Evictions by Waterfront Property Developers: A Familiar Strategy
The Actors: State, Developers, and The Displaced The immediate actors are the Lagos state government, specifically entities involved in urban planning and enforcement, and the residents of Makoko, a centuries-old fishing community. While the BBC report identifies residents' suspicion of gentrification, it stops short of naming the specific private developers who stand to gain. This omission is
critical, as large-scale waterfront developments in Lagos often involve consortia with significant political ties. For instance, the Eko Atlantic City project, another major Lagos land reclamation and luxury development, is spearheaded by South Energyx Nigeria Limited, a subsidiary of the Chagoury Group, a powerful conglomerate with extensive political connections dating back decades ( Chagoury
Group Corporate Records, 2023 ). The Funding: Public Coercion, Private Gain The funding for such projects typically comes from a blend of private investment and public infrastructure spending. The demolition costs are borne by the state, effectively subsidizing land clearance for future private development. The original article mentions residents' fear of gentrification, which implies a subsequent
commercial-residential development. The land value in desirable waterfront areas of Lagos is substantial; for example, prime commercial land in Ikoyi, an adjacent upscale area, can command upwards of ₦1.5 billion per square meter (approximately $1.5 million USD, as of late 2023). The incentive for developers to acquire such land, even through coercive means, is clear. The 'official denials' of