Banana Island: Mike Adenuga at War With Residents Association over Street Naming


Forbes list billionaire, Otunba Mike Adenuga has gone berserk and is threatening to arrest the leadership of the Banana Island Property Owners/Residents’ Association, for not allowing him to change the name of the street, where he lives.

Our checks reveal that Mr. Adenuga, who owns an N8bn home on Banana Island, had approached the authorities of Ikoyi Local Government Area to change the name of his street to “Mike Adenuga Street.”

However, the Banana Island Property Owners/Residents’ Association resisted his request, because it was against public interest and not in conformity with the rules of the Association.

Irked by this development, Chief Adenuga in cahoots with officials of Ikoyi Local Government Area have continued to harass and threatened to arrest Chudi Ubosi led Residents Association.

Asked, about this development, a resident, who spoke to our correspondent on phone,, said,

“This is wickedness: this man moved into this Island which had street names and house numbers, now he wants to force a change of street name without regards to other residents, many of whom, were here before he came?”

Mike Adenuga is ranked 103 in Forbes list of World Billionaires, he is worth $6.5bn.

Per Forbes, “Banana Island is Nigeria’s most extravagant and expensive neighborhood – on par with the Seventh Arrondissement in Paris, La Jolla in San Diego, California and Tokyo’s Shibuya or Roppongi neighborhoods.”

“The exclusive playground of Nigeria’s obscenely wealthy, Banana Island is an artificial island built on reclaimed land in Ikoyi-Lagos. From an aerial view, the island is actually shaped like a banana, hence its name. Sitting on 1.6 million square meters, the sumptuous island is divided into about 535 plots ranging in size from 1,000 square meters and 3,000 square meters.”

“Banana Island is a place of unrivalled opulence and grandeur. It’s an entirely different world from other parts of the country. It’s a gated community, and its inhabitants enjoy such luxuries as underground electrical systems and water supply networks, 24 hour-electricity supply (the only other place such privileged is the Nigerian President’s residence), extremely tight security, good road layout, a central sewage system and treatment plant and the well-cherished company of fellow wealthy folks.”

“The island is the most expensive place in Nigeria and one of the most expensive in Africa to own a house. Property on Banana Island is dollar-denominated. The average cost of buying a three bedroom apartment is $2 million. However, if you’re just looking to hang around the island for some time, and not to buy property, you can rent the same apartment for about $150,000 per annum. But there’s a clause: you must pay for an initial minimum term of 2 years – in advance. And there are no refunds. Ever! Also, the tenant is also mandated to pay a ‘service charge’ of $17,000 per annum.”

“A typical plot of land on the island usually goes for between $4 million and $6 million, and the cheapest building on the island costs upward of $8 million. But because of the ridiculous prices of property on the island, about 60% of the completed buildings are currently unoccupied.”

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