BANANA ISLAND SNAPSHOT
BANANA ISLAND is an artificial island developed on reclaimed land in the Ikoyi axis of Lagos State. The Island sits on the foreshore of Ikoyi on a 1.6 million square meter land (or more) divided into over 500 plots with varying sizes from 1,000 to 3,000 square meters. From the aerial view, the Island is curved like a “Banana” hence its name. The Island was constructed by the Lebanese-Nigerian Chagoury Group in partnership with the Federal Ministry of Works and Housing.
It is a gated community in a highbrow/ high-income area with only one major entrance manned by security guards from BIPORAL (Banana Island Property Owners’ and Residents’ Association Limited) Security Services. Residents enjoy features such as underground electrical and water (borehole) system, 24/7 power supply, good road layout, street lighting, central water, and sewage treatment system, proper waste management system, satellite telecommunications networks, shuttle bus, and a nice ambience. The security is top-notch; visitors going into the estate have to proceed to the Visitors’ car park to obtain an access code and security checks.
The opulence in Banana Island is unrivalled in the whole of Nigeria. The calibre of people living in the estate is business moguls owning multi-million Naira companies, foreign expatriates working in Multinational corporations, top executives, politicians and other socialites. The Island is not for the average Nigerian millionaire; property prices run in hundreds of millions to billions of Naira. After successfully buying a property, you have to consider the annual service charge which is in millions and other bills
The estate is divided into Zones: Residential zone, Commercial zone, Mixed Development zone. From the gate, on the right is the strictly residential zone, the left is Mix use and further ahead is the commercial zone where the Banana Island Shopping complex is. On the residential side, residents are only allowed to build structures 3 storeys’ high. There are also apartment buildings/blocks of flats for sale or rent developed by private property/real estate companies. A significant one of them is the Ocean Parade Towers, a series of 14 luxury tower blocks overlooking the lagoon. Ocean Parade Towers has its own entrance gate and security right inside Banana Island, swimming pools, play area for kids, gymnasium, a cafe, tennis, basketball and squash courts. Banana Island has a Sports Field at the tail end of its Banana-like structure on 2nd Avenue. The field is in the middle of two roads, like a roundabout surrounded by chain fence; cars driving by can see the pitch clearly.
Banana Island Cultural Festival is annually celebrated in the estate. It was initiated to celebrate the diversity and cultural differences of people living in Banana Island (Note that not only Nigerians live in the estate), also, to foster unity and encourage cooperation between and among residents. The festival attracts huge sponsorship from corporate organizations like Coca-Cola, British Airways and others.