Explore Banana Island: Nigeria’s Most Expensive Neighborhood Which Is The Home To Nigerian Billionaires

by Duke Magazine

Across the globe, there are plush neighborhoods that are exclusive zones for the rich and powerful families and individuals. One of such neighborhoods is Nigeria’s Banana Island, a small man-made island in Ikoyi, Lagos which is comparable to Paris’s Seventh Arrondissement, San Diego’s La Jolla, New York City’s Tribeca, and Tokyo’s Shibuya and Roppongi.

The 1.63-million-square-meter sand-filled island is built on reclaimed lands and shaped like a banana from an aerial view, hence its name. The luxurious island is divided into some 55 plots ranging from 1,000 square meters and 3000 square meters.

Considered as Nigeria’s most expensive and extravagant residential area per its price listings, residents have access to underground electrical and water systems, telecommunication networks, tight security central sewage system, and a treatment plant.
According to Forbes, the island, which is entirely different from the rest of Nigeria, is a place of “unrivaled opulence and grandeur” and one of the most expensive places in Africa to own a house. House prices are quoted in dollars with a two-bedroom apartment going for more than $2 million.

For those who do not intend to own a property and want to stay for a few days, there is also the option to rent for a charge of around $150,000 per annum. Also, a plot of land on the island reportedly goes for $4 million and $6 million while the cheapest building costs some $8 million.

“It’s a gated community, and its inhabitants enjoy such luxuries … and the well-cherished company of fellow wealthy folks,” according to Forbes.

The most expensive listing as of 2019, NGN5 billion ($12 million), is for a six-bedroom detached house on 2,600 square meters of land, according to a report by Mansionglobal. The report said the island draws the wealthiest people in Nigeria, government officials, and ex-pats from countries like the United States, Britain, Lebanon, India, and France who work for multinational cooperation and firms.

Notable residents include Nigerian billionaire Mike Adenuga, chairman of Globacom; businessmen Alhassan Dantata and Kola Abiola; Iyabo Obasanjo, daughter of a former Nigerian president; Nigerian musicians Peter and Paul Okoye (formerly known as P-Square) and Nigerian celebrity blogger Linda Ikeji.

Aside from the luxury apartments, the island also has luxury amenities such as a café, a barbershop, and a supermarket, chic shopping areas, and restaurants on Victoria Island.

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