The sculpture was created in 1882 by Italian sculptor Enrico Paci. The statue was commissioned as a tribute to the same Mihailo Obrenović for his achievement, expressed in the expulsion of the Ottoman Turks from Serbia. If you wonder why in the sculpture he is pointing his finger forward, he is signaling to the Turks to leave Serbia and points toward Istanbul, to which he expels them. The statue was erected, as far as is known, where the city's gate once stood, the gate from which the road to Istanbul was at that time.
Mihailo liberated seven different Serbian cities from the rule of the Ottomans. The names of those cities liberated by Mihailo, you will see engraved on the basis of the monument.
In 1979, the Serbian government declared the monument to be a particularly important cultural site. The locals, by the way, did not need this declaration. As far as they are concerned, the sculpture is so central and it is such a convenient meeting point before going out to a joint meeting or recreation, which they still decide to meet next to each other.