It shares the same architectural design as the Palace of Culture and Sports in Varna, Bulgaria, and it is four times bigger.In July 2024, President Bola Tinubu renamed the National Arts Theatre in Iganmu, Lagos, in honor of Nobel Laureate, Prof. Wole Soyinka.By the year 2021, this edifice had been run by a number of management teams with heads such as Jimmy Folorunso Atte (1991 – August 1999), Prof Babafemi A. Osofisan (2000 – 2004), Dr. Ahmed Parker Yerima (2006 – Aug 2009), Kabir Yusuf (2009 – 2016), George Ufot, (Late) Dr. (Mrs.) Stella Oyedepo, Sunday Enessi Ododo (2020–present) [citation needed] The National Theatre exterior was designed, shaped and built to look like a military hat.It resembles the Palace of Culture and Sports in Varna, Bulgaria (completed in 1968); the National Theatre Lagos, Nigeria being the bigger of the two.This sparked controversy amongst Nigerian entertainers and playwrights like Wole Soyinka[3] On 30 December 2014, it was reported that the National Theatre has been sold to a Dubai-based conglomerate for the sum of 31.5 billion naira, and that the building will be converted to a duty-free shopping centre.