If you live in Nigerian and you’ve never heard of Banana Island in Lagos, you’re probably living under a rock. Several artistes have made references to Banana Island in their songs and there’s even been a movie about it. What’s there not to talk or sing about, Banana Island is the holy grail of residential areas in Nigeria. It’s where the super-rich and crème de la crème of Nigerian entertainers, top politicians and business moguls reside. This is why the area is often referred to as the most expensive neighborhood in Nigeria
Banana Island is a no go area for the middle class or the average Nigerian millionaire. For you to have the slightest chance of owning a home on this Island, you must be stupendously rich and ready to fork out two million dollars on average to own a three bedroom flat in this neighbourhood . If you have no plans to buy or stay here for a long time, you can rent a three bedroom flat for 12– 20 million naira per annum. Bear in mind that the $17,000 per annum service charge is not included in the house rent.
The Island is a well-planned multi-cultural community, with dedicated areas for residential purposes, commercial and recreational activities. The Island hosts several high end residential developments such as: Knightsbridge apartments, Living gold estate and ocean Parade Towers. It is also home to leading Nigerian and international companies likes Suntrust Oil, Olaniwun Ajayi, Airtel Nigeria among others.
Where is Banana Island located?
Banana Island is located in Ikoyi area of Lagos.The Island built on reclaimed land covers an area of approximately 1.6 million square metres and is divided into 535 plots (of between 1000 and 4000 square metres in size). 24
History of Banana Island Lagos
Banana Island, once known as Lagoon City, was conceived by the late Chief Adebayo Adeleke, a civil engineer and CEO of Property Development Limited. It arose from a previous project in Maroko, Victoria Island, which was taken over by the Lagos State government without compensation. Chief Adeleke chose the Ikoyi area for his new project, engaging the Westminster Dredging Company to create six interconnected islands. He aimed to make it an internationally relevant development and even brought in renowned architect Minoru Yamaski for flagship building designs.
Unfortunately, the project was taken over again, leading to legal disputes and warnings for potential investors. Real estate developers later filled the land, giving rise to the iconic banana-shaped island, known as Banana Island.
Cost of Land in Banana Island
The cost of land in Banana Island has increased by almost 100% in the last three years, from N600,000 per square meter before to COVID-19 to N1.3 million per square meter.
Celelebrity houses in Banana Island
Below is a list of celebrities, politician, business moguls and high net worth individuals who have houses in Banana Island.
Linda Ikeji
This very popular blogger and former Miss Nigeria contestant has put in tremendous work over the years to become one of the residents of Banana Island. She owns a two storey luxury home which consists of 6 bedrooms ( all ensuite), two living rooms, media room , cinema room, fully fitted kitchen, gym room, water fall and an amazing water view.
PSquare
The Okoye twins are also one of the few Nigerian entertainers residing on this prestigious Island. It’s really no surprise that Peter and Paul live on this Island. Before they both went solo in 2016, their official fee was fifteen million naira per show (yes! 15 million naira).
The Pquare’s mansion is estimated to cost 1.5 Billion naira. The house sits on 3 floors with 6 en suite bedrooms. The mansion also has two huge living rooms, a cinema room, swimming pool and a standard music recording studio.
Mike Adenuga
Nigeria’s second richest man also owns a home here. Mike Adenuga who has a networth of 6.1 billion dollars according to forbes. Sources reported that, his banana Island Mansion costs 8 billion naira. The estate consists of 9 duplexes; it also has a meeting hall, a church, mosque, berth for yachts and a large swimming pool.
Sayyu Dantata
Alhaji Sayyu Dantata, cousin to Africa’s richest man: Aliko Dangote is the founder and Chief executive officer of MRS holding limited (Formerly, MRS Group). He resigned as the chairman of MRS Oil Nigeria Plc. in June 2017, a position he’s held since March 2009. His luxurious banana Island mansion hosted Chris brown after his sold out Lagos concert in 2012.
Davido
After Davido announced the acquisition of his Banana Island mansion in 2022 via a tweet, he hosted a lavish housewarming party in January 2022. The house boasts a spacious entertaining area, a swimming pool, a gym, a fully fitted kitchen, and many more amenities. Interestingly, the property has since been put up for rent with an annual price tag of $150,000
Dieziani Alison-madueke
With an estimated net worth of over $6 billion dollars, it’s no surprise that Nigeria’s first woman president of OPEC owns a home on the prestigious Island. The former minister of petroleum resources was said to have paid cash for her $37.5 million dollars banana Island property. The high court has since ordered the forfeiture of former minister of Petroleum Dieziani Alison-Madueke’s $37.5m property on Banana Island, Lagos after being accused of diverting over $20 billion from the petroleum agency.
Aliko Dangote
It’s really no surprise that Africa’s richest man owns a home in Nigeria’s most expensive area. Aliko Dangote is a man with great taste in property. Aliko Dangote needs no introduction. He’s worth 14.2 billion dollars .He also has a mansion worth 6 billion naira in Abuja
Iyabo obasanjo
She is the daughter of the former president of Nigeria; Chief Olusegun Obasanjo. Having worked as a former commissioner in Ogun state and also as a senator representing her state, her multi-million dollar banana Island home is believed to be her place of solitude.
Kola Abiola
Kola is the son of the Late MKO Abiola. He’s a successful business man who maintains a very low profile in the Nigerian social scene. His wealth is believed to have been inherited from his late father.
Tundun Abiola
Tundun is the sister to Kola Abiola. She is a famous lawyer , journalist and a former presenter of Arise television.She provides legal security for many famous business moguls in Nigeria including her brother.