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.
Electric 8-Seater Tula Moto Keke Enters Nigerian Market, Targets Higher Operator Earnings
LAGOS — A new electric-powered tricycle with an expanded passenger capacity has been introduced into Nigeria’s urban transport sector, offering operators a potentially more profitable and eco-friendly alternative to conventional petrol-driven “keke.”
The newly launched 8-seater electric tricycle, now available in Lagos with plans for nationwide distribution, features a dual-row seating arrangement capable of accommodating up to eight passengers per trip—significantly higher than the standard three-passenger configuration common across the country.
Promoters of the innovation say the increased capacity is designed to boost daily earnings for operators, particularly amid persistent fluctuations in fuel prices. By running entirely on electric power, the vehicle eliminates dependence on petrol, reducing operating costs and shielding drivers from fuel price volatility.
According to the distributors, the tricycle is equipped with a durable battery system capable of covering extended distances on a single charge, making it suitable for commercial operations across high-traffic routes, residential estates, campuses, and marketplaces.
“The concept is straightforward—enable drivers to earn more while spending less,” a company representative stated. “With higher passenger capacity and zero fuel requirements, operators can maximise each trip without the burden of daily fuel expenses.”
Beyond its cost-saving potential, the electric keke is also said to require less maintenance than traditional models, offering additional long-term savings. Its quieter and smoother operation is expected to enhance passenger comfort and overall commuting experience.
Industry analysts note that the introduction of electric mobility solutions reflects a growing shift toward cleaner and more sustainable transportation alternatives in Nigeria, particularly in densely populated urban centres such as Lagos.
The distributors added that the product is currently available under a limited promotional offer, with delivery options across the country.
For inquiries and purchase: 📞 08153432071
📞 08035889103
Office Address:
📍 Plot 9, Block 113, Beulah Plaza,
Lekki–Epe Expressway,
Lekki Phase 1, Lagos
As transportation costs continue to rise and environmental concerns gain prominence, innovations like the electric 8-seater keke may signal an emerging transition toward more efficient and sustainable mobility solutions nationwide.
Business
A Pipeline, a Licence, and a Storm Brewing: Corruption allegations Draw global oil giant, Shell, Into Nigeria’s Reform Test
*A Pipeline, a Licence, and a Storm Brewing: Corruption allegations Draw global oil giant, Shell, Into Nigeria’s Reform Test*
By Deji Johnson and Mustapha Bello
t begins with a pipeline that should have been completed by June 2026. It widens into a regulatory dispute. And it now risks becoming a defining test of Nigeria’s gas reforms under President Bola Ahmed Tinubu.
At the center is a stalled 80 kilometre gas pipeline from Sagamu to Ibadan, a project backed by over 100 million dollars in investment and built on a protected Gas Distribution Licence issued under the Petroleum Industry Act 2021. The licence granted NGML–NIPCO exclusive rights to distribute gas within Ibadan for 25years based on Nigeria’s Petroleum Industry Act.
On paper, the law is clear. On the ground, the situation is anything but.
For more than three months, construction has been halted following a stop work order issued by the Oyo State Government led by former Shell Contractor and engineer, Governor Seyi Makinde. No detailed public justification has been provided that aligns with existing federal approvals already secured for the project.
What might have remained a quiet regulatory disagreement has now escalated into something far more politically charged. How?
In recent remarks, Nigeria’s Minister of the Federal Capital Territory, Nyesom Wike, who is of the same political party as Governor Seyi Makinde, made a pointed allegation that has since rippled across political and industry circles. He suggested that the Governor of Oyo State and Shell were in what could be described as an “unholy alliance.”
It is a serious claim. One that, if substantiated, would raise profound questions about the intersection of corporate influence, state level action, and federal law.
Neither Shell nor the Oyo State Government has publicly responded in detail to the allegation.
But the silence is now part of the story.
*THE SHELL QUESTION*
For Shell, this moment carries particular weight.
The company has operated in Nigeria for decades, building one of its most significant global portfolios in the Niger Delta. But that history is not without controversy. From corruption claims to environmental damage claims and community disputes amongst others, Shell has faced years of litigation and, in several high profile cases, adverse rulings tied to its operations in the region.
Those cases, many adjudicated in foreign courts, have shaped a negative reputation that continues to follow the company.
Now, a new question emerges.
Is Shell once again operating at the edge of Nigeria’s regulatory framework seeking to exert undue influence in circumventing Nigeria’s petroleum laws, or firmly within it?
Industry sources including a widely reported meeting between their representatives, Oyo State Government representatives and the newly appointed midstream and downstream chief executive, indicate that engagements involving Shell and the Nigerian Midstream and Downstream Petroleum Regulatory Authority could enable the company to enter a gas distribution zone already licensed to another operator in breach of the PIA.
If true, the implications are immediate and far reaching.
A licence meant to protect investors and investments in Nigeria’s gas space ceases to be exclusive against the dictates of the guiding laws. A framework begins to look flexible, and a reform risks appearing reversible.
To many, it seems more than just a commercial dispute and is not just about one company versus another.
Nigeria is in the middle of an energy transition where gas is expected to play a central role in powering industries, stabilising electricity supply, and reducing reliance on expensive diesel. President Bola Tinubu has emerged as a global champion of using gas as a transition fuel in Nigeria and Africa whilst rolling out elaborate but clearly defined plans to achieve it. Yet gas availability remains inconsistent, constraining power generation and limiting industrial output.
Projects like the Sagamu to Ibadan pipeline are designed to close that gap. To halt such a project is to delay not just infrastructure, but impact. To undermine its legal basis is to question the system that enabled it and to introduce competing claims within the same licensed zone is to risk regulatory confusion at a time when clarity is most needed.
This is where the issue moves from commercial to national because at stake is not only an investment, but the credibility of the reform architecture itself.
*OYO STATE AND THE FEDERAL QUESTION*
The role of the Oyo State Government adds another layer of complexity.
Energy regulation in Nigeria, particularly in the gas sector, is governed by federal law. Yet implementation often intersects with state authority, creating spaces where jurisdiction can blur.
The stop work order issued on the pipeline has become the clearest manifestation of that tension. Was it a regulatory necessity?
A precautionary measure? Or, as alleged by Minister Wike, part of a broader alignment with external interests? Without transparency, speculation fills the vacuum and the regulator must avoid finding itself mired in such allegations.
*QUESTIONS THAT WILL NOT GO AWAY*
For Shell, the questions are now direct and unavoidable:
Is Shell, a global energy giant, seeking to operate within the Ibadan gas distribution zone already licensed to NGML–NIPCO?
What assurances, if any, has it received from regulators or state actors?
How does it reconcile such actions with the exclusivity provisions of the PIA?
For the regulator, NMDPRA:
Can a Gas Distribution Licence be effectively shared, diluted, or overridden after issuance? According to Nigerian laws, the answer is No.
What precedent does this set for Nigeria’s gas infrastructure market?
For the Oyo State Government:
On what legal grounds does the stop work order stand, given federal approvals already in place?
And how does this action align with national energy priorities or the state’s gas needs?
Nigeria has spent the last two years telling a new story to the world. A story of reform, of discipline, of a country ready to compete for global capital. And it has worked so far with stability returning to Nigeria’s economy and over $20bn of energy investments looking to enter the country in the short to midterm.
But reforms are not tested in policy papers. They are tested in moments like this.
Moments where law meets influence, investment meets interference and promise meets pressure.
For Shell, long mired in issues surrounding ethical operations in Nigeria, this is more than a business decision. It is a reputational crossroads.
For Nigeria, it is something even larger. Whether the country’s laws will hold when they are most challenged or Whether its reforms will stand when they are most inconvenient or even whether Nigeria’s energy investments future will be shaped by the rules of law, adherence to regulatory protections and provisions or by unethical and corrupt relationships.
Until those questions are answered clearly, publicly, and decisively, the pipeline in Ibadan will remain more than steel in the ground.
It will remain a symbol of a country still deciding which path it truly intends to follow. Nigeria must act quickly and decisively because the world is watching.
RABIU, ELUMELU ALIGN ON CAPITAL, SCALE, AND INDUSTRIAL EXPANSION AS BUA FOODS POSTS N1.77 TRILLION REVENUE, N28 DIVIDEND
Lagos, Nigeria | March 31, 2026
Nigeria’s industrial and financial heavyweights moved to deepen a partnership that has quietly underpinned decades of enterprise growth, as the Founder and Chairman of BUA Group, Abdul Samad Rabiu, hosted the Chairman of United Bank for Africa, Tony Elumelu and his executive management team at BUA Group’s corporate headquarters in Lagos.
More than a visit, the engagement brought together two institutions whose alignment of capital and industrial capacity has consistently translated into scale, execution, and long-term value creation across Nigeria and Africa’s economy.
At the centre of discussions was a renewed push to expand financing frameworks for large-scale manufacturing, deepen support for domestic production, and unlock the next phase of growth across food, infrastructure, and export-oriented value chains.
Rabiu, reflecting on a relationship that spans nearly three decades, traced its evolution from the early days of Standard Trust Bank to its present form as a mature, trusted partnership with UBA.
“Enduring partnerships are not built on transactions, but on conviction,” Rabiu said. “What we have built with UBA and the Nigerian financial industry over the years is a shared understanding of where Nigeria is going and what it will take to get there. That alignment remains as strong today as it was at the beginning.”
Elumelu underscored the strategic importance of the relationship, positioning it within a broader vision of African-led growth.
“Institutions like BUA Group demonstrate what is possible when long-term capital meets disciplined execution,” Elumelu said. “Our role is to continue enabling that scale, supporting enterprises that are not only growing, but reshaping the Nigerian economy.”
The meeting signals a continued convergence between capital and industry at a time when Nigeria’s growth story is increasingly being driven by indigenous scale, operational depth, positive government action, and sustained investment in real sectors.
In a parallel demonstration of that scale, BUA Foods, a BUA company, has released its audited results for the financial year ended December 31, 2025, delivering revenue of N1.77 trillion, a 16 per cent increase from N1.53 trillion in 2024.
The performance reflects sustained demand across its core segments including sugar, flour, pasta, and rice, alongside continued execution of its expansion strategy.
Gross profit rose to N737.26 billion, up from N540.82 billion, while profit after tax surged by 95 per cent to N518.4 billion, compared to N265.99 billion in the prior year.
Earnings per share increased to N28.80, reinforcing the strength of the Company’s earnings profile.
In line with its commitment to shareholder value, the Board has proposed a dividend of N28 per share, representing a 115 per cent increase from N13 in 2024, with a total proposed payout of N504 billion, subject to shareholder approval.
Cost of sales stood at N1.037 trillion, while total assets grew by 27 per cent to N1.39 trillion, reflecting sustained investment across operations and the broader value chain.
Speaking on the results, the Chairman of BUA Foods, Abdul Samad Rabiu said, “Our 2025 performance reflects a business that is not only growing, but scaling with discipline. We are building capacity, deepening local production, and delivering consistent value to shareholders, all while positioning for the future.”
The Managing Director, Engr. Ayodele Abioye, added; “Our strategy remains to expand capacity, strengthen market presence, and optimise the full supply chain. The demand signals are strong, and we are well positioned to sustain this momentum.”
Taken together, the meeting between BUA Group and UBA, alongside BUA Foods’ record performance, points to a broader shift for Nigeria. Nigeria’s growth is increasingly being shaped by institutions that combine scale, capital discipline, and long-term vision and should be seen as not just an expansion but a consolidation of industrial leadership.
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