Court Adjourns $3.5bn Concession Suit Over National Theatre Complex To March 3

A Federal High Court sitting in Lagos on Tuesday adjourned till March 3 to hear a suit filed by a company, Topwideapeas Limited, against the Minister of Interior, challenging nullification of its concession over the National Theatre complex.

Topwideapeas Limited, in the processes it submitted to the court, described itself as a special purpose entity for the acquisition of the management right over the National Arts Theatre and its undeveloped lands in lagos for which $3.5 billion has been earmarked for its development.

In the new suit filed by the plaintiff”s counsel, Chijoke Okoli (SAN), marked: /2392/19, the company prayed the court to declare as unlawful the termination of its concession over the theatre.

Joined as defendants are: National Theatre and National Troupe of Nigeria Board, Infrastructure Concession Regulatory Commission, Minister of Interior and the Attorney General of the Federation.

Also joined are the Central Bank of Nigeria, Access Bank and Herbert Wigwe.

The plaintiff is seeking a declaration that it is unlawful for the fifth to seventh defendants to purport to truncate and nullify its rights as the concessionaire of the fallow land at the National Theatre, by inducing a breach of its contract.

It wants the court to declare that the plaintiff has a valid and binding contract on the concession of the fallow land surrounding the National Theatre complex in terms of the updated draft concession agreement between it and the Federal Government.

It wants the court to declare the approval of the Federal Executive Council, as being a mere formality in the circumstances.