Banana Island is an artificial island off the foreshore of Ikoyi, Lagos, Nigeria. Its name is derived from the curvature of its shape, resembling a banana.
For only the creme de la creme of the society; staying in Banana island is a status symbol not just for residents of Lagos but the whole of Nigeria. It overlooks both Victoria island and Lekki Phase 1, secluded by design, it annexes the upscale neighborhood. It is a beautiful small island eponymously titled after the shape of a banana.
Its history is as interesting and controversial as it is the most infamous billionaire's paradise.
The Origins of Banana Island
The true history of Banana island is shrouded in some mystery. Chief Adeleke; supposedly the owner of City Property Development Limited started the vision as Lagoon city after being relocated from his Maroko land sequel to a lengthy court battle.
After he outlined his plans for the island - building an airpot, twin towers, to mirror the World Trade centre "Twin Towers" it didn't take long before different parties started jostling for the property.
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Eventually Chagoury Group - a Lebanese- Nigerian company in partnership with the Federal Ministry of Works and Housing implemented the project.
Banana Island is a man-made island in Lagos State, Nigeria that is slightly curved in shape - like a banana. It is located in the Lagos Lagoon and is connected to Ikoyi Island by a dedicated road which is linked to the existing road network near Parkview Estate.
It occupies 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, designed as to enhance the historically residential nature of Ikoyi.
The Island is a planned, mixed development, with dedicated areas for residential, commercial and recreational activities. 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 main piazza, a club-house, a primary and secondary school, a fire and police station and a medical clinic.
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Security and Access
The first thing you notice at the entrance of Banana is the tight security. You’re not allowed in as a non-resident unless a resident calls the gate and clears you. You will be given a code for access. This changes every hour.
Major Landmarks and Properties
Banana Island hosts several high end residential developments such as Ocean Parade Towers - a 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.
There is a mixed development section of Banana island that contains residential apartments and office complexes.
Office Spaces
The headquarters of Airtel Nigeria is domiciled here in this building. Other companies are in this building complex as well. It’s in proximity to another office complex - the Lake point towers.
Lakepoint Towers is a two tower office development located along 4th Avenue in Banana Island, Ikoyi in Lagos.
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Both towers deliver a circa 14,000sqm of Grade A office space, which includes a rooftop garden replete with the views of the Lagos Lagoon. Construction was Completed in 2016.
This development is located in the Mixed Development Zone of Banana Island, where a few other high rise developments such as Ocean Parade, Bella Vista and Adunola House are located.
The developers, Lakepoint Limited, alongside other partners are also behind Lakepoint Apartments, a residential development with 17 luxury apartments, 3 maisonettes and 2 penthouses right at the entrance of Banana Island.
Residential Apartments and Houses
Outside the commercial and mixed use section of Banana island - it is a residential paradise. Here are the top residential apartments and houses in Banana island.
Ocean Parade Towers Banana Island: A vacant block of 24 units of 4 bedroom luxury apartments, including 2 Penthouses with self contain inbuilt BQs (each), swimming pool, Club house, Lawn Tennis, Ample parking space, Security, 24hrs Power Supply, etc.
Giuliano de Medici: One of the most impressive residential architectural edifices in Banana - a development by Sujimoto. With his brother Lorenzo the Magnificent, he complemented his brother's image as the "patron of the arts" with his own image as the handsome, sporting, "golden boy."
The Giuliano has 8, 5 bedroom luxury terrace apartments and two penthouses. It also has a three car garage, a cinema and a general pool. Davido bought a unit in 2020.
Lucrezia by Sujimoto Banana Island: Supposedly the tallest residential building in Banana Island, this luxurious 14 storey High Rise building comprises: 16 Maisonettes and 2 Penthouses and is the first building to be covered with Glass Reinforced Concrete (GRC) façade.
A combination of 4 Bedroom maisonettes and 2 BQs, Lucrezia is designed to be a trailblazer in Africa’s most expensive square meter, Banana Island.
According to Sujimoto: The Lucrezia combines 3 rare attributes - Beauty, Affluence and Style together, with exceptional features and facilities that have no equal!
Echina Courts Banana Island: This is a typical apartment setting consisting of several apartment units; 2, 3 and 4 bedrooms. But there is nothing typical about the architecture.
Echina court consists of several distinct units, each contributing to an elegant whole. It is among the most desirable properties on the market, with its various apartments offering stunning views of the beautifully landscaped garden area.
Echina court adds a new dimension to the architectural story of this area, almost a hint of victorian architecture or 14th century France. A spirit of traditional craftsmanship is evident in every detail.
It has a common pool area behind, that can be used for chilling and pool parties. Apartments here go anywhere from 19million naira to 24 million naira per annum for rent.
CASA MARBELA BANANA ISLAND:
- 5 Bedroom + 2 BQ - BUA 719 SQM - Plot Size 505.5 SQM
- 5 Bedroom En-Suite 3 Floor Single Detached Building
- Health & Happy Living Smart Home - Sensor Voice Remote Monitor & Management
L5 Banana Island:
L5 Banana island within the prestigious banana island neighbourhood, designed for the upper class looking for out-of-the-ordinary homes that beats the conventional and an opportunity to reward themselves.
The ultimate reward, a unique collection of 2 ,3 & 4 bedrooms luxury residences and crowning penthouses that will forever raise the bar for luxury shoreline living in banana island, Ikoyi.
Fully detached mansion Banana Island: This is a typical fully detached mansion in Banana island. As usual, it is an interlocked compound, with a beautiful backyard. It is a two storied building and of course it comes with a pool!
Let me just tell you something about a Banana island luxury home; you get a pool, you get a pool; everybody gets a pool!
Inside feels like a glass house. It has a beautiful terrace view overlooking the quiet neighborhood. There is a massive room across the balcony area with high transparent see through windows from which you can observe what’s going on outside. It also has rooms with wooden paneled doors and wardrobes, nice toilets and a nice kitchen as well.
Semi Detached/Fully Detached Hybrid Mansion: This is a typical semi-detached, detached hybrid building. It also has a beautiful balcony view, nice spacious rooms, beautiful flower beds out front, a compact functional kitchen.
Real Estate Market and Investment Opportunities
From ₦7M in 1992 to ₦3.5B today, Banana Island’s exclusivity and demand have made it Nigeria’s top luxury market. Early investors saw massive returns, proving that timing and vision are key. As prices soar, alternatives like Ikoyi, Victoria Island, and Eko Atlantic offer new opportunities.
When ₦7 million bought a plot on Banana Island in 1992, few could have envisioned that, 30 years later, the same land would be valued at over ₦3.5 billion-a 45,000% increase. This astonishing growth has cemented Banana Island as the pinnacle of Nigeria’s luxury real estate market.
By 2019, Banana Island plots had climbed to ₦250 million-₦280 million per plot ($800,000-$1 million at the time). Many believed prices had peaked, but the pandemic changed everything. The demand for secure, gated estates with lifestyle amenities skyrocketed, driving prices to ₦700 million within a year.
Today, plots sell for ₦3.2 billion-₦3.5 billion (~$2 million), defying skeptics who saw a bubble. This surge isn’t solely about currency devaluation-it reflects a lifestyle shift among Nigeria’s elite, where exclusivity, security, and luxury have become non-negotiables.
With plots now priced at ₦3.2bn-₦3.5bn (~$2m), Banana Island sits comfortably among global luxury real estate hubs.
Here’s how Banana Island compares to other prime Lagos locations in 2025:
Touring BANANA ISLAND: This is Where the TOP Richest people in Lagos and Nigeria Live💰.
| Location | Price per Plot (USD) |
|---|---|
| Banana Island | ~$2 million |
| Eko Atlantic | $1m-$1.5m |
| Ikoyi | Lower than Banana Island |
| Victoria Island | Varies, generally lower than Ikoyi |
Sujimoto's Impact on Banana Island
Nestled in the heart of Lagos, Banana Island stands as a beacon of exclusivity and luxury. Among the shining examples of this luxurious enclave are Sujimoto’s landmark projects, Leonardo and Lucrezia, which redefine the concept of luxury living.
Sujimoto Construction has been pivotal in sculpting the skyline of Banana Island. With a philosophy centered around luxury and innovation, projects like Leonardo and Lucrezia are designed to exceed the expectations of even the most discerning residents.
LeonardoBySujimoto is a 33-story residential skyscraper, the tallest in Nigeria and Sub-shahara Africa, located in the luxurious Banana Island neighborhood. It offers state-of-the-art home automation, an infinity pool with stunning views, an IMAX cinema, and high-speed elevators.
LeonardoBySujimoto is more than a residence; it’s a statement of artistry and comfort. Inspired by the sophistication of Leonardo Da Vinci, the project boasts futuristic amenities and home automation with state-of-the-art.
LucreziaBySujimoto, a pinnacle of luxury in Banana Island, offers an array of amenities that cater to the most discerning tastes. Residents can enjoy a Virtual Golf Bar with access to over 2500 courses worldwide, experience the pinnacle of home entertainment with an IMAX cinema, and benefit from the convenience of a Private Elevator.
Personalized concierge services ensure every need is met with precision, while an indoor swimming pool and a World-class gym cater to wellness and fitness enthusiasts. The Interactive lobby serves as a versatile space for business and leisure, complemented by Full home automation that puts control of the entire home at your fingertips.
Electric car charging stations add a modern touch, and the kitchens are a chef’s dream with Dornbracht and Kohler fittings. For families, a crèche nurtures future leaders, and a Private salon offers grooming services.
Fractional Ownership and Investment Returns
Fractional ownership is revolutionizing the way people invest in luxury real estate. By allowing multiple investors to own a share of a property, it lowers the entry barrier to the luxury market, making it more accessible and manageable.
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