The refurbished complex is expected to serve as a major hub for arts, culture and creative enterprise in the country.
Speaking at the ceremony, the Minister of Arts, Culture and Creative Economy, Hannatu Musawa, described the event as a turning point for Nigeria’s cultural and creative destiny.
Musawa said the edifice, first built in 1976, had always been a hub of African culture, affirming identity and amplifying Nigerian voices.
The minister also highlighted the ongoing reforms in the sector, including the Creative and Tourism Infrastructure Corporation, the Creative Economy Development Fund and the Motherland Initiative.
According to her, the reforms will empower Nigerian youth as well as attract investment while projecting Nigeria’s creativity to the world.
“Alongside these, the Motherland Initiative is creating new bridges to the diaspora back home to celebrate their heritage and contribute to the future.
“This transformation is the fruit of collaboration,” she said.
Commending President Bola Tinubu for his support for the sector, Musawa said his presence at the event was a testament to his commitment to empowering creatives.
Also speaking, Nobel Laureate, Prof. Wole Soyinka, said he accepted the honour done him by the renaming with mixed feelings.
He said this was against the background of his history of criticising the appropriation of public monuments.
Recalling the facility’s earlier degraded state, Soyinka said: “The roofs were leaking, so there were pools of water everywhere, and of course, there were electric wires also.”
He commended the Bankers’ Committee for the restoration effort.
Soyinka urged continued support for the arts, emphasising that the reopening should ensure that Nigerians no longer needed to go all the way to Abu Dhabi for African plays
Akerele noted that the facility was now equipped to host world-class events as well as local productions.
She added that the facility would also offer a renewed platform for culture, fashion, music and the arts.
“This building will be a real beacon for the creative space and just a ray of light, a really shining light on what can be and how far we can push,” she said.
Speaking on sustainability, Akerele commended the Bankers’ Committee for the restoration of the theatre, adding that it was a space the public should be proud of.
“We know how to engage the public, the youth and do programming across film, theatre, music and art.
“Having the Bankers’ Committee involved and coming together is where we can actually ensure that it’s sustainable.
“I’m looking forward to having lots of collaborations with production companies, international and locally,” she said.
The facilities renovated include the main auditorium, banquet hall, cinemas, exhibition halls, sanitary facilities, circulation lobbies and industrial kitchen.
Other upgrades cover the VIP area, small offices, artists’ changing rooms, concession spaces, basement area, fire station, car park block, street lighting, CCTV systems, perimeter fencing, 1.21 MW solar panels and substructure pillars.
The revitalised theatre is now positioned to host major cultural events, attract global partnerships and serve as a landmark venue for Nigeria’s golden anniversary of FESTAC in 2027.