Lagos state government has finalised plans to demolish the Bank of Industry (BOI) building on Broad Street, Lagos Island, which has been a safety hazard since its partial collapse over a year ago. Demolition is expected to be carried out shortly. The state authorities intervened by revoking the ownership title of the building from the BOI and planning the demolition after the bank failed to pull down the structure as ordered.
The BOI building is one of around 20 structures in Lagos to have collapsed over the last five years as a result of poor design and construction methods and the use of substandard building materials. This has resulted in a loss of properties and assets valued at about N35.52 billion according to a report in Nigeria