Though it has not yet been confirmed, but eyewitnesses within the venue of the incident claim that it is one of the buildings of the Guarantee Trust (GT) Bank that caught fire.

A video of the fire outbreak was recently posted on the Instagram page of Nigerian broadcaster Ifedayo Olarinde, popularly known as Daddy Freeze.

A voice from the background of the video could be heard saying: “GT bank Victoria Island is on fire, two explosions so far, this is happening right now.”

Watch the video below:

Meanwhile, recent reports indicate that the Nigerian fire service have already arrived at the scene of the fire and are doing their best to put it out.

It is however, yet to be ascertained what the cause of the fire explosion is and the degree of damages it has incurred. It is also not verified if there were any casualties or injuries.