by Kolapo Olapoju

According to GulfAfricaReview, the National Theatre has been sold by the Ministry of Culture and Tourism, headed by Edem Duke, to ‘Mulk Holdings’, a company based in the United Arab Emirates.

The prospective sale and rebranding of the national edifice has been in the talks for some time, but many Nigerians have repeatedly kicked against the idea and sale.

‘Mulk Holdings’, a diversified UAE-based conglomerate with interests in retail sector and other businesses, is said to have agreed to inject $40 million (N7.34 billion) into the project.

The deal, which was reportedly carried out secretly, was sealed in December 2014 between a delegation led by Duke, the General Manager of the National Theatre, Kabiru Yar’Adua and representatives of Mulk Holding.

The report stated: “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. The project will convert approximately 30,000m2 of the existing space in two 15,000m2 phases,” said Kabir Yaradua, CEO of the National theatre.”

“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.”

According to the report, Ambassador of Nigeria to the UAE, His Excellency Bashir Yuguda, was quoted as saying: “The National Theatre has been the hub of cultural activities in Nigeria since its establishment in 1976, and this development will compliment and kick-start a master re-development programme designed for this area.”

Mulk Holdings and its joint venture partners own and manage a group of 20 companies with a sector focus on construction and fit-out manufacturing, as well as diversified business interests in trading, commodities, real estate and energy, spread across 48 countries.