As of 3.30pm when our correspondent left the area, residents could be seen running helter-skelter, as shops were locked while other people were holed up in their houses.
There has been a running supremacy battle in the area between certain gangs which left several people killed.
Some of the residents who spoke with newsmen said the crisis had been raging for some time.
The hoodlums were identified as Otto Boys.
A young girl, who provided our correspondent shelter while the gunshots lasted, said, "This has been on for some time now. Those people shooting are very wicked and have been entering into houses and stealing people's things.
"Those who don't have anything are either maimed or shot dead. After they are through with the shooting, they will come to this area and start breaking bottles on the floor. I advise you to quickly run for your life because they will soon surface from where they are shooting."
Our correspondent learnt from a shop owner, who spoke from the locked gate of her shop, that the incident had been on for three weeks, while the police had not been able to handle the crisis.
Our correspondent observed from a safe distance Jones Street was deserted, while the men were shooting.
A Rapid Respond Squad truck and a police van were parked on Odaliki Street, a few metres away from the incident.
Our correspondent learnt from a source that the Otto Boys were a deadly gang in Ebute Meta and stayed in a slum to evade arrest.
The Police Public Relations Officer, Lagos State Command, Ngozi Braide said, "I am aware of the incident. There was a problem there caused by some Otto Boys, and as you can see, the police are handling it. And it's not up to three weeks that this started. We have beefed up security and normalcy has been restored in the area." Click to signup for FREE news updates, latest information and hottest gists everyday
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