Men of the fire service battled to put out the fire.
Fire gutted a five-storey building, known as UBA Plaza, on Bread Fruit Street, Lagos Island, on Saturday evening.
The building houses a branch of the bank, UBA, on its third floor, several warehouses and shops, as well as offices.
Uzuoma Aniekwe, who owns a shop on the ground floor of the building said the fire started shortly before 5:00 p.m., and that he hurriedly evacuated his goods. He said the fire started on the fourth floor and spread rapidly to the fifth floor.
Though firemen from the Lagos State Fire Service, UBA and Julius Berger Plc., were battling the flame, part of the building was still smouldering as at 8.20 p.m.
A senior official with the Lagos State Fire Service, who was in mufti, but apparently in charge of rescue operation, said the compartmentalisation of the warehouses was too compact for water to get through.
The official, who, refused to give his name, said the banking hall on the third floor might have remained intact, as well as many offices on the second floor.
The fourth and the fifth floors were mostly affected by the fire.
Policemen and officials of other security agencies were on hand to prevent hoodlums from looting salvaged wares.