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Court adjourns N1.2tr National Theatre complex concession suit to March 3

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Justice Ayokunle Faji of the Federal High Court, Lagos yesterday adjourned till March 3,2020 to hear a suit filed by a company, Topwideapeas Ltd., against the Minister of Interior, Rauf Aregbesola, challenging the nullification of its $3.5 billion (about N1.2 trillion) concession agreement on the National Theatre complex at Iganmu, Lagos.

The plaintiff, in the processes it submitted in court, described itself as a special purpose entity for the acquisition of the management right over the national asset and its undeveloped lands in the nation’s economic capital for which $3.5 billion had been earmarked for its development.

In the new suit filed by the plaintiff’s counsel, Mr. Chijoke Okoli (SAN) and marked /2392/19, the company prayed the court to declare as unlawful, the termination of the contract.

Joined as defendants are National Theatre and National Troupe of Nigeria Board, Infrastructure Concession Regulatory Commission, the 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 among other reliefs.


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