I stayed at the Federal Palace hotel some years ago and found it safe, which is of course the main thing. The room was also clean.
The food was not good. I ate in the Nigerian restaurant on the principle that the more clients there are, the fresher the food is likely to be.
Contrary to Hussar 54, I didn't find any close restaurants. One night my driver took me to a restaurant via the beach road; I asked him to turn around when I realised there were suddenly no other cars around.
Check your hotel bill before paying.
I think things change fast in Lagos. All this might be out of date.