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.

The island was constructed by the Lebanese-Nigerian Chagoury Group in partnership with the Federal Ministry of Power, Works and Housing,[1] and is considered to be on-par with the 7th arrondissement of Paris, La Jolla, California (in San Diego), and Tokyo's Shibuya and Roppongi neighbourhoods.

[3] The Island is a planned, mixed development, with dedicated areas for residential, commercial and recreational activities.

Banana Island hosts several high end residential developments such as Ocean Parade Towers [4] - 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.