Business
Terror By The Sea…Lagos Waterfront Turns Concrete Jungle As Land Speculators, Realtors, Sand-Fill Ikoyi Bay For Housing Projects
Terror By The Sea…Lagos Waterfront Turns Concrete Jungle As Land Speculators, Realtors, Sand-Fill Ikoyi Bay For Housing Projects
l How Illicit Sand-Filling Of Lagoon Fuels Climate Crisis
l Residents At Risk Of Been Submerged
Disaster looms on the coastal belt of Lagos as real estate developers swoop on the sprawling estates and luxurious neighbourhoods dotting the panoramic expanse of Ikoyi. Consequently, residents panic against the backdrop of the distortion of the city’s master plan by land speculators working in cahoots with estate developers. The latter flagrantly spurn the policies and programmes of the state government which are geared to address climate change, thus aggravating the flooding and possible submerging of the state’s upscale neighbourhood, writes Bennet Oghifo
One businessman messes with Mother Nature, and an entire city suffers the brunt of his misjudgment. Yet most businessmen hustle to shield themselves from the effects of their error in judgment. While this may seem probable in ideation, it is impracticable.
Thus at the real estate mogul’s unsettling of mother nature, chaos ensues, and the truth dawns on society like blisters of eternal damnation; everyone gets to understand that there are neither rewards nor punishments for provoking mother nature, just consequences.
Consider the terrifying case of Ikoyi, in Lagos Island, for instance, since land speculators and developers swooped on its waterfronts, sand-filling the Lagos lagoon and encroachment on the beautiful waterfronts that adorn the upscale neighbourhood, the area has been exposed to protracted flooding and erasure of its once sightly esplanades.
Recently, the residents of the highbrow Ikoyi Crescent, in Lagos, were jolted to see their waterfront awash with sand courtesy of the operations of an upstream dredger, whose equipment bore the insignia of “Dredging Atlantic.” They watched in abject horror as the sand-filling operations of the land speculator brought down the upscale quality of the neighbourhood; they rued the probability of seeing the lagoon succumb to the unregulated and unauthorised real estate venture.
Mortified by the ensuing consequences in terms of a possible loss of the aesthetics the lagoon offers their properties and an outlet for floodwaters, the residents petitioned the Lagos State government.
In 2017, a group, the Coalition of Concerned Citizens of Lekki, Ikoyi and Victoria Island, expressed similar trepidation, with its representative Olusegun Ladega, an architect, exposing the distortion of the Lekki drainage regional master plan “caused by the indiscriminate sand-filling of natural waterways.” According to him, the sand-filling of Lagos lagoons and oceans is causing coastal erosion, forcing water back to land. The Ikoyi Crescent residents observed that the realtors and developers sand-filling the lagoon close to their neighbourhood had no proof of an environmental impact assessment report. Ladega believed the Lagos government could do more, stressing that the inability of the environment, waterfront and physical planning ministries to “work together” has resulted in infringement and breach of environmental laws by the ministries’ poor enforcement of environmental laws, building regulations and town planning guidelines.
Lagos ministries at the heart of the matter
The Ministry of Waterfront Infrastructure Development directly oversees the waterfront. The Ikoyi Crescent residents said they made their observations known to the ministry. Neither the waterfront ministry, the Ministry of the Environment, the Ministry of Physical Planning and Urban Development could tell what is going on in the Ikoyi neighbourhood. The environment ministry told THISDAY it did not approve the sand-filling of the lagoon, citing that it is not under its purview. The physical planning ministry did not respond to THISDAY’s inquiry.
However, the waterfront ministry replied to the newspaper’s inquiry, albeit unofficially.“They did not obtain approval from the ministry. The ministry did not give them any approval. When the ministry received complaints about their activity, a ‘stop work order’ was issued to them,” said an official of the waterfront ministry who spoke under anonymity.
The official did not state if the Lagos government would penalise or prosecute the trespassers.In October, the Commissioner for Waterfront Infrastructure Development, Yacoob Ekundayo Alebiosu, issued a ‘stop-work order’ on illegally built structures at Oyinkan Abayomi, Ikoyi, in the Eti-Osa Local Government Area, pending a review of any prior regulatory licences that may have been granted.Alebiosu had issued the order while inspecting several development sites along the waterfront corridor across Lagos, noting that the development violated the state’s regulations.
“The state government’s attention has been directed to the large unlawful development projects that have destroyed the area’s desirable waterfront scenery, putting the entire environment at risk of erosion and degradation,” said the commissioner. In November, the Lagos government announced that following the non-compliance with the ‘stop-work order’ issued earlier to a developer of an ongoing multi-floor residential building on Oyinkan Abayomi Drive, Ikoyi, it had sealed the site of the project ordering workers to vacate the building immediately.
While the commissioner admitted that dredging could be done in Lagos, Alebiosu emphasised that it must be done with control and caution not to disturb the ecosystem and endanger the lives and property of the people. Lagos is the smallest state in Nigeria, yet it has the highest urban population, 27.4 per cent of the national estimate (UN-Habitat). Lagos’ dominant vegetation is the swamp forest of the fresh water and mangrove swamp forests, both of which are influenced by its double rainfall pattern, making the environment a wetland region. The Lagos drainage system is characterised by a maze of lagoons and waterways, constituting about 22 per cent or 787 sq. km. (75.755 hectares) of the state’s territory. In 2020, the Lagos government, in collaboration with the United Nations Development Programme (UNDP) and C40 Cities, took bold steps to address the climate change scourge, which has become a defining environmental challenge to the state and several other parts of the world. But, the clandestine activities of realtors and developers seem to undo all the government’s positive steps.
What lies beneath
By 2030, an estimated 108 to 116 million people in Africa will live in low-elevation coastal zones—defined as areas 10 meters or less above sea level, a figure projected to double by 2060, according to the Africa Centre for Strategic Studies, noting that in the near term, North and West Africa will be most directly affected, comprising 85 per cent of the projected 100 million population affected on the continent, though every region is threatened. Egypt and Nigeria, with high-density metropolises near the coast, are anticipated to face the greatest population disruptions.
Home to at least 20 million people and expected to be the world’s largest city “by the end of the century, Lagos, a low-lying city on Nigeria’s Atlantic coast, also experiences the triple impact of perennial fluvial (river), pluvial (rainfall), and coastal flooding.”The centre explained that adding up the damages to assets, economic production, and mortality, the World Bank found the total cost of “just fluvial and pluvial flooding in Lagos is $4 billion annually,” pointing out that rising sea levels combined with high urbanisation will exacerbate future damage. It added that between 2020 and 2030, Africa’s seven largest coastal cities—Lagos, Luanda, Dar es Salaam, Alexandria, Abidjan, Cape Town, and Casablanca—are projected to grow by 40 per cent (48 million people to 69 million) compared with the continent’s overall anticipated increase of 27 per cent (1.34 billion to 1.69 billion).“Smaller coastal cities may expand even faster: Port Harcourt in Nigeria, for example, is expected to grow 53 per cent over this decade. Globally, Africa’s coastal regions are anticipated to experience the highest rates of population growth and urbanisation in the world,” said the centre.
Public-private collusion?
THISDAY contacted Dredging Atlantic, whose equipment was sighted working at the lagoon. There was a denial of involvement in the ruination of the lagoon beyond a commercial hire of their equipment by an unnamed realtor or developer.“That is false information (that Dredging Atlantic was the firm sand-filling the lagoon). I just made an enquiry, and it’s not Dredging Atlantic. They hired our equipment,” a representative of the company said. “But if you want to get clearer information, then go to the Lagos State Ministry of Waterfront Infrastructure Development. We don’t have any permit to work there. It’s not in our name.”
When the Dredging Atlantic official was told that the dredger on site belonged to Dredging Atlantic, his response was: “They hired our dredger.” However, “the company also undertakes various marine construction projects and geotechnical works; excavation offshore reclamation contracts; services for developing water installations for marine facilities and excavation contracts; drilling and deepening waterways, ports and marine installation,” according to information on its website.
A marine expert, Hakeem Ogunbambi, told THISDAY that it is unlikely private investors, realtors, and developers are carrying out the surreptitious sand-filling of the Ikoyi Crescent lagoon without the active collusion of Lagos government officials.“This reclamation is not being done by the private sector alone. They have their collaborators in the government. So, nobody can just take their dredger to the lagoon and begin to dredge or begin to do reclamation without the backing of some government officials.” Ogunbambi suggested that “those close” to Sanwo-Olu are not unlikely to be at the top of the food chain.
Nonetheless, the Lagos government is committed to the ideals of climate change. Last August, in a bid to combat and mitigate the effects of climate change in Lagos, Governor Babajide Olusola Sanwo-Olu restated his administration’s commitment to working closely with experts, organisations, and the global community to ensure that Lagos remains at the forefront of climate action in Nigeria, admitting that “while we have made significant progress, there is still much work to be done since the challenges faced demand continuous innovation, collaboration and adaptation.”
The clandestine sand-filling of the Ikoyi Crescent lagoon will require “much work” from the Lagos government to stop unauthorised developers and realtors from wreaking havoc on the Ikoyi axis and its waterfronts. Lagos Lagoon is receding, no thanks to so-called speculators and developers illegally assuaging the appetite for upscale real estate with little or no regard for watercourse, town planning codes and safety, according to several Ikoyi residents.
Apprehensive residents worry that the indiscriminate sand-filling of the lagoon will aggravate the already perennial flooding in Ikoyi. According to THISDAY checks, several dredging activities along the lagoon shoreline are usually carried out at night, surreptitiously encroaching the waterfronts of some Ikoyi residents.
Realtors and developers are forming landmass by illegally sand-filling the Lagos lagoon and selling the land to unsuspecting affluent and sometimes influential figures.
BUA Foods Records 91% Surge in Profit After Tax, Hits ₦508bn in 2025
By femi Oyewale
Business
Adron Homes Unveils “Love for Love” Valentine Promo with Exciting Discounts, Luxury Gifts, and Travel Rewards
Adron Homes Unveils “Love for Love” Valentine Promo with Exciting Discounts, Luxury Gifts, and Travel Rewards
In celebration of the season of love, Adron Homes and Properties has announced the launch of its special Valentine campaign, “Love for Love” Promo, a customer-centric initiative designed to reward Nigerians who choose to express love through smart, lasting real estate investments.
The Love for Love Promo offers clients attractive discounts, flexible payment options, and an array of exclusive gift items, reinforcing Adron Homes’ commitment to making property ownership both rewarding and accessible. The campaign runs throughout the Valentine season and applies to the company’s wide portfolio of estates and housing projects strategically located across Nigeria.
Speaking on the promo, the company’s Managing Director, Mrs Adenike Ajobo, stated that the initiative is aimed at encouraging individuals and families to move beyond conventional Valentine gifts by investing in assets that secure their future. According to the company, love is best demonstrated through stability, legacy, and long-term value—principles that real estate ownership represents.
Under the promo structure, clients who make a payment of ₦100,000 receive cake, chocolates, and a bottle of wine, while those who pay ₦200,000 are rewarded with a Love Hamper. Payments of ₦500,000 attract a Love Hamper plus cake, and clients who pay ₦1,000,000 enjoy a choice of a Samsung phone or a Love Hamper with cake.
The rewards become increasingly premium as commitment grows. Clients who pay ₦5,000,000 receive either an iPad or an all-expenses-paid romantic getaway for a couple at one of Nigeria’s finest hotels, which includes two nights’ accommodation, special treats, and a Love Hamper. A payment of ₦10,000,000 comes with a choice of a Samsung Z Fold 7, three nights at a top-tier resort in Nigeria, or a full solar power installation.
For high-value investors, the Love for Love Promo delivers exceptional lifestyle experiences. Clients who pay ₦30,000,000 on land are rewarded with a three-night couple’s trip to Doha, Qatar, or South Africa, while purchasers of any Adron Homes house valued at ₦50,000,000 receive a double-door refrigerator.
The promo covers Adron Homes’ estates located in Lagos, Shimawa, Sagamu, Atan–Ota, Papalanto, Abeokuta, Ibadan, Osun, Ekiti, Abuja, Nasarawa, and Niger States, offering clients the opportunity to invest in fast-growing, strategically positioned communities nationwide.
Adron Homes reiterated that beyond the incentives, the campaign underscores the company’s strong reputation for secure land titles, affordable pricing, strategic locations, and a proven legacy in real estate development.
As Valentine’s Day approaches, Adron Homes encourages Nigerians at home and in the diaspora to take advantage of the Love for Love Promo to enjoy exceptional value, exclusive rewards, and the opportunity to build a future rooted in love, security, and prosperity.
*Why Nigeria’s Banks Still on Shaky Ground with Big Profits, Weak Capital*
*BY BLAISE UDUNZE*
Despite the fragile 2024 economy grappling with inflation, currency volatility, and weak growth, Nigeria’s banking industry was widely portrayed as successful and strong amid triumphal headlines. The figures appeared to signal strength, resilience, and superior management as the Tier-1 banks such as Access Bank, Zenith Bank, GTBank, UBA, and First Bank of Nigeria, collectively reported profits approaching, and in some cases exceeding, N1 trillion. Surprisingly, a year later, these same banks touted as sound and solid are locked in a frenetic race to the capital markets, issuing rights offers and public placements back-to-back to meet the Central Bank of Nigeria’s N500 billion recapitalisation thresholds.
The contradiction is glaring. If Nigeria’s biggest banks are so profitable, why are they unable to internally fund their new capital requirements? Why have no fewer than 27 banks tapped the capital market in quick succession despite repeated assurances of balance-sheet robustness? And more fundamentally, what do these record profits actually say about the real health of the banking system?
The recapitalisation directive announced by the CBN in 2024 was ambitious by design. Banks with international licences were required to raise minimum capital to N500 billion by March 2026, while national and regional banks faced lower but still substantial thresholds ranging from N200 billion to N50 billion, respectively. Looking at the policy, it was sold as a modern reform meant to make banks stronger, more resilient in tough times, and better able to support major long-term economic development. In theory, strong banks should welcome such reforms. In practice, the scramble that followed has exposed uncomfortable truths about the structure of bank profitability in Nigeria.
At the heart of the inconsistency is a fundamental misunderstanding often encouraged by the banks themselves between profits and capital. Unknown to many, profitability, no matter how impressive, does not automatically translate into regulatory capital. Primarily, the CBN’s recapitalisation framework actually focuses on money paid in by shareholders when buying shares, fresh equity injected by investors over retained earnings or profits that exist mainly on paper.
This distinction matters because much of the profit surge recorded in 2024 and early 2025 was neither cash-generative nor sustainably repeatable. A significant portion of those headline banks’ profits reported actually came from foreign exchange revaluation gains following the sharp fall of the naira after exchange-rate unification. The industry witnessed that banks’ holding dollar-denominated assets their books showed bigger numbers as their balance sheets swell in naira terms, creating enormous paper profits without a corresponding improvement in underlying operational strength. These gains inflated income statements but did little to strengthen core capital, especially after the CBN barred banks from using FX revaluation gains for dividends or routine operations. In effect, banks looked richer without becoming stronger.
Beyond FX effects, Nigerian banks have increasingly relied on non-interest income fees, charges, and transaction levies to drive profitability. While this model is lucrative, it does not necessarily deepen financial intermediation or expand productive lending. High profits built on customer charges rather than loan growth offer limited support for long-term balance-sheet expansion. They also leave banks vulnerable when macroeconomic conditions shift, as is now happening.
Indeed, the recapitalisation exercise coincides with a turning point in the monetary cycle. The extraordinary conditions that supported bank earnings in 2024 and 2025 are beginning to unwind. Analysts now warn that Nigerian banks are approaching earnings reset, as net interest margins the backbone of traditional banking profitability, come under sustained pressure.
Renaissance Capital, in a January note, projects that major banks including Zenith, GTCO, Access Holdings, and UBA will struggle to deliver earnings growth in 2026 comparable to recent performance.
In a real sense, the CBN is expected to lower interest rates by 400 to 500 basis points because inflation is slowing down, and this means that banks will earn less on loans and government bonds, but they may not be able to quickly lower the interest they pay on deposits or other debts. The cash reserve requirements are still elevated, which does not earn interest; banks can’t easily increase or expand lending investments to make up for lower returns. The implications are significant. Net interest margin, the difference between what banks earn on loans and investments and what they pay on deposits, is poised to contract. Deposit competition is intensifying as lenders fight to shore up liquidity ahead of recapitalisation deadlines, pushing up funding costs. At the same time, yields on treasury bills and bonds, long a safe and lucrative haven for banks are expected to soften in a lower-rate environment. The result is a narrowing profit cushion just as banks are being asked to carry far larger equity bases.
Compounding this challenge is the fading of FX revaluation windfalls. With the naira relatively more stable in early 2026, the non-cash gains that once flattered bank earnings have largely evaporated. What remains is the less glamorous reality of core banking operations: credit risk management, cost efficiency, and genuine loan growth in a sluggish economy. In this new environment, maintaining headline profits will be far harder, even before accounting for the dilutive impact of recapitalisation.
That dilution is another underappreciated consequence of the capital rush. Massive share issuances mean that even if banks manage to sustain absolute profit levels, earnings per share and return on equity are likely to decline. Zenith, Access, UBA, and others are dramatically increasing their share counts. The same earnings pie is now being divided among many more shareholders, making individual returns leaner than during the pre-recapitalisation boom. For investors, the optics of strong profits may soon give way to the reality of weaker per-share performance.
Yet banks have pressed ahead, not only out of regulatory necessity but also strategic calculation.
During this period of recapitalization, investors are interested in the stock market with optimism, especially about bank shares, as banks are raising fresh capital, and this makes it easier to attract investments. This has become a season for the management teams to seize the moment to raise funds at relatively attractive valuations, strengthen ownership positions, and position themselves for post-recapitalisation dominance. In several cases, major shareholders and insiders have increased their stakes, as projected in the media, signalling confidence in long-term prospects even as near-term returns face pressure.
There is also a broader structural ambition at play. Well-capitalised banks can take on larger single obligor exposures, finance infrastructure projects, expand regionally, and compete more credibly with pan-African and global peers. From this perspective, recapitalisation is not merely about compliance but about reshaping the competitive hierarchy of Nigerian banking. What will be witnessed in the industry is that those who succeed will emerge larger, fewer, and more powerful. Those that fail will be forced into consolidation, retreat, or irrelevance.
For the wider economy, the outcome is ambiguous. Stronger banks with deeper capital buffers could improve systemic stability and enhance Nigeria’s ability to fund long-term development. The point is that while merging or consolidating banks may make them safer, it can also harm the market and the economy because it will reduce competition, let a few banks dominate, and encourage them to earn easy money from bonds and fees instead of funding real businesses. The truth be told, injecting more capital into the banks without complementary reforms in credit infrastructure, risk-sharing mechanisms, and fiscal discipline, isn’t enough as the aforementioned reforms are also needed.
The rush as exposed in this period, is that the moment Nigerian banks started raising new capital, the glaring reality behind their reported profits became clearer, that profits weren’t purely from good management, while the financial industry is not as sound and strong as its headline figures. The fact that trillion-naira profit banks must return repeatedly to shareholders for fresh capital is not a sign of excess strength, but of structural imbalance.
With the deadline for banks to raise new capital coming soon, by 31 March 2026, the focus has shifted from just raising N500 billion. N200 billion or N50 billion to think about the future shape and quality of Nigeria’s financial industry, or what it will actually look like afterward. Will recapitalisation mark a turning point toward deeper intermediation, lower dependence on speculative gains, and stronger support for economic growth? Or will it simply reset the numbers while leaving underlying incentives unchanged?
The answer will define the next chapter of Nigerian banking long after the capital market roadshows have ended and the profit headlines have faded.
Blaise, a journalist and PR professional, writes from Lagos and can be reached via: [email protected]
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