The incident occurred following the killing of a trailer driver allegedly by a policeman attached to one of the banks.
Witnesses said that the irate colleagues of the dead driver set fire to the bank where the policeman worked after the management of the bank refused to release him to them.
The inferno was said to have spread to a second bank nearby, forcing it as well as other banks in the area to shut down.
The shooting of the driver reportedly occurred after an argument over the indiscriminate parking of trailers in front of the bank.
The Lagos Police Command is said to have mobilised personnel to the scene of the pandemonium to bring it under control.
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