Banana Island: The Most Expensive Neighborhood In Nigeria
The project involving the construction of the original Banana Island was called ‘Lagoon City’, and it was designed by the late Chief Adebayo Adeleke, the CEO of City Property Development Ltd, who had studied Civil Engineering in London. He had the Westminster Dredging Company dredge the foreshore around the perimeter of the Ikoyi Island, in order to create six interlinked symmetrical islands.
He hired the highly acclaimed architect of Manhattan’s Twin Towers, Minoru Yamasaki, to design a pair of replica twin towers that would be built on the main island, and would serve as the most iconic buildings of the entire project!
Chief Adeleke wanted to create an aesthetically spectacular environment that would include a City Airport, however the land was taken from him, just as another piece of land had been, in the past, and his company received no compensation. This acquisition is being challenged in various courts at the moment, and investors are generally advised to consider the risk of buying property on the island. There is also litigation pending in UK and EU courts as far as the acquisition of Banana Island is concerned.
The people who took over the project tried to maximize their monetary gain, by filling in the land in Lagos Lagoon, in order to create the banana shape we all know. The spectacular design Chief Adeleke had envisioned is no more, and the island did not end up becoming iconic, in the end.
Nowadays, Banana Island features residential, commercial and recreational dedicated areas, and it is still under development, and in the future it will include a central piazza, a clubhouse, a primary and secondary school, a fire station, a police station and a medical clinic. There are plans for a 5-star hotel on the island as well, along with a few smaller Guest Houses.
There are several important residents that live on Banana Island, such as Mike Adenuga, Iyabo Obasanjo, Saayu Dantata and Kola Abiola, to name a few. Some of them have even build some super luxurious mansions, too!