Banana Island is not just home to some of the finest Nigeria real estate, it also habours 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. Banana Island is reputed to be Nigeria’s most expensive neighbourhood. It is on par TriBeCa in New York Shibuya in Japan, La Jolla in San Diego, Carlifornia, Kessington Palace Gardens in London or Victoria Peak in Hong Kong. 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.
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.
Chief Adebayo Adeleke had originally commissioned a new urban development in Maroko, Victoria Island, but that project had been ‘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.
POPULAR HO– USES IN BANANA:
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.
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