nigerian flag was raised for the first time. Sanwo-Olu praised the President’s enduring impact on Lagos and reaffirmed the state’s commitment to preserving and celebrating the nation’s cultural milestones.
He described the reopening of the Theatre as more than a renovation, it was a cultural and spiritual rebirth. He recalled that nearly 50 years ago, the same venue hosted FESTAC ’77, a pan-African celebration of culture and unity. The event, he said, demonstrated Africa’s capacity to use culture as a unifying force. The renaming of the Theatre in honour of Wole Soyinka, he added, reflects both respect for a national icon and Nigeria’s cultural ambition on the global stage.
Sanwo-Olu highlighted the collaboration behind the transformation of the Theatre. He credited the Federal Government, CBN, Bankers’ Committee, and Lagos State for the successful execution of the project. He also noted that Lagos contributed additional land for the development and ensured direct connectivity to the Lagos Blue Line Metro, placing infrastructure and accessibility at the core of the revitalised complex.
The governor envisioned Lagos as a leading cultural capital of Africa. Sanwo-Olu thanked all stakeholders and pledged Lagos State’s continued commitment to making the city a beacon of creativity and innovation across the continent.
The ceremony was graced by dignitaries, including Nobel Laureate Wole Soyinka, Senate President Godswill Akpabio, the Speaker of the House of Representatives, bank CEOs, and other captains of industry.
