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Welcome to a new week,
Last week we shared that Lagos had issued a final ultimatum to developers operating without approvals in the Lekki Free Trade Zone. This week is already opening with action. The state has begun demolishing illegal structures along key road corridors in the zone, marking a decisive shift from warning to enforcement. Excavators are clearing sites, roadworks are resuming and the message from the government is clear: compliance is no longer optional.
What is striking is that Lagos is not alone. We are seeing demolition and enforcement activity in other parts of Nigeria as well. In Edo State, authorities have begun tearing down properties linked to cult activity in Uromi following major security raids. The state says it will continue to target buildings used for criminal operations, underscoring a broader national trend of governments taking firmer control of land use and security.
Let’s dive into the full stories.
Lagos Begins Demolition of Illegal Structures in Lekki Free Trade Zone Following Final Deadline Issued to Developers
Lagos State has commenced the demolition of illegal structures within the Lekki Free Trade Zone following the expiration of an earlier ultimatum issued to developers and landowners operating without proper approvals.
The enforcement team, led by the Ministry of the Environment and Water Resources, continued operations on what officials described as a smooth Day Four of the exercise. Crews worked through the zone clearing road corridors, dismantling unapproved buildings, and removing environmental infractions that have obstructed infrastructure development in the area.
Edo Demolishes Properties Linked to Cultism in Uromi as Government Intensifies Security Crackdown
The Edo State Government has demolished several properties in Uromi, Esan North East Local Government Area, following security raids that uncovered links between the buildings and suspected cult groups operating in the region.
The demolitions follow a coordinated operation carried out by the state’s Special Security Squad, supported by the Nigerian Army, police units, and community vigilante groups. During the sweep, security operatives arrested dozens of suspects and recovered items believed to be connected to cult related activities, prompting the government to take immediate enforcement action.
Calabar–Itu Highway Gets New Contractor as FG Sets Strict 60-Day Delivery Target
The Federal Government has terminated the contract of Raycon International for a key section of the Calabar–Itu Highway and reassigned the project to Hitech Construction Company with a firm directive to complete all outstanding work within 60 days.
The decision followed months of stalled progress on the Ekim to Odukpani segment, a section considered vital for connecting communities across Akwa Ibom and Cross River States. Officials in the Ministry of Works said the performance of the previous contractor had fallen short of expectations despite repeated warnings and opportunities to improve delivery.
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FX MARKET SNAPSHOT TODAY
USD > NGN | 1,470.26 | Up by 0.51% |
GDP > NGN | 1,960.22 | Up by 0.06% |
EUR > NGN | 1,712.71 | Up by 0.08% |
CAD > NGN | 1,063.48 | Up by 0.08% |
Economy Watch
CBN Projects Positive Outlook for 2026 as Key Economic Indicators Improve
Nigeria may be heading into 2026 with renewed economic confidence. The Central Bank of Nigeria (CBN) says the country’s macroeconomic outlook for next year is positive, citing stabilising inflation, healthier foreign exchange conditions, and early signs of stronger investor sentiment.
Why It Matters: The CBN’s positive 2026 outlook signals a more stable environment for Nigeria’s real estate sector. Easing inflation, improved FX conditions and stronger liquidity could make financing more accessible, revive stalled projects and boost investor confidence, especially among diaspora buyers. For a market shaped by borrowing costs and economic stability, this projection offers a much needed dose of optimism heading into 2026.
FCMB Reports Strong 2025 Profit Growth of N134.5 Billion as Earnings Rise Across Core Banking Operations
FCMB Group Plc reported a profit of N134.5 billion for the first nine months of 2025, one of its strongest results in recent years. The bank saw solid growth in gross earnings driven by higher customer deposits, improved interest income and stronger performance across its commercial and retail operations. FCMB also recorded better operating margins, tighter cost control and rising digital banking revenue.
Why It Matters: Strong bank performance signals healthier liquidity and greater lending capacity, which can benefit developers and buyers through improved access to mortgages and construction finance. A more resilient banking sector also boosts investor confidence and supports broader activity in Nigeria’s real estate market.
Quote of the day:
“In every market cycle, the winners are the ones who stay informed and act with clarity.” - Warren Buffett
Sector Watch Monday
1. UBA / Capital Market Reform (ISA 2025)
Nigeria’s new ISA 2025 framework strengthens capital-market oversight and investor protections, creating a more transparent environment for raising funds. This shift could open new financing channels for real estate, infrastructure and large-scale development projects. The reforms also signal broader efforts to rebuild investor confidence.
2. Chevron Re-Engages in Nigeria
Chevron has confirmed plans to participate in Nigeria’s next oil-licence round and is preparing for new drilling activity. The move reflects renewed confidence in the country’s energy landscape and could stimulate economic growth in oil-producing regions. Increased upstream investment often drives demand for housing, logistics and commercial real estate.
3. Energy Sector: Gas Debt Settlement to Boost Power
The Federal Government has approved the settlement of significant gas-sector debts to improve supply to power plants. This step is aimed at stabilising electricity generation and restoring investor confidence in Nigeria’s power sector. More reliable power could reduce development costs and improve the viability of residential and commercial properties nationwide.
4. Technology and Connectivity Expansion
A major telecom provider has rolled out new plans to expand coverage and increase internet speeds across Nigeria. Improved connectivity enhances digital access for households and businesses, supporting remote work, e-commerce and tech-driven services. Stronger digital infrastructure typically boosts demand for well-connected residential and commercial real estate.
HAVE A GREAT DAY 😃
Produced by: Amarachi Okeke
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