The incident resulted in gridlock in most parts of the Island, as a large number of traders and passersby besieged the vicinity, to catch a glimpse of the inferno.
Confirming the incident, the Director, Lagos State Fire Service, Mr Rasak Fadipe, told the News Agency of Nigeria (NAN) that the fire started around 10.49 hours from the third floor of the building.
He added that six fire engines were immediately deployed to fight the inferno, saying that the cause of the incident had yet to be ascertained.
Fadipe, however, explained that the improper stocking and piling of textile products in bails in the shops, that probably blocked the air-conditioning vents may have triggered an electrical upsurge in the neighbourhood.
He lamented that a crowd of onlookers which immediately gathered in the area hindered the work of the firefighters.
Fadipe said fire engines from Sari-Iganmu, Isolo, Ilupeju, Alausa and the United Bank for Africa (UBA Plc) were able to bring the inferno under control and stop it from spreading to adjoining buildings after about three hours.
He added that there were no casualties in the incident and that the level of destruction would be evaluated later.
Also speaking, an official of the Lagos State Emergency Management Agency (LASEMA), Adekunle Orobiyi, said that his agency also assisted in bringing the fire under control. (NAN)