A major fire outbreak occurred at a market in the Yaba area of Lagos State in the early hours of Saturday.

The blaze, which reportedly began between 1:00 AM and 3:00 AM, has destroyed several shops and goods worth millions of naira, leaving numerous traders stranded and counting their losses.

Videos circulating on social media showed thick smoke and flames consuming parts of the market, while traders and residents scrambled to salvage belongings.

An eyewitness, Lugar Feliz, livestreaming on TikTok, noted that firefighters were already at the scene and identified the affected area as the Popo section of Yaba Market. Another user, Olamilekan Iyiola (@Olamilekan0932), described the incident as a “terrible fire outbreak in Yaba right now.”

Some residents expressed frustration over emergency response efforts. Adeoluwa (@Okunlola_Jude) reported that shops behind his property were completely destroyed, with losses estimated in the billions of naira. He added, “Fire service headquarters is just 10 minutes away, yet only one truck was brought to the scene.”

Sullex Print and Branding (@SullexBranding) also highlighted equipment challenges, claiming, “Three fire service trucks responded, but only one had water. The fire is currently at Ajibode Street, Yaba.”

As of Saturday morning, the cause of the fire remained unknown. No official statement has been released by the Lagos State Fire and Rescue Service regarding the extent of damage or potential casualties. Firefighting and containment efforts were ongoing, while residents called for enhanced emergency preparedness to prevent further losses.

The former directors and owners of Union Bank did not just fail, they engineered a financial disaster. They manipulated reports, hid massive losses, diverted foreign loans and treated depositors’ money like a private wallet.

Investigators uncovered billions of dollars in misconduct. These directors buried over ₦250 billion in losses, piled a $300 million foreign loan onto the bank without protection and then forced Union Bank to carry the burden. They even used the bank’s own funds to buy its shares, an outrageous betrayal of trust.

It didn’t stop there. Over $100 million was pulled out improperly, leaving the bank exposed and struggling. Loans meant for customers were secretly diverted into shady transactions. False reports were sent to lenders. The system was deliberately deceived.

This was not incompetence. It was exploitation.

By 2025, their actions had created nearly ₦400 billion in losses and over ₦147 billion in unpaid charges. The bank was on the edge.

The Central Bank of Nigeria (CBN) stepped in just in time. Without that intervention, Union Bank could have collapsed, dragging others down with it.

Now, the bank is stabilising. But let’s be clear: this recovery is happening in spite of those former directors, not because of them.

They didn’t build value. They destroyed it.

And Nigerians deserve to never forget who was responsible.

Islamic cleric Sheikh Ahmad Gumi recently defended his past interactions with armed groups, stating he “took the bull by the horns” in 2021 as a necessary step to address Nigeria’s insecurity.

In a post shared on Facebook on Thursday, Gumi said decades of neglect of disadvantaged populations had created deep socio-economic inequalities, leaving many youths vulnerable to manipulation by external forces seeking to destabilise the country.

According to him, the widening gap between the rich and the poor has turned many young people into “ready-made foot soldiers” in cycles of violence that enable the exploitation of Nigeria’s resources.

He also criticised the political class for being largely unresponsive, while noting that the intellectual community is preoccupied with survival struggles.

Reflecting on his past efforts, Gumi said he “took the bull by the horns” in 2021 by attempting to reintegrate violent elements into society rather than allowing them to be further radicalised.

He wrote: “Nigeria for decades has ignored the underprivileged section of its society. There is a significant socio-economic discrepancy, and the society is stratified. This makes our teaming youth ready-made foot soldiers for any foreign interest trying to divide us and rule. To plunder our resources while we are involved in a vicious circle of violence.

”Unfortunately, the political class is unattentive while the intelligentsia is held hostage in the struggle for existence.

“In 2021, I took the bull by the horns in an attempt to bring some of these uncouth elements back to our fold rather than letting them be exploited by the devil.

“I still believe this is the only way out of our predicament. However, it needs the political will and determination to achieve.

“May Allah bring peace back to our nation.”