Nigerian tycoon Tayo Amusan's $100 million Lagos arena opening slips two years

The Lagos Arena, a $100 million indoor venue led by Nigerian businessman Tayo Amusan, is now expected to open between late 2027 and the second quarter of 2028, about two years behind its original December 2025 target.

Delays at the foundation stage pushed back the 12,000-seat project, which is being built next to The Palms Shopping Mall on the coastal strip between Victoria Island and Lekki in Lagos. As of December 2025, work was still at the soil testing and piling stage.

Amusan's Persianas Group leads the consortium behind the arena, which broke ground on Feb. 24, 2024, in a ceremony attended by Lagos Governor Babajide Sanwo-Olu. The Nigerian Sovereign Investment Authority holds 40.5% of the project. Live Nation Entertainment Inc., the world's biggest concert promoter, and Oak View Group, the U.S. arena developer and operator, are partners, along with Tunde Folawiyo's Yinka Folawiyo Group, Adino Capital Ltd. and MBO Capital.

"Project Arena has been a long time coming and it is an honour to bring this project to life," Amusan said when the venture was announced in February 2024.

What is being built

Once finished, the arena will be the largest indoor venue in Nigeria. Turkish firm Yazgan Design Architecture drew the building, with Sinerji Construction as the contractor. The plan includes 32 VIP boxes, tiered seating with clear sightlines from every seat, LED screens on all four outside walls and a marshalling yard that lets full-sized trucks drive onto the arena floor to load in touring shows. An adjoining hotel and parking are part of the master plan.

The owners want to stage more than 200 events a year, from Afrobeats and international concerts to basketball, boxing, mixed martial arts, wrestling shows, tennis and futsal. The partners have billed it as the first purpose-built indoor arena of international standard in Africa.

Retail roots

Amusan founded Persianas in 1990. Its best-known project is The Palms in Lekki, among the first international-standard shopping malls in the country, where South Africa's Shoprite was the anchor tenant for more than 15 years. In 2021, Persianas was reported to be in line to buy Shoprite's Nigerian business when the South African retailer quit the market.

Persianas Retail brought international brands including Puma, Lacoste and Hugo Boss to Nigerian shoppers. Amusan, who was born in Ogun State in 1957 and studied business administration in Atlanta, also chairs Resourcery Ltd., an information technology services company, and sits on the boards of African Paints Nigeria Ltd. and Southern Petroleum Ltd.