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.
Bank
Atlantian Crown Bank Rebrands as Arizona Global Bank LLC, Begins Licensing for Global Expansion
*Atlantian Crown Bank Rebrands as Arizona Global Bank LLC, Begins Licensing for Global Expansion*
_By AGP News
*UNITED KINGDOM OF ATLANTIS* — In a move signaling a push into international markets, the Royal Throne of the United Kingdom of Atlantis on Sunday announced the corporate transformation of Atlantian Crown Bank LLC into *Arizona Global Bank LLC*, as part of a wider restructuring to position the institution for global banking and financial innovation.
The announcement was made at a press conference in the UKA capital by *HRM Queen Amb. Cletus C. Leaticia*, Chief Executive Officer of the newly named bank. She told reporters the rebranding marks _“more than a name change”_ and reflects a strategic pivot toward digital finance, cross-border investment, and modern banking standards.
_“This transformation represents our commitment to innovation-driven banking and our vision to become a globally competitive financial institution,”_ Queen Leaticia said.
*Licensing Process Underway*
According to the Department of Financial Administration and Corporate Affairs, which issued the official communication, Arizona Global Bank LLC has formally begun the process of applying for a *Banking Operational Licence* under UKA’s financial regulatory framework.
Once licensed, the bank plans to operate as a modern financial enterprise focused on four pillars:
1. Innovation-driven banking and digital financial solutions
2. Corporate financing and structured investment services
3. International financial partnerships and cross-border trade facilitation
4. Financial inclusion initiatives
Bank officials stressed that the institution will _“maintain strict compliance with all banking regulations and supervisory standards”_ set by UKA financial authorities.
*Strategic Shift Amid Global Ambitions*
Management described the rebranding as part of a broader restructuring initiative to _“strengthen the bank’s international identity, expand its global financial footprint, and align operations with contemporary banking standards.”_
Representatives called the licensing and rebranding process a _“major milestone”_ aimed at supporting economic growth, international trade, and cross-border investment initiatives.
*No Disruption to Existing Commitments*
Addressing potential concerns from clients and partners, management reassured stakeholders that _“all existing institutional commitments, operational objectives, and long-term strategic plans remain fully intact throughout the transition process.”_
The Royal Throne indicated that further updates on the licence approval, commencement of operations, corporate partnerships, and investment programmes will be released through official UKA and Arizona Global Bank LLC channels.
_The Department of Financial Administration and Corporate Affairs, Royal Throne of United Kingdom of Atlantis, issued the official statement._
Bank
Fidelity Bank grows Gross Earnings by 45.6% for FY 2025
Fidelity Bank grows Gross Earnings by 45.6% for FY 2025
Lagos, Nigeria – Fidelity Bank Plc, a leading Nigerian financial institution, has announced its audited financial results for the year ended 31 December 2025, reporting Gross Earnings growth of 45.6% from N1.04 trillion in 2024 to N1.52 trillion in FY 2025, reflecting stronger topline momentum across core business segments.
The Group recorded a Profit Before Tax of N347.7 billion. This performance was underpinned by a 38.7% year-on-year increase in interest income to N1.11 trillion (FY 2024: N803.1 billion) and a 44.7% year-on-year rise in fees and commission income to N113.4 billion (FY 2024: N78.4 billion).
On the balance sheet, total assets grew by 18.6% year-on-year to N10.46 trillion (FY 2024: N8.82 trillion), while customer deposits increased by 16.1% year on year to N6.89 trillion (FY 2024: N5.94 trillion), reflecting continued franchise strength and growing customer confidence in the brand. Net loans and advances declined by 2.4% year-on-year to N4.28 trillion (FY 2024: N4.39 trillion) as customers paid down on their mature obligations.
The Bank also strengthened its capital position during the period, with eligible capital rising to N561 billion, above the regulatory minimum of N500 billion for banks with international authorisation. In addition, capital adequacy remained robust, with Capital Adequacy Ratio of 30.94 percent as at 31 December 2025 (FY 2024: 23.47 percent).
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
Business
ALIKO DANGOTE FOUNDATION’S FORGES PARTNERSHIP WITH ISLAMIC DEVELOPMENT BANK
ALIKO DANGOTE FOUNDATION’S FORGES PARTNERSHIP WITH ISLAMIC DEVELOPMENT BANK
Ms. Zouera Youssoufou, Managing Director & CEO of Aliko Dangote Foundation (ADF) in company with Mr. Ahmed Iya, Head of Community Engagement & Polio Eradication of ADF visited Dr. Rami Ahmad, Vice President (Operations) of the Islamic Development Bank at IsDB Headquarters in Jeddah.
The delegation used the occasion to highlight the activities of the Foundation so far which made great impact on people of all races by enhancing opportunities for social change through strategic investments that improve health and wellbeing, promote quality education, and broaden empowerment opportunities for individuals and communities.
Dr. Rami also expressed his expectation of a good and rewarding partnership between the two organisations, as many member countries of the IsDB face pressing debt challenges that constrain their investments in people and livelihoods.
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