The fire occurred at the Mandiillas axis of the popular Balogun market.
By midday, the fires had engulfed five-story buildings on the edge of the market, with billowing black smoke filling the sky.
Speaking on the incident, Osanyintolu said "we received call earlier this morning that there is a fire incident that involves two multistorey buildings at Martins Street and Dosumu Street in Lagos".
Our correspondent learnt that fire at Idumota raged because the items in the affected shops were highly inflammable.
Residents were throwing what belongings they could from the buildings and some people on the rooftops were using small buckets of water to try to stop the fire.
Valve reportedly helping Apple with an AR headset
Of course, that's nothing surprising considering Apple has been working with both companies for a while now. However, this time around, Apple's partnership with Valve will be focusing more on AR than VR.
Panthers QB Newton (foot) goes on IR to end his season
Newton completed 50 of 89 pass attempts this season for 572 yards in the two season-opening losses for Carolina. In 2020 Newton is in the final year of his contract and has a salary cap hit of $21.1 million.
WTA Finals: Ashleigh Barty v Elina Svitolina in the final
She had lost just one set before the final to be on track to claim a maximum prize of $4.725 million before falling short in the decider.
He appealed to Lagos citizens, especially the traders at Lagos Island markets, not to panic as there was no casualty involved in the incident.
An update from Punch reports that men of the Lagos State Emergency Management Agency and Lagos State Fire Service had been deployed to put out the fire.
The market is one of the busiest and biggest in the state.
"We have split our team in two to fight both fires", Ganiyu Olayiwola, head of the Federal Fire Service in Lagos, said.