Two months after a devastating fire gutted the Great Nigeria Insurance (GNI) building on Martins Street, Lagos Island, traders remain locked out of their shops as the Lagos State Government continues to seal off access to the area, compounding losses and deepening economic hardship for hundreds of business owners.
Earlier, Lagos State Governor, Babajide Sanwo-Olu, announced plans to demolish the fire-ravaged structure as a safety precaution, citing structural instability and the risk it poses to adjoining buildings.
The governor also set up a committee comprising officials from relevant state agencies and structural engineers to oversee the planned demolition and conduct a comprehensive assessment of the building’s structural stability.
However, despite the assurances, no demolition equipment has been deployed to the site, and the charred high-rise continues to loom over the commercial hub.
Findings by The Guild indicate that the prolonged closure of both entrance and exit routes around the burnt structure has effectively paralysed commercial activities in the area.
Traders around the affected business district said the restrictions have disrupted supply chains, discouraged customers, and left many struggling to meet financial obligations.
One tie seller, who spoke on condition of anonymity, said he managed to salvage his goods during the inferno and did not lose any merchandise to the flames. However, he said the aftermath has proven equally devastating.
“After the closure, I was left stranded. I started asking about renting another shop around the area, but the minimum price I was told was N15 million, which I simply cannot afford,” he said.
Unable to secure an alternative shop, the trader returned to the vicinity of the sealed street and began selling from a corner near the barricaded area.
He disclosed that even securing the small space cost N100,000 for three months, an arrangement he said several other displaced traders have also resorted to in order to keep their businesses afloat.
The tie seller appealed to the state government to expedite the demolition process so that the street can be reopened and normal commercial activities restored.
Several other shop owners, who have been unable to access their stalls due to the restrictions, also lamented mounting debts, declining patronage, and uncertainty over when they will be allowed to resume normal operations.
Frustration is mounting among business owners who say repeated assurances of swift intervention have yet to translate into visible action.
Many fear that the longer the building remains standing in its compromised state, the greater the safety risk and the deeper the economic strain on small-scale entrepreneurs who rely on daily sales for survival.
The traders added that reopening the street would not only ease the hardship faced by merchants but also revive economic activity on Martins Street, one of Lagos Island’s long-standing commercial corridors.
