The objects, which resembled fireworks, but bigger, were reportedly detected in the area at around 8am by some residents.
The objects were placed at the junction close to a branch of Access Bank in the area.
The area was some metres away from the central mosque where traders, top government officials and dignitaries conduct their daily prayers.
The objects were discovered late because traders in Lagos normally observed the weekly environmental sanitation day on Thursday.
One of the traders said on hearing the news, they hurriedly closed their shops and ran to the scene.
He said: “On getting there, we discovered that the anti-bomb unit of the Police had already cordoned the place to remove the objects.
“Residents raised the alarm, which threw the area into instant pandemonium.”
Economic activities were brought to a standstill for hours as traders, bankers and passersby scampered to safety.
Banks’ gates were immediately shut by security operatives to avoid hoodlums taking advantage of the situation.
The operatives of the anti-bomb squad packed the objects into a vehicle with registration number LSR 276 BP and left around 10.55am with the Divisional Police Officer, Ebute-Ero, CSP John Otahunmele.
Contacted, the spokesperson for Lagos State Police Command, DSP Ngozi Braide, said she was unaware of the incident.
Braide, however, promised to confirm the incident from the appropriate authorities in the area.