The Rich’s Beautiful Isle: Banana Island Lagos

Found in Lagos Nigeria, Banana island is usually the residential dream of most Nigerians. If asked where they would someday hope to stay, many people would say Banana Island Lagos, without a second thought.

This is apparent as the island is known for its beauty and luxury, along with the fact that it is home to so many celebrities and wealthy Nigerians. 


But, just how much do we know about Banana Island? Is it all that it has been made out to be? Is the money worth it? What makes it so different from other places in Nigeria?

Hopefully, all these questions and more would be answered as we find out all about Banana Island, Lagos.

All About Banana Island Lagos

Price of Land And Accommodation

Did you know that an average plot of land ranges between $4 million (N1.4bn) to $6million (N2.1bn). And it costs nothing less than $8 million (N2.8bn) to buy the cheapest house. As a result of this, only about 30% of the completed buildings have been occupied.

With prices like this, it comes as no surprise that it is recognized as the most expensive neighbourhood in all of Nigeria, only comparable to places like Tribeca in New York City, Victoria Peak which is located in Hong Kong, Kensington Palace Gardens which is found in London, and various such places.

If you want to rent a flat on this Island, all you would have to do is pay around $130,000 (N45million) to $200,000 (N70million) every year, along with a service charge of $15,000 (N5million).

Also, when paying for the first time, a two year worth of payment must be made. All apartments come with a pre-installed or external boys-quarters for live-ins and domestic workers.


Banana Island is home to some notable individuals, most of which include celebrities, and business tycoons. However, there are some notable residents that can easily afford to live here, they include;

Mike Adenuga

Being the owner of Nigeria’s second-largest telecommunications operator, Globacom, and Conoil, an oil and gas exploration company and being the second richest Nigerian, it is not so shocking that Mike Adenuga can afford to reside in this luxurious neighbourhood.

Sayyu Dantata

He is the son of Alhaji Alhassan Dantata, a wealthy businessman who as at the time of his death (1995), was hailed as the richest man in West Africa. His Son Sayyu Dantata has inherited a portion of this wealth and this has undoubtedly allowed him to be able to afford a place of residence in Banana Island.

Linda Ikeji

One of Africa’s most influential bloggers, she has in recent years, acquired a mansion on the island that is worth millions.

Deziani Alison Madueke

This former leader of OPEC also happens to be a highly regarded politician. Even though she was involved in a financial malpractice scandal and has faced interrogations on several levels, she still has managed to maintain lots of properties, including her house on Banana Island Lagos.

Kola Abiola

Being a very successful millionaire and the son of the late hero, MKO Abiola, Kola has established a home for himself on the Island.

Iyabo Obasanjo

She is not just the daughter of one of the former Presidents of Nigeria, she also happens to be an accomplished politician. This influential Nigerian woman also happens to be among the few people that own a place of residence on Banana Island.

Bola Ahmed Tinubu

A renowned Nigerian politician who once served as the governor of Lagos state, he is extremely wealthy and is revered as one of the most influential politicians in the country. He also has a house on the Island.

Aliko Dangote

Being the wealthiest man in Africa and one of the largest job creators in the country, Aliko Dangote owns lots of property all around the country. These properties include houses, one of which is said to be on the Island.

Tundun Abiola

This successful Lawyer who has built her career to the pinnacle that it has reached also happens to own a house on Banana Island. She is also the sister to Kola Abiola.

 Physical features and Infrastructures

Banana Island is located around Ikoyi in Lagos Nigeria. To be more precise, it can be located approximately 8.5 km eastward from Tafawa Balewa Square and is a part of the Eti-Osa Local Government Area in the central parts of Lagos.

It has been given the name Banana Island, owing largely to its banana shape. It is also important to note that it was artificially created and its landmass spans a jaw-dropping 1,630,000 sqm and has been classified into 536 plots with one hundred closes.

It was designed to have a mixture of residential and non-residential buildings. These non-residential buildings include Schools, Hospitals, Police Stations, Companies and other recreational facilities. It is home to various successful local and foreign corporate establishments such as Airtel NG. Etisalat NG, Olaniwun Ajayi & Co and even Ford Foundation Nigeria.

The island has a lot of interesting and modern utilities such as Underground water supply, underground electrical systems and networks, satellite communications networks and connections, sewage treatment and central sewage systems.

One of the most eye-catching features on this Banana shaped Island is the Ocean Parade Towers that stands tall at several hundred feet into the sky. In addition to its eight floors, it also has a penthouse.

Its facilities include a central gas system along with a central cooling unit or air conditioning system. This architectural marvel also comes with a swimming pool and a 24hr electricity supply.

There are many plans to improve and continue to develop the already luxurious Banana Island. We can never fully expound on every minute detail concerning the island.

However, it is safe to say that these facts listed above are indeed mind-blowing. Who would have thought that such a well-developed place that is well advanced in infrastructure and living standards could actually exist in our country?

Now, there you have it all about Banana Island Lagos. Read about the interesting facts about Banana Island here. If you are looking for a place to reside in or build a company, you can always consider the ever luxurious Banana Island.

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