Investors Raise N1b for Banana Island Project

Banana IslandThe private upper class compound of Banana Island in Lagos, Nigeria, on May 19th, 2014. / La très huppée zone résidentielle privée de Banana Island à Lagos, Nigéria, le 19 mai 2014.
  • Investors Raise N1b for Banana Island Project

An indigenous construction firm, Sujimoto Construction, has raised over N1billion from local investors for its ongoing project on Banana Island, Lagos.

Banana Island has been adjudged as one of the most expensive abode for the rich. It boasts of the wealthiest Nigerians as residents with most of the structures on the Island selling between N250million and N500 million for a terrace house. Checks revealed that the firm is yet to fix prices for the terraces, but from the design, sophistication and quality of work, observers said it may inch towards the going price or lesser.

According to experts, subscribers are banking on the profile of the company to pay before actual delivery as a result of their consistency. Little wonder they have raised the huge amount to the extent that the project has been oversubscribed.

The firm, Sujimoto Construction, has lent credibility and confidence to the Nigerian Real Estate Industry. Sources said the project, which has been kept a secret by Sujimoto boss, Mr. Sijibomi Ogundele, is a development of extremely luxurious terrace houses in the heart of Africa’s most expensive neighbourhood.

However, a reliable source revealed that it will be an iconic project that surpasses the extravagant cliché of homes in Banana Island. On the features of the houses, Ogundele said it is a home with two massive master bedrooms, two luxury and contemporary kitchens , two standard maid’s rooms and a private elevator in each unit.

He confirmed that it is first of its kind in the country. He said: “We have a standard and panache in delivering on our projects. What we are delivering is a home that encompasses a unique and groundbreaking standards. Innovative feats, sophisticated homes and extravagance splendor is our motto.”

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of, a digital business media, with over 10 years experience as a foreign exchange research analyst and trader.

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