Banana Island: The Cost Of Acquiring Properties And Some Popular Residents Of The Island

• gmposts


• 17 May 2016

Banana Island, is an area of Ikoyi, Lagos, Nigeria, 8.6 kilometres east of Tafawa Balewa Square. Part of the Eti-Osa Local Government Area in Central Lagos, it is known for its wealthy, multi-cultural community and has some of the most expensive real estate in Nigeria. Banana Island has one of the highest density of millionaires within its boundaries which makes it arguably the most expensive Area to live in Nigeria.The original Banana Island construction project entitled Lagoon City was the brainchild of the Late Chief Adebayo Adeleke, a University of London trained Civil Engineer (MICE), and CEO of City Property Development Ltd.

The Wealth & financial magazine Forbes had in 2013 named the high-brow Banana Island area of Lagos state as the most expensive neighbourhood in Africa, pegged at around $6 Million Per Lan.

Chief Adebayo Adeleke had originally commissioned a new urban development in Maroko, Sand Filled Victoria Island Lagos, but that project was ‘acquired’ by the Lagos State government with no financial consideration paid. Following a lengthy 10 year court case, Lagos State government offered other parcels of land as consideration for the Maroko development.

Many scoffed at Chief Adeleke’s decision to select the Ikoyi Island perimeter, however they were unable to appreciate the foresight of the Chief, who promptly engaged the Westminster Dredging Company to dredge the foreshore, and create six interlinked and symmetrical islands.

He wanted to create a development that would “Make Nigeria Proud”, and engaged Minoru Yamasaki the architect of Manhattan’s Twin Towers, to design replica twin towers as the flagship iconic buildings on the main island.

Unfortunately for the Chief, as soon as he had reclaimed the land and the brilliance of the idea was unveiled, others were determined to wrestle the land from him, and the project was ‘acquired’ again with no consideration being paid to City Property Development Limited. The ‘acquisition’ is currently being challenged in various courts, and there are Caveat Emptor warnings in place to warn prospective buyers that their investment could be at risk in future. There is also litigation pending in the UK and European courts regarding this matter.

The subsequent developers were principally interested in maximising the yield of the land at the expense of the aesthetic innovative design foreseen by Chief Adebayo Adeleke. Consequently, the land was filled in to create a banana shaped island, which has resolutely failed to achieve any international iconic architectural acclaim, as it is now a residential scheme rather than the commercial development originally envisaged.

Banana Island, is an area of Ikoyi, Lagos, Nigeria, 8.6 kilometres east of Tafawa Balewa Square. Part of the Lagos Local Government Area of Eti-Osa in Central Lagos, it is known for its wealthy, multi-cultural community and has some of the most expensive real estate in Nigeria. Banana Island has one of the highest density of millionaires within its boundaries.

Notable Residents In Banana Island Lagos

• Mike Adenuga- Billionaire owner of Globacom – Nigeria’s second-largest telecom operator and oil exploration firm Conoil.
• Iyabo Obasanjo- Daughter of former President Olusegun Obasanjo and Oluremi Obasanjo, Elected to the Nigerian Senate representing Ogun Central Senatorial District of Ogun State, Senior Fellow at Harvard’s Advanced Leadership Initiative.
• Saayu Dantata – Son ofAlhassan Dantata – the wealthiest man in West Africa at the time of his death in 1955.
• Kola Abiola – son ofMKO Abiola – prominent businessman, publisher and politician. He is widely regarded as the presumed winner of the 1993 presidential elections.
• Linda Ikeji – The Millionaire Blogger is another acclaimed popular Nigeria Media Pundit who owns an apartment in Banana Island.

Cost Of Acquiring A Property In Banana Island Lagos

A conventional plot of land on the island usually goes for between $4 million and $6 million, and the cheapest building on the island costs upward of $8 million. However because of the ridiculous prices of property on the island, about 40% of the completed buildings are currently still unoccupied.