FESTAC Demolition: Engineer Cries Out as FHA Destroys ₦500m Property

By Ifeoma Ikem 

A civil engineer, Mr. McDonald Ejiofor, has lamented the demolition of his ₦500 million property by officials of the Federal Housing Authority (FHA) at 6th Avenue, FESTAC Town, Lagos, describing the incident as the total destruction of years of labour and dreams.

Ejiofor, 48, alleged that officials of the FHA, accompanied by policemen attached to the Lagos State Taskforce and some hired thugs, stormed his residence at Plot 1892, Route 65, Caravan Estate, on Saturday, October 11, 2025, and began pulling down his structure while his family was still inside.

He said he legally acquired the land from the Kuje family in 2016, following a Federal High Court judgment that, according to him, granted ownership of the disputed area to the family.

According to Ejiofor, trouble started after he moved into the property nine months ago, following a claim by a lawyer (name withheld) that the same plot had been allotted to him by the FHA.

“The same month we moved in, my painter called me that one Barrister Ferdinand Obiora came with some hoodlums, vandalized my gate, arrested my workers, and took them to FESTAC Police Station,” he recounted. “I was later informed by the police that a man claimed to be the main allottee of the land from FHA. I had to consult my lawyer, who secured the release of my workers since I was not in Lagos then.”

Ejiofor said the FHA later pasted a demolition notice on his property. “I sent the notice to the lawyer representing the Kuje family, because the case is still in court,” he explained.

“The Federal High Court had given judgment in favour of the family in 2016, but FHA appealed. The case is presently before the Lagos State High Court, which ordered all parties to maintain the status quo until judgment is delivered.”

He expressed shock that despite the pending case, the FHA went ahead with the demolition. “On Saturday morning, while I was out playing football, I got several missed calls. When I returned the calls, my neighbours told me to rush home because FHA officials were demolishing my building,” he said.

“Before I got there, they had already brought down the fence and cut my building into two. My wife was still inside when they started. People were shouting, telling them someone was inside, but they didn’t listen. My furniture, electronics, machines, documents, certificates, passport, and clothes were all buried under the debris.”

Ejiofor further alleged that when he and his family tried to salvage their belongings the next day, security personnel descended on them. “Over 30 policemen in six Hilux vans stormed the site.

They beat me, my wife, and my brother, threw us into a Black Maria, and took us to the Taskforce cell in Oshodi. They later forced me to sign an undertaking not to return to the property,” he claimed.

When Vanguard visited 6th Avenue on Tuesday, more than 15 structures had already been demolished, leaving residents and traders in shock. The demolition was still ongoing as bulldozers pulled down buildings while traders displayed their goods beside the wreckage.

A Lagos State government-branded bulldozer was also seen at the site. Officials were pointing out more structures marked for demolition. Some residents alleged that the exercise was selective, claiming that while some properties were spared, others—mostly privately developed—were deliberately targeted.

A resident of FESTAC Town and former Commissioner for Information in Anambra State, Mr. Paul Nwosu, described the demolition as unfair and lacking in human consideration.

He said many of the affected traders were not issued prior notices.

“I was passing here on Saturday when I saw them destroying shops. I was told it was for encroachment,” he said.

“But if you look closely, you’ll see the gutter and a clear setback. These buildings are in alignment with others. How then did they encroach?”

He added: “Even if they didn’t have permits, they could have been asked to regularize. Destroying people’s means of livelihood without notice is wicked. These are investments—people’s sweat and life savings.”

Reacting to allegations of brutality, the Lagos State Taskforce dismissed claims that its officers unjustly arrested Ejiofor’s family members or other residents.

In a viral video, a woman identified as “Oneway” accused the Taskforce of unlawfully detaining her husband and others during the demolition. However, the agency said those arrested were caught attacking officials with stones and dangerous weapons in an attempt to obstruct the lawful demolition of structures encroaching on FHA land.

It alleged that the woman’s husband had initially tried to bribe the demolition team to halt the exercise but turned violent when his offer was rejected.

Chairman of the Agency, CSP Adetayo Akerele, in a statement signed by the Director of Public Affairs, Mr. Gbadeyan Abdulraheem, condemned the attack and warned that obstructing law enforcement officers from carrying out their duties constitutes a criminal offence.

Meanwhile, the Lagos State Government has denied involvement in the demolition exercise.

Commissioner for Physical Planning and Urban Development, Dr. Oluyinka Olumide, stated that the state government was not part of the operation and that all demolitions carried out in the state follow due process, including notices and stakeholder engagement.

He emphasized that all agencies, including federal ones, must seek clearance from the Ministry before conducting any demolition. “We want to assure residents that the Lagos State Government remains committed to fairness, due process, and the protection of property rights. Any demolition carried out without proper authorization does not represent the position of this administration,” Olumide said.

Efforts to reach officials of the Federal Housing Authority were unsuccessful. However, some of its concessionaires, who spoke on condition of anonymity, claimed that most of the demolished properties were not acquired through the FHA and challenged the affected persons to produce their documents.

Nigeria’s Poverty Crisis: A World Bank Perspective on the Deepening Divide.

George Omagbemi Sylvester | SaharaWeeklyNG.com

Half of Nigerians Are Now Poor And the Numbers Are Set to Worsen.

Introduction.
Nigeria, Africa’s most populous nation and one of its largest economies, stands at a crossroads. Despite abundant natural resources, trillions of naira in revenue and successive economic reform programs, nearly half of its population is trapped in poverty. The latest World Bank data paints a stark picture, 46% of Nigerians lived below the poverty line in 2024, with projections indicating that 52.5% could fall into extreme poverty by 2025. This is not merely a statistic; but a humanitarian crisis, a warning signal for policymakers and a stark indictment of decades of economic mismanagement.

The Stark Reality: Rising Poverty in Nigeria.
The World Bank’s October 2025 Poverty & Equity Brief underscores that Nigeria is sliding deeper into poverty. Food inflation, which disproportionately affects low-income households spending up to 70% of their income on essentials, has been a major driver. The depreciation of the naira has compounded the problem, making imports prohibitively expensive, squeezing household purchasing power and forcing millions into deprivation.

George O. Sylvester encapsulates this harsh reality with piercing clarity: “You cannot borrow your way out of poverty. You must produce your way to prosperity.” This statement resonates today more than ever. Successive governments reliance on external borrowing, often without creating productive industries or jobs, has left Nigeria with towering debt and a declining standard of living for its citizens. Production, entrepreneurship and wealth creation must replace borrowing as the engine for sustainable poverty alleviation.

Structural Barriers Hindering Poverty Reduction.
The World Bank’s 2022 Poverty Assessment highlights structural deficiencies that stymie progress. Nigeria suffers from sluggish economic growth, insufficient human capital development, weak labor markets and vulnerability to external shocks such as climate disasters and regional conflicts.

Economic growth, while occurring intermittently, has not been inclusive. Wealth remains concentrated among elites and in specific regions, while northern states face disproportionately high poverty levels. Infrastructure deficits, inadequate healthcare and underfunded education systems exacerbate inequality, creating a cycle where the poor remain trapped while the rich consolidate wealth.

Inflation and Currency Depreciation: Pushing Nigerians into Poverty.
The inflationary spiral in Nigeria has been brutal. Food prices have soared, energy costs have risen and the naira has lost substantial value against major currencies. This triple pressure has disproportionately impacted the poor. According to the World Bank, households already living near the poverty line are now being pushed below it, a phenomenon economists term “NEW POVERTY ENTRANTS.”

Professor Ngozi Okonjo-Iweala, former Nigerian Finance Minister, has consistently emphasized that currency stability, inflation control and domestic production are critical. Without addressing these factors, any attempt to reduce poverty through subsidies or borrowing is temporary and unsustainable.

The Role of Employment and Social Protection.
Social protection programs, while conceptually promising, have been undermined by poor targeting, corruption and inadequate funding. Programs like the National Social Investment Programmes (NSIP) have helped some communities, but millions of Nigerians remain excluded.

Simultaneously, the labor market fails to absorb new entrants, resulting in high unemployment and underemployment rates, especially among youths. A growing population of idle, educated youth becomes both an economic and social risk, fueling urban poverty, crime and social unrest.

Renowned economist Justin Yifu Lin observes, “Inclusive growth is the key to poverty reduction.” Economic expansion must be paired with deliberate policies to empower the poorest. Nobel laureate Amartya Sen adds that expanding individual capabilities through investment in education, healthcare and social infrastructure is central to sustainable poverty alleviation.

Regional Disparities: North vs. South.
The poverty divide between northern and southern Nigeria remains stark. Northern states face higher rates of extreme poverty, compounded by insecurity, poor infrastructure, low literacy levels and weak governance. Southern states, particularly in oil-rich regions, have higher income levels but also stark pockets of inequality.

Without deliberate interventions, these regional disparities will persist, creating long-term political, social and economic instability. The World Bank stresses the need for localized development policies, targeted social programs and investment in human capital to bridge this divide.

Debt Dependency vs. Productive Growth.
Nigeria’s debt-to-GDP ratio has risen sharply in recent years, largely to service budget deficits rather than fund productive sectors. This approach perpetuates a vicious cycle of borrowing temporarily plugs fiscal gaps but does not create jobs or industries, leaving poverty unabated.

Here, Sylvester’s quote resonates powerfully: “You cannot borrow your way out of poverty. You must produce your way to prosperity.” Any sustainable anti-poverty strategy must prioritize domestic production, value-added industries and entrepreneurship. Only through production-driven growth can Nigeria create employment, generate revenue and reduce dependence on loans.

Climate Change and External Shocks: Hidden Threats.
Nigeria’s vulnerability to climate change (manifested through flooding, desertification and agricultural disruption) directly impacts poverty. Poor households, largely dependent on subsistence farming, are hit hardest. Similarly, security crises, such as the Boko Haram insurgency and banditry in northern states, displace millions, disrupting livelihoods and deepening poverty.

The World Bank emphasizes that social protection alone cannot counter these shocks. Strengthening resilience through infrastructure investment, disaster preparedness and diversification of local economies is critical.

The Urgency of Reform: A Call to Action.
The World Bank’s reports are clear, Nigeria is at a tipping point. Without comprehensive reforms, poverty will become entrenched, with nearly 53% of Nigerians projected to live in extreme poverty by 2025.

Key measures include:

Boosting production and industrialization – to generate jobs and reduce reliance on imports.

Strengthening social protection programs – with precise targeting and sufficient funding.

Improving education and healthcare – to expand human capital and capabilities.

Controlling inflation and stabilizing the naira – to protect purchasing power.

Addressing regional disparities – through localized policies that prioritize underdeveloped areas.

As Sylvester warns, the path to prosperity is PRODUCTION-DRIVEN, not DEBT-DRIVEN. Borrowing may provide temporary relief, but only meaningful investment in productive sectors can create jobs, raise incomes and lift millions out of poverty.

The Bottom Line.
Nigeria’s poverty crisis is not inevitable; it is the product of policy failure, structural inefficiency and governance challenges. The World Bank’s data presents both a warning and an opportunity. Urgent, evidence-based reforms, focused on inclusive growth and production, are imperative. As George Omagbemi Sylvester states emphatically: “You cannot borrow your way out of poverty. You must produce your way to prosperity.”

The nation’s future depends on decisive action today; otherwise, millions of Nigerians will be condemned to poverty for generations.

How Nigerian Banks Built a N219 Trillion Asset Empire on Depositors’ Funds

BY BLAISE UDUNZE

In the first quarter of 2025, Nigeria’s 10 largest banks proudly reported a combined total asset base of N218.99 trillion, up from N212.75 trillion at the end of 2024, according to a report by Nairametrics published on May 19, 2025.

On paper, it looked like a victory as evidence that the sector remains robust despite inflationary headwinds, exchange rate volatility, and a struggling real economy. But beneath that glossy narrative lies a deeper, more uncomfortable truth that reveals Nigeria’s asset boom is not driven by innovation, real-sector productivity, or capital efficiency; rather, it is fueled largely by customer deposits and balance-sheet inflation.

According to data from the banks’ own filings, about N164.7 trillion, representing roughly 75.2 percent of the N218.99 trillion total asset base, came directly from customers’ deposits. In plain terms, three-quarters of the industry’s celebrated “assets” are actually liabilities owed to the public, which are deposits that banks temporarily hold, not capital they generated or invested productively.

Bank Customer Deposits (N Trillion)

Access Holdings / Access Bank 38.8655

Ecobank (Group) 33.2080

Zenith Bank 22.6818

United Bank for Africa (UBA) 25.6500

FBN Holdings / FirstBank Group 17.2699

GTCO (Guaranty Trust) 10.8923

Fidelity Bank 6.5990

FCMB Group 4.1254

Stanbic IBTC 3.0456

Wema Bank 2.4096

Total N164.75 trillion

This dependency on depositors’ funds reveals a system that looks rich in assets but is, in essence, shallow in innovation and weak in capital depth. At first glance, the growth appears dramatic, with the sector’s total assets jumping from N170.02 trillion in 2024, representing a 39.6 percent year-on-year rise, to nearly N219 trillion by Q1 2025. Yet, this “growth” is misleading. Much of it stems not from new value creation but from naira devaluation adjustments, inflationary expansion, and paper gains on government securities.

Banks are becoming bigger on paper, not stronger in impact. The so-called asset expansion has not translated into more affordable credit for manufacturers, small and medium enterprises (SMEs), or agribusinesses. Instead, it reflects a financial system more comfortable with passive wealth storage than active economic stimulation.

In simpler terms, Nigeria’s banks are becoming richer without making the economy stronger. Their balance sheets have ballooned, but their capital efficiency, which represents the ability to convert deposits into productive loans, remains weak.

The false appearance of size becomes even more striking when placed in a continental context. As of June 30, 2025, Standard Bank Group of South Africa, Africa’s largest financial institution, reported total assets of R3.4 trillion, equivalent to $191.8 billion. At Nigeria’s prevailing exchange rate of N1,484.50 to $1, that translates to approximately $191.8 billion × N1,484.50 = N284,983 trillion, or roughly N285 trillion. That means a single South African bank now outvalues the entire Nigerian banking industry, whose 10 largest lenders collectively hold N218.99 trillion in assets.

The comparison is humbling. It highlights how Nigeria’s asset numbers, while massive in naira terms, shrink dramatically when viewed through a global lens. While Standard Bank’s strength stems from robust capitalization, efficient risk management, diversified income streams, and strong regional investments, Nigerian banks remain largely driven by deposit inflows, short-term instruments, and FX revaluation surges.

Moreover, the disconnect between banking prosperity and economic stagnation is becoming impossible to ignore. Despite N219 trillion sitting on bank balance sheets, access to credit for manufacturers, small businesses, and startups remains prohibitively difficult. Lending rates are high, collateral demands are steep, and real-sector credit continues to shrink as a share of GDP. Manufacturing’s contribution to GDP remains in low single digits, private sector credit lags behind African peers, and inflation continues to erode the value of naira-denominated deposits. The banks’ “assets” may rise, but they are paper assets, not productive capital, rather figures that comfort shareholders but fail to transform society.

A banking system overly reliant on deposits is inherently fragile. Deposits are short-term and confidence-sensitive and can flee quickly during periods of policy uncertainty. Unlike equity or long-term capital, they offer little cushion against shocks. This overdependence creates an illusion of liquidity but hides structural weakness. Nigeria’s banks may look stable, but their foundations are vulnerable, just like a tower built on shifting sands of depositor confidence rather than the rock of sustainable capital formation.

For Nigeria’s regulators, analysts, and policymakers, the question is no longer how large the banks’ assets appear, but what those assets are doing for the economy. True strength must come from innovation in financial intermediation, capital efficiency, and credit diversification; support for real-sector growth; and regional competitiveness on the African and global stage.

Until Nigerian banks start to convert deposits into genuine development by funding infrastructure, technology, and enterprise, the industry’s trillion-naira balance sheets will remain a false hope of progress without prosperity. Nigeria’s N219 trillion banking booms may glitter, but it is a reflection of financial inflation, not economic transformation. When one South African bank commands more assets than the entire Nigerian industry combined, it is not just a comparison; it is a revelation.

It reveals how far Nigeria must go to move from deposit dependency to capital creation, from paper prosperity to real productivity, and from illusory balance sheet growth to genuine economic strength. Until that shift happens, Nigeria’s banking system will remain what it is today as a trillion-naira illusion shimmering over a weak economic base.

Blaise, a journalist and PR professional writes from Lagos, can be reached via: [email protected]