Banana island is home to the elite and the high class of Nigerian society. It is a man-made island, that seats on an area of reclaimed land on the Ikoyi, Lagos Lagoon shoreline in Lagos state, Nigeria. It is a beautiful island with lots of luxurious buildings and attractions. Banana island is known for having a wealthy and diverse society.
The island is home to some of Nigeria’s most costly real estate which is no surprise since it is also among the areas with the largest concentrations of millionaires in Nigeria.
When people talk about this Island the first thing that comes to mind is wealth and luxury but that’s about it. There are several things you need to know about Banana island.
Why Is Banana Island Called Banana Island?
Surprisingly, the name of this island has nothing to do with actual bananas. The island is named after the fruit because of its shape. From an aerial view, Banana island is curved in a shape like that of a banana and so it was named after the fruit.
Location And Structure
Banana Island is located on the shoreline of the Lagos lagoon a little more than 5 miles east of Tafawa Balewa Square, the center of Lagos’ business and ceremonial life.
The 1.63 million square meter island is connected to a network of roadways close to Parkview Estate by a dedicated road. Second Avenue and First Avenue combine to form its northern and southern boundaries.
It was built by HiTech, the Chagoury Group’s construction division, in collaboration with the Federal Ministry of Works and Housing of Nigeria.
It is zoned into 536 plots, each of which consists of 100 closes and is around 1,630,000 square meters in size. The island is envisioned as a mixed-use community with portions designated for residential, commercial, and recreational activities.
According to the original plans, Banana Island was supposed to be a super-exclusive community of single-family detached estates separated into 535 property plots with sizes ranging from 1,000 to 4,000 square meters.
The maximum number of stories for houses was to be three. However, only the south side of the island was constructed according to these plans. As land prices rose over time, the construction of high-rise condo projects began on the northern parts of the island.
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Most residences are typically highly customized. The types of houses include terrace homes, apartment buildings, maisonettes, and flats with 2 to 4 bedrooms ensuite. Most of the houses on this island come with a pool and gym.
The residents also have access to top-notch utilities such as underground electrical systems as opposed to the more common overhead ones, a good road layout, street lighting, centralized water and sewage treatment, an effective waste management system, satellite telecommunications networks, shuttle buses, and a pleasant atmosphere.
How Much Is A Plot Of Land In Banana Island?
Banana island has some of the most expensive real estates in Nigeria and the price continues to increase as the island continues to grow. The cost of comfort and luxury does not come cheap and this island greatly emphasizes that.
Depending on the location on the Island, the price for a plot of land typically ranges from 500 million to 4 billion naira. The highest cost of a plot of land is about 665,000,000 per square meter, while the least expensive costs about 946,000. While a home on the island can be purchased for up to a billion Nigerian Naira depending on the size and location.
Buyers can also choose to rent apartment units that are cheaper in comparison to buying a house or land. You can lease an apartment unit for about $24,000 to $150,000 per year.
But it comes with some conditions, you are required to pay the rent for a minimum term of 2 years and a service fee of $17,000 every year. There can be no refunds so you also won’t be able to back away once the payments have been initiated.
However, due to the high costs, there are several vacant properties on the island. This is a given since the inhabitants are only people who can afford the exorbitant prices and not your average Nigerian.
What Is The Most Expensive House On Banana Island?
With the price of housing on Banana Island, you might be wondering what house is the most expensive. As you already know, every house in this area of Lagos is pricey even without getting into the specifics of how much some of them cost.
These houses are not the typical homes you see on Lagos roads on a daily basis. They are houses constructed to exude wealth and luxury, they are constructed in a modern fashion that perfectly suits the general appearance of the island.
One can only picture the level of luxury in the neighborhood given that this portion of Lagos was constructed for the high-class society and to grab the attention of tourists.
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The most expensive home on Banana Island is Mike Adenuga’s residence. It is estimated to be worth over 8 billion naira. It can be considered a mansion because it contains 8 duplexes. He lives in one of the duplexes himself and works from home in another.
Mike Adenuga is one of the most successful businessmen in the nation, running a variety of enterprises, including Equatorial Trust Bank, Globacom, Conoil, and others. It is no surprise that he owns an estate of that value.
Transportation
The transportation on Banana island is very different from other places in Nigeria. If you are visiting the island for the first time this is something you should know.
Getting around on Banana Island can be more expensive than most of Lagos. This is simply because the typical transit options used in other parts of the state are not available. Banana Island does not have access to any form of public transportation.
This is not surprising when you take into consideration the caliber of the inhabitants of this island. The majority of them rely on their cars to get around the neighborhood. And as such, there is no need for public transportation.
So how do you get around the island?
There are alternative ways to navigate the entire neighborhood. You could make use of a taxi if you do not own a vehicle. However, you should keep in mind that the cost will be higher than in other parts of Lagos.
Top Celebrity Houses On Banana Island
1. Mike Adenuga’s Mansion
Mike Adenuga’s residence is presently the most expensive residence on Banana Island in Lagos. The house of this Nigerian oil tycoon is worth about N8 billion Naira. It is one of the most expensive houses not only on the island but in Nigeria.
The owner of this mansion, Mike Adenuga is the richest black guy in Africa. He runs a variety of enterprises, including Equatorial Trust Bank, Globacom, Conoil, and others. He is currently valued at around $7 billion.
2. P-square’s Mansion
Another expensive home on Banana Island is the house belonging to Peter and Paul Okoye the duo popularly known as P-square. The house is named the P-mansion.
The house has several distinctive elements and is built in a contemporary architectural style. A well-known interior designer is responsible for designing the home’s interior.
The mansion’s enormously large balcony is another distinctive feature. The P-mansion has appeared in several music videos by the duo and has been depicted in publications. This home was constructed for roughly N1.5 billion.
4. Linda Ikeji’s Mansion
Linda Ikeji is regarded as one of the most popular bloggers thanks to her very popular gossip blog. She is the owner of one of the most expensive houses in Nigeria. This mansion costs N800,000,000 and is located at Banana Island, Lagos State.
It was purchased by the famous blogger Linda Ikeji in 2016.
With the purchase of her new property on Banana Island, the third most expensive in the area, Linda Ikeji, the queen of Nigerian celebrity rumors, created a new standard for real estate in Lagos.
She is a well-known Nigerian gossip blogger, and Forbes and other international websites have covered her blog. She is also one of Nigeria and Africa’s top-paid bloggers.
5. Sayyu Dantata’s Mansion
The Sayyu Dantata Mansion, which belongs to the Dantata family, is the fourth most expensive home in Banana Island Lagos. The home is worth $1 billion.
The owner of this mansion, Sayyu Dantata is an oil mogul who also owns MRS petrol stations across the nation. He is on the board of Chevron Oil Nigeria PLC. He has also served on the board of Mobil Nigeria PLC in the past.
Cost Of Living On Banana Island
It should not come as a surprise that the cost of living on Banana island is very high in comparison to anywhere else in Nigeria.
Housing costs are dependent on numerous factors. Some of these include the size of the residence, the estate’s advantageous location, and the top-notch amenities offered.
Currently, the price per square meter on Banana Island ranges from N800,000 to N950,000 in the residential zone and from N700,000 to N900,000 in the mixed development zone.
The prices in comparison to a year ago have a significant difference. Given the high level of market demand, this is an indication that the prices will continue to rise.
After successfully purchasing a house, you must take into account the other expenses involved with living on this luxurious island. This includes the annual service fee, which is in the millions as well as other expenses related to living “big”.
The most common services include the basic upkeep of the estate. This includes the cleaning of common spaces including streets, compounds, and stairwells, payment for security, as well as payment for borehole maintenance and water filtration. For just the aforementioned services, residents can typically get away with paying a fair amount as service fees.
However, residents should expect to pay a hefty price for amenities like swimming pools, gyms, tennis courts, clubhouses, and 24-hour power as is the case with houses on Banana island.
The service charge is often an annual estimate of the development’s operating expenses. These might include, for instance, landscape maintenance tasks like mowing the lawn, tending to community gardens, watering plants, and sweeping.
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For high-rise apartment buildings, window washing and lift maintenance are other services that would demand significant fees.
Installation and routine maintenance of fire equipment is required in high-rise apartment buildings, business buildings, and recreational facilities, which also raises the cost.
Needless to say, the cost of living on Banana Island does not come cheap.
Frequently Asked Questions
Does Davido Own A House On Banana Island?
Yes. Davido, a Nigerian Afrobeat musician, recently spent an estimated amount of 50 million naira (N50,000,000) on a home on Banana Island.
How Much Does A Luxury Home In Banana Island Cost?
The price of a house varies depending on its size, location, and amenities. Anywhere on Banana Island in Lagos, mansions can be found for as much as N200 billion Naira.
Can I Enter Banana Island?
Technically, yes, you can enter the island. However, you would need to get past the security at the entrance. Non-residents are not permitted entry unless a resident grants them to access or authorizes them.
Conclusion
In conclusion, there are criteria by which people are categorized, just like in any other nation. Just like you would find first class, business class, or economy class while boarding a train or a plane. In a similar vein, social classes differ and this can be seen in the difference in lifestyle of the upper, middle, and lower classes of society.
It is well known that Banana Island is one of those places created for the wealthy. It is evident by the type of buildings, shopping centers, people, vehicles, and the like. Here, you’re more likely to see wealthy politicians or famous people who value their privacy.
