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National Theatre Wears New Look as Bankers Committee Completes First Phase of $100m Renovation

The National Theatre looks astonishing as the first phase of the Central Bank-led rehabilitation reached its conclusion.

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The National Arts Theatre- investorsking

The National Theatre looks astonishing as the first phase of the Central Bank-led rehabilitation reached its conclusion.

With the conclusion of the first phase, the venue is now set to host the United Nations World Tourism Conference.

While inspecting the facility, the Minister of Information and Culture, Alhaji Lai Mohammed noted that the renovation is the first major renovation work done on the National Theatre since it was built over 40 years ago. 

Investors King could recall that the national edifice was built in 1975 and has played host to a series of events such as concerts, dramas, film shows, symposia, exhibitions, workshops, and sports.

It provided a befitting venue for the 2nd World Black African Festival of Arts and Culture which was otherwise known as FESTAC 77. 

However, until the intervention of the Central Bank of Nigeria (CBN) and the Bankers’ Committee in 2022, the well-crafted edifice was left unattended. 

Working jointly with the Federal Ministry of Information and Culture (FMIC), the Ministry of Youth and Sports Development, and the Lagos State Government, the CBN, and the Bankers’ Committee had pledged to bring the national relic back to life with a $100 million investment fund. 

After the second phase, the National Theatre will have a world-class 5,000-seater main amphitheater, flanked by two world-class cinema rooms, banquet halls, and a library.

The facility will also have a 250-car park block, a police station, a fire station, and a visitors’ Welcome Centre which will house commercial and retail facilities, administration, and management offices.

The CBN governor who also commented on the completion of the first phase noted that the National Theatre is one of the symbols of Nigeria’s culture and heritage and therefore must be protected to enhance and celebrate the creative industries. 

He added that the completion of the first phase is a demonstration of the outcomes of what the public and the private sector can achieve when they work together. 

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Business

Dominic Pizza Partners 9mobile on Food Service Delivery

The mother brand of Domino Pizza, Eat’N’Go Africa noted that the partnership is a demonstration of the company’s commitment to better serve the Nigerian market.

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Dominos Pizza

Quick Service Restaurant (QSR), Domino Pizza has partnered with mobile telecommunication provider, 9mobile to improve its food service delivery.

The mother brand of Domino Pizza, Eat’N’Go Africa noted that the partnership is a demonstration of the company’s commitment to better serve the Nigerian market.

According to a statement released by the company, the partnership is aimed to increase customer satisfaction and provide quick service delivery to both individuals and retail offices.

Investors King learnt that customers can now easily and swiftly order domino pizza through the newly launched dedicated call center. 

The statement added that the Call Centre service was currently active in all Domino’s branches in Lagos State, with plans underway to activate it in other locations in Nigeria and would provide multi-lingual services.

Speaking at the event, the Group Chief Executive Officer of Eat’N’Go Africa, Mr. Patrick McMichael noted that customers’ orders will henceforth be delivered as much faster as possible. He added that the core responsibility of the company is to attain customer satisfaction through its products and service delivery. 

“As an organization, Eat’N’Go is committed to always being at the forefront of customer satisfaction and by adapting to innovative ways we will keep improving on our service delivery which the call centre avails us,” he said. 

Similarly, the Chief Executive Officer (CEO) of 9mobile, Juergen Peschel who was present at the event expressed delight and confidence in the prospect of the new partnership. 

He noted that with the new partnership, Eat’N’Go will be able to revolutionise delivery. 

The CEO affirmed that the collaboration shows the extent to which technology can be deployed to ease the way business is done.

Meanwhile, Eat’N’Go Africa is the mother company of a number of trademark products which include Domino Pizza, Cold Stone Creamery, and Pinkberry Gourmet Frozen Yoghurt brands. It is one of the leading Quick Service Restaurants (QSR) in Nigeria. 

The company currently has more than 190 outlets across the country with the goal to reach 250 outlets in 2023. 

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Aero Contractors to Resume Operations After Four Months of Suspension

Aero Contractors called off suspension, to resume operations in the first week of December

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Aero Contractors Airlines

Aero Contractors has disclosed plans to resume flight operations on the 5th of December 2022. The resumption is coming after more than four months of suspension owing to a lack of equipment capacity, foreign exchange scarcity, and other industry challenges.

Investors King could recall that in July 2022, Aero Contractors which is one of the oldest domestic airlines operating in Nigeria announced a voluntary withdrawal of service due to the numerous challenges facing the airline and the industry in general. 

“Due to the impact of the challenging operating environment on our daily operations, the management of Aero Contractors Company of Nig. Ltd. wishes to announce the temporary suspension of its scheduled passenger service operations with effect from Wednesday, July 20, 2022,” a statement issued by the airline in July partly read. 

The airline added that some of its aircraft were undergoing maintenance which made it a more complex situation to cope with the current reality in the aviation industry.

It highlights the high cost of maintenance, fuel, inflation, and forex scarcity resulting in high foreign exchange rates as some of the prevailing challenges which culminated in the suspension of service.

According to sources that are familiar with the new development, flight operations will resume with the Lagos to Abuja route while a check on the airline website showcases a confirmation. 

Meanwhile, the Nigerian Civil Aviation Authority (NCAA) has cleared Aero Contractors to resume flight operations. 

The Director General of NCAA, Capt. Musa Nuhu confirms the resumption during a discussion he had with journalists earlier today. 

The DG clarified that the airline was not grounded and that it never had safety issues. Rather, he said the airline was faced with financial challenges which, if not quickly nipped in the bud, may degenerate into safety issues.

“Aero Contractors was not grounded based on safety issues. We did an audit of them…and we found out that the issue they had was financial sustainability,” Capt Nuhu noted.

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NIN Now Compulsory For Business Registration – FG

National Identification Number (NIN) is now compulsory for business registration

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National-eID-card

The federal government has announced that National Identification Number (NIN) will now be compulsory for any sort of business registration.

This was disclosed by the registrar of the Corporate Affairs Commission (CAC), Alhaji Garba Abubakar.

The registrar who spoke in Abuja during the monthly reform seminar organised by the Bureau of Public Service Reform said “If you don’t have a NIN, it means you can’t register your company”. 

While justifying the adoption of NIN, he noted that unlike other means of identification, NIN has an improved security measure that can not be easily compromised. 

Alhaji Abubakar used the occasion to highlight some of the reforms which the Corporate Affairs Commission has introduced to enhance service delivery to Nigerians.

According to the registrar, the commission has introduced several measures that have reduced the period of company registration to 24 hours.  

“As such, we register an average of 2,000 companies every week,” he said. 

However, the registrar was quick to add that registered companies should not shy away from filing their tax returns. 

“But it’s not just enough to register, you have to file your returns,” he added.

In addition, the CAC boss stated that the commission has added new types of registration which include limited partnerships (LP) and limited liability partnerships (LLP). 

He noted that both LP and LLP give entrepreneurs and law firms additional options of ownership while making registration. 

The registrar disclosed that CAC had to rebuild its registration portal to enable registration from anywhere in the world. 

“Similarly, with the coming of the Act, the CAC registration portal was completely rebuilt to allow companies to transact on it from anywhere,” he said.

He noted that the passage and subsequent presidential assent to the CAMA 2020 has changed the modus operandi of the commission. 

Investors King could recall that the amended Companies and Allied Matters Acts 2020 which repeals CAMA Act 1990 introduced a number of changes to promote the ease of doing business in Nigeria.  

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