Yinka Olatunbosun 

•  Pledges Support For Artists’ Endowment Fund
• National Theatre CEO Lauds Private-Public Partnership

Nigeria’s iconic National Arts Theatre in Iganmu, Lagos, now wearing a fresh look after four years of renovation, was officially reopened Wednesday, October 1, 2025, by President Bola Ahmed Tinubu. 

The landmark event, which coincided with the nation’s 65th Independence Day celebration, also marked the renaming of the national monument as the Wole Soyinka Centre for Culture and Creative Arts in honour of Africa’s first Nobel Laureate in Literature.

The president, who described the project as dear to his heart, announced the creation of an Artists’ Endowment Fund to be managed by the Central Bank of Nigeria (CBN), promising to personally contribute to it.

“It is time the CBN governor and his team put together an endowment fund, and I will be a contributor,” Tinubu declared, stressing that the fund would support the creative industry and ensure sustainability.

In his remarks, Tinubu hailed Prof. Wole Soyinka as “one of the most talented and creative minds in Africa” and “a great asset to the world and Nigeria”.

He recalled their shared experiences during the country’s struggles for freedom, noting that the renaming of the theatre was a well-deserved recognition.

The president used the occasion to congratulate Nigerians on the Independence Day anniversary, urging citizens at home and abroad to speak positively about their country.

“We should stop talking about Nigeria in negative tones. This is a country of proud people, of confidence and dedication. Let’s build it together. Nigeria will succeed,” he said.

Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, disclosed that the renovation cost N68 billion, fully funded by the Bankers’ Committee. 

He explained that the project was more than a corporate social responsibility, but an “investment in Nigeria’s future”.

Cardoso traced the history of the theatre from its completion in 1976 to its inauguration during FESTAC ’77, describing it as a beacon of African creativity that had long suffered neglect.

“In 2020, the Federal Government approved a landmark public-private collaboration with the CBN on behalf of the Bankers’ Committee. What began as an ambitious vision has now become a stunning reality,” he said.

He added that the reborn centre now boasts world-class performance halls, cinema spaces, art galleries, an African literature library, rehearsal studios, medical facilities, and modern outdoor gardens. Importantly, it is integrated with the Lagos Blue Line rail system to place culture at the centre of urban life.

Lagos State Governor, Mr. Babajide Sanwo-Olu, praised President Tinubu and his wife, Senator Remi Tinubu, for gracing the event, noting that the project was symbolic for Nigeria’s 65th anniversary.

He revealed that Lagos provided additional land and ensured the Blue Line rail had a stop at the complex to improve accessibility. “Today’s commissioning is only the beginning. The revival of this theatre signals a larger mission for artistic and cultural excellence in Lagos and Nigeria,” Sanwo-Olu said.

In a humorous yet reflective speech, Prof. Soyinka admitted he accepted the honour “with mixed feelings,” recalling his past criticisms of leaders naming public monuments after themselves.

“I have been notorious for criticising appropriations of public monuments, and now I find myself ambushed into becoming one. But this building owes me—it nearly electrocuted two of my actors once,” Soyinka quipped, drawing laughter from the audience.

The Nobel laureate, however, acknowledged the significance of the gesture for posterity and praised the Bankers’ Committee for transforming what he once dismissed as “irredeemable” into a cultural jewel.

The reopening featured cultural showcases, including a performance by the National Troupe, Akuko’na Egwu by Gerald Eze’s ensemble, and Fela and the Kalakuta Queens, produced by Bolanle Austen-Peters.

The event was attended by senators, governors, members of the House of Representatives, stakeholders in the creative sector and cultural enthusiasts.

The Minister of Arts, Culture and Creative Economy, Mrs. Hannatu Musawa, lauded the president’s renewed attention to the creative industry, declaring: “Never in Nigeria’s history has culture received this kind of devoted support.”

She also appreciated the Lagos State Government, Banks’ Committee and the General Manager/CEO, National Theatre, Mrs. Tola Akerele, for their contributions in making the rebirth of the monumental edifice a reality.

For President Tinubu, the reopening was more than a cultural celebration. It was, as he put it, a signal of Nigeria’s rebirth: “The National Theatre will not fall into neglect again. It will create jobs, inspire hope, and stand as a symbol of what we can achieve together.”

Mrs. Akerele described the reopening of the Wole Soyinka Centre for Culture and the Creative Arts as a foundation for building a globally competitive creative economy that delivers real economic value for creatives and cultural practitioners.

She congratulated President Tinubu, Musawa, Gov Sanwo-Olu, the CBN Bankers’ Committee, and the Board of Theatre Partners Limited on the successful completion and reopening.

The extensive renovation was financed and executed by the CBN Bankers’ Committee, with strategic oversight from the Federal Ministry of Arts, Culture, Tourism, and Creative Economy. The Centre will be managed by Theatre Partners Limited, a joint venture company formed through a public-private partnership between the Federal Government and the Bankers’ Committee.

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