The History of Banana Island: How a Swamp Became Nigeria’s Most Expensive Neighborhood
Why It Matters
If you’ve ever wondered how a man-made island became Nigeria’s equivalent of Beverly Hills, this is your explainer.
Banana Island wasn’t always a billionaire’s playground. It was once a swampy, reclaimed parcel of land on the Ikoyi axis — and it took lawsuits, bold developers, and massive vision to turn it into what it is today.
The Origins: From Swamp to Strategy
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In the late 1980s, the Lagos State government teamed up with City Property Development Ltd., owned by Lebanese-Nigerian tycoon Chagoury Group, to reclaim land off the coast of Ikoyi.
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The design was shaped like a banana — hence the name.
Legal Drama: The Lawsuit That Changed Everything
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Initially, Banana Island was supposed to be originally developed by Chief Adebayo Adeleke’s firm, IDEAL VENTURES, under a PPP with the Lagos Government.
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But a fallout occurred, leading to a legal tussle between Adeleke and the Chagoury-backed firm.
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After years in court, Chagoury Group retained rights to proceed with the project — but it reshaped Nigeria’s PPP laws around land use forever.
Building the Billionaire Island
By the early 2000s, construction kicked off — attracting embassies, tech CEOs, and oil executives. Features included:
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Underground cables and drainage
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Street lighting with solar backup
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24/7 security and power supply
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Access via Cable Bridge and proximity to Falomo, Ikoyi
Who Lives There Now?
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Mike Adenuga (Globacom)
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Sayyu Dantata (MRS Oil)
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Linda Ikeji (blogger & media mogul)
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Several foreign embassies and expatriate CEOs
🏘️ Property prices?
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Plots start from ₦600M – ₦1.2B
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5-bedroom duplexes go for ₦1.5B+
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Annual rent ranges from ₦15M – ₦35M
Real Estate Impact
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Banana Island raised the bar for luxury developments across Nigeria.
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Inspired similar projects like Orange Island, Eko Atlantic, and Gracefield Island.
My Take
Banana Island is more than a postcode — it’s a legacy of legal tenacity, vision, and elite living. For investors and historians alike, it’s proof that transformation is possible when government, private capital, and bold vision align.
