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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.
FirstBank Makes Home Ownership Possible for Nigerians with Single-Digit Interest Rate Loan
For millions of Nigerians, homeownership has long felt like an ambition deferred. Squeezed by rising property prices, persistent double-digit inflation and high commercial lending rates, the dream of owning a home has remained just that – a dream.
But that narrative is quietly changing. Thanks to FirstBank.
The N1 Trillion Intervention Reshaping Access
In partnership with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), FirstBank has unveiled a mortgage opportunity that could redefine access to housing finance in Nigeria.
Backed by the Federal Government’s N1trillion mortgage fund, the initiative is designed to empower Nigerians with affordable, long-term credit to own their homes.
9.75% Interest Rate in a 30% Lending Environment
MREIF is priced at 9.75% per annum, dramatically lower than prevailing commercial loan rates. Eligible Nigerians can access up to N100 million and repay within 20 years. This translates into significantly more manageable monthly repayments and greater long-term financial stability.
Built for Salary Earners, Entrepreneurs and the Diaspora
The MREIF mortgage facility has been structured to be inclusive. It is available to salary account holders, business owners and diaspora customers. Whether you are a young professional aiming to exit the rent cycle, an entrepreneur building generational stability, or you’re a Nigerian abroad looking to secure assets locally, the product opens a pathway that has historically been out of reach for many.
Taking the First Step
For those who have been waiting for the right time, this is definitely it. The question is no longer whether homeownership is possible. The real question is: will you act before the window narrows?
Visit https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ and in no time you could be the latest homeowner in town.
Alpha Morgan Bank Deepens Presence in Abuja with New Branch in Utako
Marking another milestone in its expansion drive, Alpha Morgan Bank has opened a new branch in Utako, Abuja, reinforcing its strategy of building closer institutional ties within key business communities and bringing its financial expertise closer to individuals, and enterprises driving the city’s growth.
The new branch, located at Plot 1121 Obafemi Awolowo Way, Utako, Abuja is strategically positioned to serve individuals, entrepreneurs, and corporate clients within Utako and surrounding districts.
The expansion follows the Bank’s recently concluded Economic Review Webinar held in February 2026, as the bank continues to position as a thought-leader in the financial services industry.
Speaking on the opening, Ade Buraimo, Managing Director of Alpha Morgan Bank, said the move underscores the Bank’s commitment to accessibility and service excellence.
“Proximity matters in banking. As communities grow and commercial activity expands, financial institutions also evolve to meet customers where they are. The Utako Branch allows us to deliver our services to people in that community efficiently while maintaining the high standards our customers expect,”
The Utako location will provide a full suite of retail and corporate banking services, including account opening, deposits, transfers, business banking solutions, and financial advisory support.
Customers and members of the public are invited to visit the new Utako Branch to experience the Bank’s approach to satisfying banking.
Dangote Refinery Prioritises Domestic Supply Amid Global Energy Turbulence
By George Omagbemi Sylvester | Published by SaharaWeeklyNG
“Nigeria insulated from international fuel shocks as Dangote Petroleum commits to uninterrupted local delivery.”
Dangote Petroleum Refinery and Petrochemicals has reaffirmed its commitment to prioritising the domestic market, pledging to shield Nigerians from the ripple effects of ongoing global energy disruptions. The assurance, delivered in Lagos on 5 March 2026, comes as international refinery operations experience shutdowns or reduced output due to escalating Middle East geopolitical tensions, which have sent crude oil and petroleum product prices soaring worldwide.
“Our mandate remains clear: Nigeria’s local market takes precedence. In times of global supply shocks, we will continue to ensure that domestic availability of petrol, diesel, and kerosene is uninterrupted,” said Mr. Folorunsho Alakija, spokesperson for Dangote Petroleum Refinery.
The refinery’s declaration arrives amid mounting concerns over fuel scarcity, triggered by export restrictions imposed by major international producers, including China, and shipping delays that have further tightened global petroleum supply chains. Industry analysts have hailed the domestic focus as a critical buffer against volatility that could otherwise push Nigeria into deeper energy insecurity.
Domestic Shield Against Global Disruption
Dangote Refinery, Africa’s largest oil processing facility, has leveraged its multi-million-barrel refining capacity to mitigate Nigeria’s historical dependence on imported petroleum products. The company emphasised that prioritising local supply provides a strategic advantage in insulating the nation from international market shocks.
“Our refinery’s scale allows Nigeria to withstand short-term external disruptions. We have the infrastructure and capacity to meet local demand even when global supply chains falter,” explained Mr. Chijioke Okonkwo, Operations Director at Dangote Refinery.
The proactive approach is particularly significant as several international refineries have either reduced throughput or temporarily halted operations, causing a global scarcity of refined products. Experts warn that without domestic cushioning, fuel prices in Nigeria could have surged sharply, exacerbating inflationary pressures in a fragile economy.
Managing Costs While Prioritising Supply
In response to rising procurement costs for crude oil amid the international crisis, Dangote Refinery introduced a modest ₦100 per litre increase in the ex-depot price of Premium Motor Spirit (PMS), absorbing roughly 20 percent of the cost escalation to lessen the impact on consumers.
“We are balancing operational sustainability with affordability. While global prices have risen sharply, we have chosen to absorb a significant portion to protect Nigerian households and businesses,” noted Mr. Emmanuel Adeyemi, Chief Finance Officer.
This pricing strategy underscores the refinery’s dual focus: ensuring uninterrupted supply while cushioning the public from abrupt spikes that could destabilize economic activity. Industry observers have lauded the approach as pragmatic, considering the volatility in international oil markets.
Strategic Distribution Initiatives
Beyond refining, Dangote Petroleum has initiated Compressed Natural Gas (CNG) powered trucks to enhance nationwide distribution efficiency. The initiative seeks to reduce logistics costs and carbon emissions while ensuring a more reliable delivery network to petrol stations across urban and rural areas.
“Logistics is a critical part of the energy supply chain. By deploying CNG-powered trucks, we reduce dependency on expensive diesel, lower delivery costs, and improve supply reliability across the country,” explained Ms. Funke Adedoyin, Head of Logistics Operations.
This strategic move reflects a broader commitment to modernising Nigeria’s petroleum distribution infrastructure, reducing bottlenecks that have historically contributed to scarcity at retail outlets.
Implications for National Energy Security
Nigeria has historically struggled with fuel imports to meet domestic demand, making the country vulnerable to international market fluctuations. Dangote Refinery’s prioritisation of local supply mitigates this vulnerability by leveraging home-grown refining capacity, which allows for timely access to petroleum products and less reliance on foreign shipments.
“With Dangote Refinery leading local prioritisation, Nigeria is less exposed to global fuel shocks. The country is moving towards self-reliance in petroleum product supply,” commented Dr. Halima Suleiman, energy sector analyst.
Experts note that sustained operations at the refinery not only enhance energy security but also preserve foreign exchange, reduce import bills, and stabilise domestic market prices.
Corporate Social Responsibility and Market Stability
The refinery’s commitment is part of a broader corporate responsibility framework. Dangote Petroleum continues to engage with government agencies and regulatory bodies, ensuring that domestic supply is coordinated with Nigeria’s Petroleum Product Pricing and Regulatory Agency (PPPRA) to prevent panic buying and market distortions.
“We are in constant consultation with the government to ensure that our supply strategies align with national economic priorities,” said Mr. Alakija.
Such collaboration helps avert artificial shortages, stabilises pump prices, and maintains confidence in the domestic fuel market. Analysts argue that this approach exemplifies how private sector capabilities can complement governmental policies to enhance national resilience.
Navigating Global Uncertainties
The refinery operates in a complex global environment, where geopolitical crises, shipping constraints, and crude oil volatility can trigger disruptions. Dangote Petroleum’s domestic-first approach positions Nigeria to weather such crises more effectively.
“Global uncertainties are unavoidable, but our infrastructure and strategy ensure that Nigerians remain insulated from immediate shocks,” said Mr. Okonkwo.
This emphasis on resilience aligns with global best practices, where national refining capacity is leveraged to protect local markets from international supply disruptions.
Stakeholder Reactions
The government, civil society, and industry stakeholders have welcomed Dangote Petroleum’s strategy. Officials from the Federal Ministry of Petroleum Resources noted that prioritising local supply aligns with Nigeria’s energy security policies and reduces the burden of foreign exchange expenditures on crude imports.
“Dangote Refinery is demonstrating leadership. Its domestic prioritisation ensures that the Nigerian economy remains insulated during turbulent global markets,” said Dr. Tunji Olumide, Special Adviser on Energy.
Consumers have also expressed cautious optimism. Retail operators and commuters reported steadier fuel availability in Lagos and other cities, though concerns remain about sustained pricing and distribution efficiency.
The Road Ahead
While Dangote Refinery’s strategy provides immediate relief, experts argue that long-term stability requires further investments in alternative energy, diversified refining infrastructure, and strategic reserves. This ensures that Nigeria can withstand global shocks without relying excessively on imports or temporary supply adjustments.
“Short-term measures like prioritising local supply are critical, but long-term energy security demands diversification, renewables adoption, and consistent policy implementation,” said Dr. Suleiman.
The refinery is exploring additional initiatives, including expanding storage capacity, upgrading pipeline networks, and adopting technology-driven monitoring systems to ensure supply continuity across the country.
Final Take
By prioritising domestic fuel supply amid global market turbulence, Dangote Petroleum Refinery and Petrochemicals has demonstrated its role as a stabilising force in Nigeria’s energy sector. Through strategic logistics, modest pricing adjustments, and engagement with government regulators, the refinery is insulating the nation from international shocks while maintaining operational sustainability.
“Our responsibility extends beyond profitability; it’s about ensuring Nigerians have reliable access to essential fuel. We take that mandate seriously,” concluded Mr. Adeyemi.
The refinery’s actions offer a blueprint for how large-scale domestic capacity can protect national economies in times of global energy instability, underscoring the critical intersection of private sector resilience, public policy, and national energy security.
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