Banana Island is one of the few neighbourhoods in Lagos and Nigeria as a whole that can rival other beautiful neighbourhoods of the world such as the Seventh Arrondissement in Paris, La Jolla in San Diego, California and Tokyo’s Shibuya or Roppongi neighbourhoods. Banana Island is built on the reclaimed land of the Ikoyi, Lagos Lagoon shoreline. The Island is 8.6 kilometres east of the Tafawa Balewa Square on the Lagos Island. It is also one of the areas under the Eti Osa Local Government Area. It is home to some of the most expensive real estate properties in Nigeria and arguably the one place with most millionaires within its boundaries.
Banana Island is arguably one of the reasons why the Lagos Island is considered the wealthier part of the Lagos metropolis. No wonder the likes of Lekki, Ikoyi, Victoria Island is dominated by the upper-class citizens of Lagos and Nigeria. It is not only the business hub of Lagos state but also home to some of the top earners of the city and country as a whole.
When people talk about Banana Island, what comes to mind, often times, is the amount of money spent on real estate properties (houses) or the wealthy people that live in this part of Lagos state. Thus, it is common to see people make searches about Banana Island on the internet such as “cost of plot of land in Banana island“, “Most expensive house in Banana Island” among others.
Despite the number of questions being asked about Banana Island on a daily basis, there are still things you probably might have missed or don’t know. The article is a guide to most of the questions asked and the one you probably might think of.
How much is a plot of land in Banana Island?
A plot of land on Banana Island usually sells between 500 million naira and 4 billion naira depending on the particular area on the Island. While a house on the island sells for about 600 million naira and more.
However, it is not uncommon to see properties on the island unoccupied because of the high prices. This does not mean people don’t move in or buy properties in Banana Island. In fact, it is the go-to place for most of the top Nigerian artiste or celebrities such Davido, P-Square, Wizkid, Linda Ikeji among others. Banana Island is also home to the country’s top business moguls, expatriate such as Sayyu Dantata, Kola Abiola, Mike Adenuga, among others.
The idea that Banana Island is a planned city for the high earners of the country is true, although, there are ways around it to meet your budget. Like with every other property, you can always buy or rent. What it cost to buy a land in Banana Island, buy or rent an apartment in the area solely depends on your budget. There are also quite a number of apartments for rents in Banana Island.
The Most Expensive House In Banana Island
The arguments about luxury apartments in Lagos or Nigeria is not uncommon these days. You probably might have gotten into one or heard about such discussions, as the possibilities that you have come across it on social media is high. The big question then is: which house is the most expensive in Banana Island.
Before we go into details of how much some of the houses cost, by now, you should understand that each of these houses in this part of Lagos is expensive. They are not the regular houses you come by on Lagos roads every day. It is also no longer news that Banana Island is home to some of Nigeria’s most expensive real estate properties.
Considering the fact that this part of Lagos is built to luxurious taste and to attract tourist to the country, one can only imagine the amount of wealth in the area. Banana Island is often dubbed the “haven of millionaires” because it is home to some of the richest people in the country. That is one fact that cannot be over flogged.
Mike Adenuga’s house, valued at about 8 billion naira is considered the most expensive house in Banana Island. One might consider such amount for a single house too extravagant but then, this is the home to the second richest man in Nigeria. He is among the top businessmen in the country with various businesses such as his financial institution – Equatorial Trust Bank – that was merged with Sterling Bank, Globacom, Conoil and many others.
This is the kind of house that qualifies as a mansion; as it houses 8 duplexes. One of the duplexes serves as his personal residence and doubles as his home office.
Why Is Banana Island Called Banana Island?
There are chances it might have crossed your mind, that is, why is Banana Island called Banana Island? How did the name come to be? These are some of the questions you must have heard or asked yourself depending on how curious you are. For a place as popular as Banana Island, what is the motive or goal behind the name?
The reason for the name is actually not complexed as you might have thought it to be. Banana Island, as earlier mentioned, is a city built on the reclaimed land by the Ikoyi shoreline. That is, it safe to say it is a man-made island. However, the answer to why is Banana Island called Banana Island is because the Island is shaped in form of a banana.
The banana-shaped island is zoned into 536 plots and consist of 100 closes that enhance the entire shape of the Island. The island is approximately 1,630,000 square meters in size. A plot of land in Banana Island ranges from 1000 square metres to 4000 square metres. All of which is a mix of residential apartment, commercial apartments, clinics, hotels, police and fire stations, schools and others.
Other utilities provided in the Island include underground electrical systems and water supply network, satellite telecommunications networks, street lighting, central sewage system and treatment plant among others.
Celebrity Houses In Banana Island
One of the things people often search about Banana Island is the celebrity houses. It is a usual phenomenon that the fans want to know more about their stars. Hence, the search for celebrities houses in Banana island, most expensive houses in Banana island, Mike Adenuga cars among others. It is part of the bragging rights for the fans of these celebrities.
The truth is, the list of celebrity houses in Banana Island is endless as it is home to quite a large number of them. So, we are probably going to run through some of them for you. Below are some of the celebrity houses in Banana Island:
Mike Adenuga, second richest Nigerian after Aliko Dangote, is arguably the most notable personality living on the island. Adenuga owns an estate in the neighbourhood which consists of 8 duplexes. One of the 8 duplexes serves as his personal residence and office. Also, within the estates are two watchtowers in order to beef up security, a mosque and a church, a 200 capacity hall among others.
The property is estimated at around 8 billion naira. However, it is expected considering the amount of wealth to his name. His success story, from a taximan to the second richest in Nigeria, is one of the many reasons people search for his name and property.
Another of the usual suspects is the celebrity duo of Peter and Paul Okoye – Psquare. The house is one of the expensive mansion in Banana island. The house like most of the house on the island is built to luxurious taste and elegantly furnished. Within the premises is a swimming pool, lounge, large living room and stylish kitchen among others.
Linda Ikeji is a successful businesswoman and arguably the most popular blogger in Nigeria. She is the owner of the Linda Ikeji blog. According to Forbes, she was the richest blogger in Nigeria in 2016. She is also on our list as one of the celebrities with houses in Banana Island.
Linda Ikeji’s house in Banana is also one of the most popular and searched among the celebrities houses. This is due to the fact that the news of are newly acquired house went viral. The house is rumoured to be over 500 million naira.
Sayyu Dantata is another celebrity, maybe not the typical headlining celebrity, with a house in Banana Island. Sayyu Dantata, the brother of Africa’s wealthiest man – Aliko Dangote, is an oil industry business magnate. He is the CEO of MRS Holding Ltd. Despite being the CEO of MRS and the brother of Aliko Dangote, he has been able to maintain a low key profile.
Diezani, the former Minister of the Federal Republic of Nigeria, is another notable figure with a house in Banana Island. It is impossible to leave her out of the list, due to the news about her, as her house is practically the gist of the town. She is also an owner of one the gorgeous homes in Banana Island.
Fun Things To Do In Banana Island
Inasmuch as this part of Lagos is tagged for the rich, there is always the chance of you finding yourself in the area. Hence, there is the need to know or be aware of the fun things available in Banana Island. The possibilities are endless on what you can do as it is home to a number of shopping malls and leisure attractions. Below are some of the fun things to consider doing in Banana Island:
One of the fun things or interesting things you are likely going to consider in Banana Island is shopping. Banana Island is practically a city in the city, a rich one at that. There are quite a number of places on the Island that you can go shopping. However, it is important to note that things don’t come cheap here. As expected, the market here is channelled to cater for the rich.
Go Watch A Movie
There is practically nothing you want to do anywhere in Lagos that you cannot do in Banana Island. This part of Lagos is structured to cater for all of the social facilities you can think of. From schools to Malls to Cinemas. Hence, going out with your family or on a date or all by yourself is one way to have fun here. The experience is next to none as you might also connect with like minds from the same industry.
What are the chances that there are no gyms in the houses in Banana Island? Zero. Yes, it is expected that most of these luxurious real estate apartments have a personal gym. That said, this does not mean you cannot go jogging or do any form of exercise within the neighbourhood. If you are a fit fam, and you definitely don’t mind getting sweaty outside, you probably want to jog on the streets of Banana Island. Jogging here is far more comfortable and relaxing compared to any part of Lagos. The interlocked roads, quiet neighbourhoods, and beautiful environment make it one of the fun things to do.
This is arguably the easiest fun thing to do in and around Banana Island. As mentioned earlier, Banana Island is a man-made island; built on the reclaimed land of the Ikoyi shoreline. This means it is surrounded by water. It is also important to remember that the Island is actually home to some of the finest houses and richest people in the country. What better way is there to have fun, especially for a first timer, than to go sightseeing. Go round the entire area and have a feel of the luxurious lifestyle. Unlike what is accustomed to the rest of Lagos. You can also go out in the evening for the perfect water view.
How To Get Around In Banana Island
For a place like Banana Island, you actually want to know how to move around here. This is because you definitely want to look the part, especially if you are visiting for the first time. The fact that it remains one of the richest neighbourhoods in Nigeria cannot be overemphasized.
Unlike most part of Lagos, getting around Banana Island can be relatively expensive. This is because the usual transportation means available on the Lagos mainland and some parts of Lagos Island are not available here. That is, the popular transportation means of Danfo, Okada or Keke-Napep are not available in Banana Island.
Due to the luxurious lifestyle of the residents in the area, and the amount of wealth in one place. Most of them depend on their cars to get around the neighbourhood. As one might expect or rightly guess, the array of cars are never cheap either. It comprises a different list of exotic cars.
However, there are other means of getting around the whole neighbourhood. The other means, aside from taking your own car, is to take a taxi. This is the only form of public transport allowed here. It is also very important to note that the price does not come cheap as compared to other areas in Lagos.
The cost of living in Banana Island
Definitely, for a place of this magnitude, it is expected that it does not come cheap. Banana Island, built on the reclaimed land of the Ikoyi shoreline, is the hub of Nigeria’s wealthiest people. The top people from different industries of the country.
Lagos as a whole is no doubt the destination point for thousands of people in the country. It is often dubbed the city of hustlers because of its bustle and hustle. Most people come into Lagos in search of greener pastures. For those who have made it to a reasonable extent, in order to enjoy their newly attained status, they move to the Lagos Island.
As you might have known or heard, Lagos State is divided into two parts – Lagos Island and Lagos mainland. The former is often referred to as where the city’s money lies. Due to its collection of luxurious architectures and calibre of people when compared to the Lagos mainland. There is a distinct difference between the lifestyles in both parts of the city.
It is also evident, the difference in lifestyle, in parts of the Lagos Island, as some places are considered more up end when compared to others. Despite the fact that Obalende and Lekki are both places on the Lagos Island, the lifestyles totally differ. It is the same with other areas within the Lagos Island. Places like Lekki, Ikoyi, Victoria Island are different from the others like Obalende, Isale Eko and the likes.
Ikoyi, which is host to Banana Island, like Lekki, is one of the go-to places for those who seek to enjoy their ‘wealthy’ status away from the Lagos ‘noise’. For the Nigerian artistes, living here is also a form of making a statement of their arrival. That is, an avenue to flaunt their wealth. In order to show how successful they are in the industry.
Considering the calibre of people who live here and the amount a house costs in Banana Island, it is definitely not cheap. A community of top Nigerian celebrities from different sectors of the country does not come cheap. This is evidently so, as a plot of land in Banana Island cost about hundreds of millions in naira.
The kind of structures that are present on the Island show that the cost of living in Banana Island is expensive. The houses in Banana Island are built to rival the best of luxurious houses in the world. Thus, the high price of houses for rent and buy in this part of Lagos.
Even if you intend staying for a while, in order to enjoy the luxury experience, it is still quite expensive. That is, not buying an apartment in Banana Island as it is with most cases. Renting an apartment, depending on the location, is still relatively expensive as most houses go for about 54 million naira per year. In which you are expected to pay 2 years minimum rent in advance.
Interestingly, the amount paid is usually not refundable. Also as part of the maintenance fee, a tenant is expected to pay a service charge of about 6 million naira. All these are indications that the cost of living in Banana Island is expensive.
Where To Eat in Banana Island
The day to day importance of food to every human cannot be overemphasized. Whether you are eating a 3 square meal or not, we all eat. It is the fuel that keeps the body going most times. As Nigerians, with a diverse culture, we are opened to an array of delicacies from all over the country. Where ever you find yourself, the chances of running out of what to eat is slim. The food business is arguably the most popular business in Lagos. Inasmuch as Lagosians like to work, they also like to eat
That said, there are quite a number of places to eat in Banana Island. In fact, it is home to both local and international delicacies. It is not unusual to see some of the top restaurants or eateries in this. There are no limits to the types of dishes available here; they are all dependent on how much you are willing to spend.
There are also a number of fantastic places to eat out around Banana Island. You probably want to experience the lifestyle of neighbouring areas like Lekki, Ikoyi or maybe Victoria Island. The food in this part of the city is equally great as they are also homes to expensive restaurants such as The Crest Lounge, Blackbell, The Ice Cream Factory, Crystal Court, Jumia Food, The Wheatbaker Lagos, Primal Hotel Ikoyi, RoadChef Drive-Thru, Farm City etc.
By now, you should have an idea of what to expect within and around Banana Island. Kindly share your thoughts on this part of Lagos with fellow PropertyPro.ng readers.