Thugs Demolish 50 Buildings in Lagos, Raising Concerns

On Tuesday, January 27, 2026, suspected thugs invaded the Surulere community in Lagos State, demolishing 50 buildings and demanding payments ranging from N15 million to N25 million from homeowners. The incident has raised significant concerns among stakeholders in the real estate sector, with Mr.

Israel Ihaza, the founder and Chief Executive Officer, condemning the actions and calling for transparency and proper documentation in real estate activities. Ihaza emphasized that the lack of clear ownership records and weak enforcement of regulations create opportunities for abuse by bad actors.

He noted that the emotional and financial trauma caused by such demolitions extends beyond physical structures, affecting individuals' lives, retirement plans, and children's education. The incident has also instilled fear among local investors and the Nigerian diaspora, potentially hindering economic growth and development projects.

Ihaza urged the government to implement stronger regulatory frameworks and oversight to curb these long-standing issues in the sector.