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    Home » Lagos Assembly puts stop to Makoko demolition
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    Lagos Assembly puts stop to Makoko demolition

    Ifetayo AdeniyiBy Ifetayo AdeniyiFebruary 3, 20262 Mins Read
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    Lagos Assembly puts stop to Makoko demolition

    Elegbede Abiodun

     

     

    House declared all ministries and agencies responsible for demolition to suspend the exercise.

    The Lagos State House of Assembly on Tuesday ordered an immediate halt to the demolition of structures in Makoko and adjoining waterfront communities in the Yaba Local Government Area of the state.

    The directive followed a meeting with representatives of the affected communities held at the Lateef Jakande Auditorium in the Assembly Complex, Alausa, Ikeja.

    The Chairman of the ad hoc committee set up by the Speaker of the House, Noheem Adams, announced the decision while reading the resolutions reached at the meeting.

    Adams said the House had resolved that all ministries and agencies responsible for the demolition in Makoko, Oko-Agbon and Shogunro communities should suspend the exercise until further notice.

    He also stated that residents whose properties had already been demolished would be compensated.

    He said, “All demolitions in Makoko and its waterfront communities should be stopped with immediate effect until further notice. Also, any task force to be constituted must involve the residents and carry them along.

    “As your representatives, we assure you that the demolition will be stopped and that all those whose properties have been demolished will be compensated.”

    Speaking on behalf of the affected communities after the meeting, the Baale of one of the communities, Isaac Gunmayon, expressed appreciation to the Assembly for its intervention.

    “They called us to come and explain what exactly happened, and we discussed everything. Whatever the House has decided reflects our wishes, and we are very happy with the way they spoke to us and gave us hope,” he said.

    The demolition which began in December 2025 had drawn mixed reactions from several stakeholders.

    Human rights groups, lawyers and residents had condemned the exercise, which had left several residents displaced.

    Meanwhile, the Lagos State Government had continued to defend the demolition, saying it was carried out to benefit residents of the waterfront communities.

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    Ifetayo Adeniyi
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    Adeniyi Ifetayo Moses is an Entrepreneur, Award winning Celebrity journalist, Luxury and Lifestyle Reporter with Ben tv London and Publisher, Megastar Magazine. He has carved a niche for himself with over 15 years of experience in celebrity Journalism and Media PR.

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    Zenith Bank Plc is intensifying its growth strategy through simultaneous capital raising and regional expansion, positioning itself to meet tougher regulatory requirements at home while deepening its footprint across West and Central Africa. The lender disclosed plans to invest about “$231 million” in expanding operations within the sub-region, with a focus on acquiring assets in Côte d’Ivoire and Cameroon. The move is aimed at strengthening its reach in the francophone market and consolidating regional dominance at a time when Nigerian banks are seeking diversification beyond their domestic base. In parallel, Zenith Bank is finalising a major recapitalisation programme to comply with the Central Bank of Nigeria’s new “10-fold minimum capital requirements,” which must be met by “March 31, 2026.” The exercise places the bank among lenders racing to shore up capital buffers amid tighter regulatory oversight and rising balance-sheet demands. Financially, the group reported resilience through 2025, recording a “16% growth in gross earnings” to approximately “₦3.4 trillion” by late in the year. However, market analysts have cautioned that earnings momentum may moderate in 2026 as interest rates begin to ease across key markets, including Nigeria and Egypt, potentially compressing margins despite higher volumes. The twin pressures of regulatory compliance and regional expansion are expected to shape Zenith Bank’s strategic and financial trajectory over the next two years, as investors weigh near-term profitability against longer-term growth prospects.

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