Business

Lagos Govt demolishes 19 Buildings at Trade Fair Complex

It was gathered from distraught traders that no fewer than 19 buildings valued at over N150 each were affected by the exercise.

Published

1 year ago

September 25, 2025

OCHEFA

WhatsApp Image 2025 09 25 at 12.55.52 PM

594 Views

The Lagos State Government on Thursday pulled down more than nineteen buildings at the New Mandela Plaza, within the popular Trade Fair Complex in Lagos.

The demolition exercise was carried out with a heavy security presence from the Lagos State Task Force, Rapid Response Squad, and tactical teams stationed around the plaza.

The stern-looking officers restricted access to the premises and sent away traders who attempted to record the exercise.

At the time of filing this report, selective buildings inside the plaza were already reduced to rubble, sparking outrage from shop owners who claimed they were not served prior notice.

One trader, who spoke out of frustration said: “We don’t even know the reason for the demolition. That’s why you see people moving up and down, asking questions.”

Another speculated that the affected structures might have been marked for being too close to a canal.

A visibly agitated plaza owner, who arrived while his shop was being pulled down, screamed from his car that no notice was served before the bulldozers moved in.

Some sales representatives lamented that their bosses’ goods, still locked up inside the shops, were destroyed alongside the buildings.

It was gathered from distraught traders that no fewer than 19 buildings valued at over N150 each were affected by the exercise.

“If government doesn’t want companies or development here, they should just come out and say it. People have invested their life savings here. Over 19 buildings are in that plaza”, one trader said angrily.

Related Topics:Demolition of New Mandela plaza Lagos trade fair complex Featured

Up Next

Dangote Refinery Clarifies Alleged ‘Mass Sack’ in Leaked Memo

Don't Miss

CPPE Praises CBN’s Cardoso Financial Market Feats

Click to comment

Business

Naira Exchange Rates Thursday, 5 Nov 2026

Published

2 days ago

November 5, 2026

OCHEFA

133 Views

BLACK/ PARALLEL MARKET RATES

₦1400DOLLAR (USD)

₦1830POUND (GBP)

₦1515 EURO (EUR)

₦950 CANADIAN DOLLAR (CAD)

₦70 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED

₦190 Chinese YUAN (CNY)

₦100 Ghanaian CEDI (GHS)

West African CFA ₦2240 (XOF)

Central African CFA ₦2180 (XAF)

₦820 Australian Dollar AUSSIE (AUD)

Business

NNPCL wants to sell 10% equity via IPO on NGX, LSE

NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.

Published

3 days ago

November 4, 2026

OCHEFA

172 Views

The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.

The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.

The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.

Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.

The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.

Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.