Banana Island, Banana Island is an artificial island built on reclaimed 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.
The banana shaped island is approximately 1,630,000 square meters (1.6 million sq metres) in size and it has been zoned into 536 plots consisting of 100 closes, which serve to enhance the banana shape of the island. The island is so designed to enhance the historically residential nature of Ikoyi. Residents are provided world class utilities including underground electrical systems, as against the overhead. Plot sizes range from 1000 square metres to 4000 square metres.
Banana Island is not just home to some of the finest Nigeria real estate, it also harbour some of the most expensive properties in Nigeria. Indeed, beauty and comfort come at a price. And that price can be jaw-dropping. One of the most outstanding features of the island is the Ocean Parade Towers rising into the sky at eight floors with a penthouse. The facilities include central air conditioning, central gas system, laundry machine, refrigerator, gas cooker, CCTV, swimming pool, and 24 hour electricity supply, made possible with standby generators, a squash court, and a 24 hour security.
HISTORY AND FACTS ABOUT BANANA ISLAND
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..
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.
The Island is a planned, mixed development with dedicated areas for residential, commercial and recreational activities. On the residential side of the Island, planning permission is not granted for dwellings over 3 storeys high.
POPULAR COMPANIES AND HOUSES IN BANANA
Etisalat was reported to have acquired a N6 billion property on the island. Other companies such as Airtel, MTN, Globacom, Zenon Oil, and many other companies have their headquarter offices in Banana Island. Many prominent Nigerians are known to have erected eye-popping edifices in Banana Island as well.
Banana Island hosts several high end residential developments such as Ocean Parade Towers – a series of 14 luxury tower blocks strategically situated at one end of the island to take advantage of 180 degree panoramic views overlooking the lagoon. Similar to many of the developments on the island, it has dedicated leisure facilities such as a private health club – with tennis courts, squash courts and a swimming pool surrounded by extensive gardens. At launch flats in Ocean Parade sold for over US$400,000.
Cost of Properties in Banana Island
The island is currently the most expensive place in Nigeria and one of the most expensive in Africa to buy a property. Property on Banana Island is dollar-denominated. The average cost of buying a three bedroom apartment is $2 million. However, if you’re just looking to hang around the island for some time, and not to buy property, you can rent the same apartment for about $150,000 per annum. But there’s a clause: you must pay for an initial minimum term of 2 years – in advance. And there are no refunds. Ever! Also, the tenant is also mandated to pay a ‘service charge’ of $17,000 per annum.
A typical 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. But because of the ridiculous prices of property on the island, about 60% of the completed buildings are currently unoccupied.
Popular People Who Live in This Banana Island:
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 of Alhassan Dantata – the wealthiest man in West Africa at the time of his death in 1955.
Kola Abiola – son of MKO Abiola – prominent businessman, publisher and politician. He is widely regarded as the presumed winner of the 1993 presidential elections.
EXCLUSIVE PICTURES OF BANANA ISLAND LAGOS