A highrise building at the popular Balogun market on Lagos Island is currently on fire.

Late last year, there was also a fire incident in the same Balogun market which went on for days causing loss of properties worth millions rendering people jobless and unemployed.

The fire started from the building opposite Oluwole Car Park on Martins Street.

The inferno, according to eyewitnesses has spread to about five structures and firefighters are currently battling it.

Traders are however in a great panic as they are trying to salvage their goods and move to safety.

Other eye witnesses shared videos on social media, showing fire billowing from buildings in the crowded market.

Details of the fire incident are still sketchy.