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The original Banana Island construction project entitled Lagoon City was the brainchild of the Late Chief Adebayo Adeleke, a University of London trained Civil Engineer (MICE), and CEO of City Property Development Ltd.
Adeleke had originally commissioned a new urban development in Maroko, Victoria Island, but that project had been acquired by the Lagos State government. Following a lengthy 10 year court case, Lagos State government offered other parcels of land as consideration for the Maroko development.
Adeleke then engaged the Westminster Dredging Company to dredge the foreshore, and create six interlinked and symmetrical islands.
He wanted to create a development that would "Make Nigeria Proud", and engaged Minoru Yamasaki the architect of Manhattan's Twin Towers, to design replica twin towers as the flagship iconic buildings on the main island.
To complete the Lagoon City concept, Adeleke planned an aesthetic design including a city airport, which was a vision conceived long before the London Docklands Development, London City Airport, Dubai's Palm Islands or Hong Kong's Chek Lap Kok Airport.
Soon thereafter, the project was acquired again with no consideration being paid to City Property Development Limited. The acquisition is currently being challenged in various courts, and there are Caveat Emptor warnings in place to warn prospective buyers that their investment could be at risk in future. There is also litigation pending in the UK and European courts regarding this matter.
The subsequent developers were principally interested in maximising the yield of the land. Consequently, the land was filled in to create a banana shaped island, which is now a residential scheme rather than the commercial development originally envisaged.
Banana Island, is an area of Ikoyi, Lagos, Nigeria, 8.6 kilometres east of Tafawa Balewa Square. Part of the Lagos Local Government Area of Eti-Osa in Central Lagos, it is known for its wealthy, multi-cultural community and has some of the most expensive real estate in Nigeria. Banana Island has one of the highest density of millionaires within its boundaries.
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. The island was constructed by the Lebanese-Nigerian Chagoury Group in partnership with the Federal Ministry of Works and Housing  and is considered to be on par with the Seventh Arrondissement in Paris, La Jolla in San Diego, and Tokyo’s Shibuya and Roppongi neighbourhoods.
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, so designed to enhance the historically residential nature of Ikoyi. Residents are provided with world class utilities including underground electrical systems (versus the overhead cabling common throughout Lagos), an underground water supply network, a central sewage system and treatment plant, and street lighting and satellite telecommunications networks.
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. They are also negotiating to build a 5-star hotel on the island, along with an array of smaller Guest Houses.
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. Similar to many of the developments on the island, it has dedicated leisure facilities such as a private health club - with tennis courts, squash courts and a swimming pool surrounded by extensive gardens. At launch flats in Ocean Parade sold for over US$400,000.
- Mike Adenuga - Billionaire owner of Globacom - Nigeria’s second-largest telecom operator and oil exploration firm Conoil.
- Iyabo Obasanjo - Daughter of former President Olusegun Obasanjo and Oluremi Obasanjo, Elected to the Nigerian Senate representing Ogun Central Senatorial District of Ogun State, Senior Fellow at Harvard's Advanced Leadership Initiative.
- Sayyu Dantata - Son of Alhassan Dantata - the wealthiest man in West Africa at the time of his death in 1955.
- Kola Abiola - son of MKO Abiola - prominent businessman, publisher and politician.
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