Banana Island, Lagos: The Most Expensive Neighbourhood in Nigeria – As one of the most enviable places in Lagos, Nigeria, Banana Island can be compared to popular cities such as the Seventh Arrondissement of Paris and Shibuya of Tokyo.
The neighborhood is located on reclaimed land from the Ikoyi Lagoon, situated about 8.6 kilometers to the east of Tafawa Balewa Square on Lagos Island.
Under the jurisdiction of Eti Osa Local Government, it has some of Nigeria’s finest properties and the highest density of millionaires in the country without a doubt.
The Island is mainly perceived as a place for extravagant homes and affluent residents; hence, it serves as a point of reference for people desiring knowledge about the expensive real estate market in this city.
This article aims to uncover hidden aspects of this luxurious gem. So, if you have been looking for pieces of information regarding Banana Island, this blog is a must-read for you!
Banana Island Founder / History
Banana Island is an ambitious urban project that Chief Adebayo Adeleke, a civil engineer and the CEO of City Property Development Ltd, had conceived. At first, he wished to develop Maroko, but after this area was taken by the Lagos State government, he received land near Ikoyi as compensation.
Working with the Westminster Dredging Company, Adeleke turned the foreshore into six symmetrical islands. His intention was to create landmark development for Nigeria’s pride but that was not to be because it was followed by legal battles that delayed progress and made some modifications necessary.
At some point in time, it was eventually developed into what is currently referred to as banana island – a high-end residential neighborhood located in Ikoyi, Lagos.
How Much Does a Plot of Land Costs in Banana Island?
Banana Island’s land prices range from anywhere between ₦500 million naira and ₦4 billion naira, depending on the area. On the other hand, houses on the island are usually rented out at rates starting from around ₦600 million naira.
Even though these properties may seem extremely expensive, there are still some that have been left vacant yet many rich people including celebrities like Davido, P-Square, Wizkid, and Linda Ikeji continue to flock to Banana Island.
It is also a hotspot for affluent business people like Sayyu Dantata and Mike Adenuga. Banana Island is an asylum for the affluent. Meanwhile, there are alternatives available for those who cannot afford to buy a house such as renting one instead.
Which House is the Most Expensive on the Island?
Conversations regarding luxury homes in Lagos, especially on Banana Island, have become quite common these days. You may have overheard one around or seen it online as the topic often draws people’s attention.
But the real question remains: What is the most expensive house on this exclusive island?
Properties on Banana Island do not come cheap: these are not your ordinary houses scattered all over Lagos; they belong to a completely different class and portray an untold class of wealth that is difficult to match.
Over the years Banana Island has been known as the playground for Nigeria’s rich men, thus a synonym of extreme opulence. One of the stand-out properties belongs to Mike Adenuga, the second richest person in Nigeria.
His estate is valued at around ₦8 billion; this is not just some kind of a house but rather a testament to his wealth. It has eight duplexes within it, there’s also a private cinema where you can watch movies alone or invite friends over during weekends, a swimming pool plus many other luxurious features.
This property stands amongst other high-end homes in Nigeria because when we talk about luxury within the confines of Banana Island, at least, it can be placed among the top five most expensive houses in Nigeria.
Why is it Called Banana Island?
Banana Island earned its name because the shape appears like one when seen from above. This high-end and very exclusive area in Lagos, Nigeria is a man-made wonder that was built on reclaimed land along the Ikoyi coast.
The island has been subdivided into 536 plots laid out in 100 closes reinforcing its extraordinary banana shape. Covering an impressive area of 1,630,000 square meters, Banana Island accommodates both residential houses and commercial facilities such as schools, clinics, and hotels among others.
The planning of its infrastructure which includes underground services as well as modern facilities speaks volumes for the status of the island as one that is meant to be nothing short of a premium quality.
Celebrities on the Island
Banana Island is populated by a few of the most notable celebrities and affluent individuals in Nigeria. It is a luxurious neighborhood which attracts admirers wanting to know the residential places of their famous stars.
Billionaire Mike Adenuga, for instance, owns an estate worth ₦8 billion naira around the island while Peter and Paul Okoye who are popularly known as P-Square have a house that is fitted with a swimming pool among other expensive features.
A few other notable occupants include Linda Ikeji, who lives in a house valued at more than ₦500 million naira plus oil tycoon Sayyu Dantata. Even the ex-minister Diezani Alison -Madueke has property here.
Composition
Banana Island also has many residential complexes of great class, comprising the Ocean Parade Towers—which is a cluster of 14 posh towers located at one end of the island with unobstructed 180-degree views overlooking the lagoon.
Just like other parcels of land on the island, there are exclusive facilities available on the Ocean Parade such as a private health club having tennis and squash courts, a swimming pool, and verdant gardens. Initially, the starting price for an apartment at Ocean Parade was more than $400,000.
In addition, some well-known companies in Nigeria and internationally have their base at Banana Island including Etisalat Nigeria, Airtel Nigeria, Ford Foundations Nigeria, etc among others Olaniwun Ajayi & Co.
Wrap Up
At this point, it is clear that Banana Island is more than an average suburb but a representation of affluence and opulence in Nigeria. It is the ultimate destination for the rich due to its extravagant houses inhabited by famous people and its elite status.
Moreover, the unusual banana shape alongside the luxurious facilities attracts property investors into this area.