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24 Rare Facts You Need To Know About Banana Island

by Oba Samuel
24 Rare Facts You Need To Know About Banana Island

24 Rare Facts You Need To Know About Banana Island

Banana Island is an artificial Island located in the outskirt of Ikoyi and it is reputed to be the richest estate in Nigeria. 24 Rare Facts You Need To Know About Banana Island

It is the home to most of the wealthiest and multi-cultural community. It’s a major location to A-list Nigerians and regional headquarters of so many multinational companies and most expensive real estate companies .

According to the Elites Magazine, this beautiful island has become the most preferred abode of the rich. Many years ago, Banana Island distinguished itself as a no go area for the middle class, leaving the rest of Lagos such as Ikeja GRA, Victoria Island and Lekki for the average millionaires in Lagos. A first time visitor to this island is greeted by the sight of well laid lawns with beautiful flowers and well paved roads. The quietude and untainted environment is a major attraction as well.
Beautiful trees are also planted in canopy form to serve as umbrella and to supply fresh air. 24 Rare Facts You Need To Know About Banana Island

Join us on www.dailyfamily.ng on this voyage into the facts about Banana Island:

  1. Banana Island is an artificial Island located in Ikoyi off Foreshore
  2. It derived its name from the banana shaped land.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 densities of millionaires within its boundaries.Banana_Island_Picture 1 24 Rare Facts You Need To Know About Banana Island
  3. Its original name: Lagoon City
  4. Banana Island is a brainchild of Late Chief Adebayo Adeleke , a University of London trained Civil Engineer (MICE), and CEO of City Property Development Ltd.
  5. Banana Island was first located at Maroko near Victoria Island, but that project had been ‘acquired’ by the Lagos State government with no financial consideration paid. After a lengthy 10 year court case, Lagos State government offered other parcels of land as consideration for the Maroko development in its present location at Ikoyi.
  6. Chief Adeleke’s decision to opt for Ikoyi Island perimeter was scoffed by many who were blind to the foresight of the Chief.Banana Island 2
  7. He engaged the Westminster Dredging Company to dredge the foreshore, and create six interlinked and symmetrical islands. 24 Rare Facts You Need To Know About Banana Island
  8. His dream was to create a development that would “Make Nigeria Proud”.

9.The architect  who designed Banana Island iconic buildings is engaged Minoru Yamasaki the architect of Manhattan’s Twin Towers, he designed a replica twin towers as the flagship iconic buildings on the main island.

10.The Original concept of the Island as conceived by Chief Adeleke was an aesthetic design including a City Airport, which was a vision conceived long before the London Docklands Development, London City Airport, Dubai’s Palm Islands or Hong Kong’s Chek Lap Kok Airport.

  1. The project was ‘acquired’ again from its original parent as soon as he had reclaimed the land and the brilliance of the idea was unveiled with no consideration being paid to City Property Development Limited.
  2. The ‘acquisition’ of Banana Island is currently being challenged in various courts, and there areCaveat Emptorwarnings 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.
  3. Banana Island is an area ofIkoyi,Lagos, Nigeria, 8.6 kilometres east of Tafawa Balewa Square. Part of the Lagos Local Government Area of Eti-Osa in Central Lagos
  4.  The Island was constructed by the Lebanese-Nigerian Chagoury Group in partnership with the Federal Ministry of Works and Housingand is considered to be on par with the Seventh Arrondissement in Paris, La Jolla in San Diego, and Tokyo’s Shibuya and Roppongi neighbourhoods.
  5. The Island covers a sand-filled area of approximately 1,630,000 square metres and is divided into 536 plots (of between 1000 and 4000 square metres in size) mainly arranged along cul-de-sacs, so designed to enhance the historically residential nature of Ikoyi. 24 Rare Facts You Need To Know About Banana Island
  6. Some of the world class Utilities in the Island include: Underground electrical systems, an underground water supply network, a central sewage system and treatment plant, and street lighting and satellite telecommunications networks.
  7. The Island is a planned, mixed development with dedicated areas for residential, commercial and recreational activities.Banana Island 3
  8. On the residential side of the Island, planning permission is not granted for dwellings over 3 storeys high. The developers also intend to develop a mainpiazza, a club-house, a primary and secondaryschool, a fire and police station and a medical clinic. They are also negotiating to build a 5-star hotel on the island, along with an array of smaller Guest Houses.
  9. Banana Island hosts several high end residential developments such as Ocean Parade Towersa 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.
  10. The Island has dedicated leisure facilities such as a private health club – with tennis courts, squash courts and a swimming pool surrounded by extensive gardens. The facilities include central air conditioning, central gas syetem, laundry machine, refrigerator, gas cooker, CCTV and 24 hour electricity supply, made possible with standby generators, and a 24 hour security.
  11.  At launch, flats in Ocean Parade sold for over US$400,000.
  12. Averagely, the price of a luxury flat in Banana Island ranges between $130,000 and $200,000. This excludes $15,000 USD service charge per annum. Also, any potential tenant will be required to pay two years rent in advance. And like other luxury apartments in other areas in Ikoyi, Victoria Island and Lekki, come with in-built or detached boys’ quarters for domestic servants.
  13. Several leading Nigerian and International corporates such as – Etisalat Nigeria, Airtel Nigeria, Ford Foundation Nigeria and Olaniwun Ajayi & Co- are also based on Banana Island.
  14. Some of the Notable residents in 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.

– Sayyu 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.

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