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Business houses and the invasion of residential areas
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They were initially designed to be residential areas that was years back. Now these areas are gradually being taken over by business concerns. From Ikorodu to Ojodu, on the outskirt of Lagos, down to central Lagos and Apapa all in Lagos State, it is now customary to see a former residential quarters being bought over by corporate organizations. But this trend is not limited to Lagos alone. Reports from across the country show that the trend is the same, the invasion being especially driven by the banking sector.
The worst hit by this invasion are some Government Reserved Areas, (GRAs) whose serenity and tranquility have been shattered by the business premises which attract high human and vehicular traffic and even destroy recreation facilities established in these places.
For instance, the Ikeja GRA, which used to the highbrow of Lagos mainland, is about losing its glamour and exclusivity to business premises. Perhaps, the nearness of Isaac John Street to the Bank Anthony Way, the business heartbeat of Ikeja, could be the reason for the invasion of the street by businesses such as eateries, banks, clubs, and malls, among others. But the same reason cannot go for areas inside the GRA which have recently been invaded by banks. The fact is that when one bank or business springs up in an area, others follow. From the Omole end of Ogunseemi Road to the last bus stop, Ojodu, Lagos-a street of about three kilometers-has up to eight banks. And new ones are warming up.
A trip to the popular Computer Village in Ikeja will explain this trend better. Pepple Street and the entire neighborhood built as a residential area has been taken over by traders who sell computers, telephones and their accessories. Whatever happened to the tenants living in those building before the takeover is another topic of its own.
Similarly, one can hardly find living accommodations on Awolowo Road, Ikeja.
Perhaps, the worst place is the Idumota Market on Lagos Island. Almost all the residential buildings there and the entire neighborhood have become shops. The story is not different on Victoria Island. The difference here, however, is that while the Computer Village and Idumota have become markets, residential buildings on Victoria Island have become Corporate Offices and mainly home to all the banks in Nigeria.
Ajose Adeogun Street, for instance, has almost been completely bought over by Zenith Bank where the bank has its headquarters. At Ozumba Mbadiwe Road, Oceanic Bank is the lord. The bank is engaged in an expansion mission, encroaching on the five-cowrie creek and its banks. Residential buildings are pulled down after they had been bought, to give way for mansions or sky scrappers erected on the lands. However, some companies and traders use residential houses as offices just as they are, while some make minor alterations to suite their purposes.
In Festac Town, the situation is not better. The once serene Festac First Avenue that was exclusive to the rich, is now sold out to private and corporate organisations for business development. As if that was not enough, they are taking over 21, 22 and 23 Roads and even private Closes
On the Lagos Island, places which used to be highbrow residential areas are now the most invaded by commercial interests. New residential areas such as Lekki, Ajah are witnessing a beehive of commercial activities propelled by many businesses springing up there. What most of the residents demand is the peace and serenity of their environment.
Those who want to retain their seem to be fighting a losing war as many others who cannot resist the fantastic offers from these businesses end up selling their properties to acquire less priced ones in high density areas.
The residents associations have been concerned about these invasions. They have cried out too. A member of one of the residents associations in Ikeja GRA once said that the good thing about the invasion is that it is creating employment opportunities for the teeming unemployed in the country today, but at the detriment of the exclusive comfort of the residents. With this trend, the teeming population of people who already could hardly find living accommodations in most major Nigerian cities will find it harder. Even when they find the accommodations, they have to contend with the high cost.
The current rapid rate of invasion of residential areas by businesses raise some posers : Does Lagos have a master plan ? If yes, why has it been distorted over the years , with impunity ? Is Lagos likely to see the pulling down of buildings constructed without adhering to the master plan as has happened in Abuja? These are posers the Lagos state government must address. For now, the encroachment of corporate offices and businesses into residential areas in Nigeria continues, unabated.
Why this trend, and what are the possible impacts? Some say it is simply a matter of market forces at play. They note that businesses must move to locations where they will make the most profit, and property owners can hardly resist mouth-watering offers from corporate organizations. Many of these residential areas, they say, are where the fat cats live. Therefore, businesses must take their products to them.
For Ade Mukiala, a resident of Ikoyi, Lagos, the solution is for the town planning authorities to come up with better plans that would be followed strictly and by the same token, punish those who distort the master plan.
A manager in one of the leading banks on the Lagos Island, who does not want his name in print, is of the opinion that the expansion going on in the banking sector is because of the growing profile of Nigerian banks after the recapitalisation exercise last year. "Yes, it is true that banks are taking up more buildings, this is not far from the fact that they are making more profit, and more Nigerians now have more confidence in the system than before the recapitalisation. So, more branches are being opened up on daily basis to cater for the growing list of customers."
The worst hit by this invasion are some Government Reserved Areas, (GRAs) whose serenity and tranquility have been shattered by the business premises which attract high human and vehicular traffic and even destroy recreation facilities established in these places.
For instance, the Ikeja GRA, which used to the highbrow of Lagos mainland, is about losing its glamour and exclusivity to business premises. Perhaps, the nearness of Isaac John Street to the Bank Anthony Way, the business heartbeat of Ikeja, could be the reason for the invasion of the street by businesses such as eateries, banks, clubs, and malls, among others. But the same reason cannot go for areas inside the GRA which have recently been invaded by banks. The fact is that when one bank or business springs up in an area, others follow. From the Omole end of Ogunseemi Road to the last bus stop, Ojodu, Lagos-a street of about three kilometers-has up to eight banks. And new ones are warming up.
A trip to the popular Computer Village in Ikeja will explain this trend better. Pepple Street and the entire neighborhood built as a residential area has been taken over by traders who sell computers, telephones and their accessories. Whatever happened to the tenants living in those building before the takeover is another topic of its own.
Similarly, one can hardly find living accommodations on Awolowo Road, Ikeja.
Perhaps, the worst place is the Idumota Market on Lagos Island. Almost all the residential buildings there and the entire neighborhood have become shops. The story is not different on Victoria Island. The difference here, however, is that while the Computer Village and Idumota have become markets, residential buildings on Victoria Island have become Corporate Offices and mainly home to all the banks in Nigeria.
Ajose Adeogun Street, for instance, has almost been completely bought over by Zenith Bank where the bank has its headquarters. At Ozumba Mbadiwe Road, Oceanic Bank is the lord. The bank is engaged in an expansion mission, encroaching on the five-cowrie creek and its banks. Residential buildings are pulled down after they had been bought, to give way for mansions or sky scrappers erected on the lands. However, some companies and traders use residential houses as offices just as they are, while some make minor alterations to suite their purposes.
In Festac Town, the situation is not better. The once serene Festac First Avenue that was exclusive to the rich, is now sold out to private and corporate organisations for business development. As if that was not enough, they are taking over 21, 22 and 23 Roads and even private Closes
On the Lagos Island, places which used to be highbrow residential areas are now the most invaded by commercial interests. New residential areas such as Lekki, Ajah are witnessing a beehive of commercial activities propelled by many businesses springing up there. What most of the residents demand is the peace and serenity of their environment.
Those who want to retain their seem to be fighting a losing war as many others who cannot resist the fantastic offers from these businesses end up selling their properties to acquire less priced ones in high density areas.
The residents associations have been concerned about these invasions. They have cried out too. A member of one of the residents associations in Ikeja GRA once said that the good thing about the invasion is that it is creating employment opportunities for the teeming unemployed in the country today, but at the detriment of the exclusive comfort of the residents. With this trend, the teeming population of people who already could hardly find living accommodations in most major Nigerian cities will find it harder. Even when they find the accommodations, they have to contend with the high cost.
The current rapid rate of invasion of residential areas by businesses raise some posers : Does Lagos have a master plan ? If yes, why has it been distorted over the years , with impunity ? Is Lagos likely to see the pulling down of buildings constructed without adhering to the master plan as has happened in Abuja? These are posers the Lagos state government must address. For now, the encroachment of corporate offices and businesses into residential areas in Nigeria continues, unabated.
Why this trend, and what are the possible impacts? Some say it is simply a matter of market forces at play. They note that businesses must move to locations where they will make the most profit, and property owners can hardly resist mouth-watering offers from corporate organizations. Many of these residential areas, they say, are where the fat cats live. Therefore, businesses must take their products to them.
For Ade Mukiala, a resident of Ikoyi, Lagos, the solution is for the town planning authorities to come up with better plans that would be followed strictly and by the same token, punish those who distort the master plan.
A manager in one of the leading banks on the Lagos Island, who does not want his name in print, is of the opinion that the expansion going on in the banking sector is because of the growing profile of Nigerian banks after the recapitalisation exercise last year. "Yes, it is true that banks are taking up more buildings, this is not far from the fact that they are making more profit, and more Nigerians now have more confidence in the system than before the recapitalisation. So, more branches are being opened up on daily basis to cater for the growing list of customers."
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