Nigeria has been ranked among the top 15 African countries with the highest luxury residential rents, with prime four-bedroom homes in Lagos and Abuja commanding an average monthly rent of $3,000.

The ranking was contained in The Africa Report 2026/27 (7th Edition) titled The Ultimate Guide to Africa’s Real Estate Markets, which analysed average monthly lease rates for prime four-bedroom residential properties across selected African countries using data from Knight Frank and Emerging Markets.

According to the report, Nigeria’s luxury rental market is anchored by high-end neighbourhoods in Lagos, including Ikoyi, Banana Island and Eko Atlantic City, as well as Abuja’s premium districts of Maitama, Asokoro and Wuse.

The report noted that demand for luxury homes in Nigeria continues to be driven by high-net-worth individuals, expatriates and corporate executives seeking premium accommodation in secure locations.

Despite challenges in the wider housing market, the report observed that demand for residential properties remains strong due to a persistent shortage of formal housing supply.

It added that although inflation has moderated, rental prices have continued to rise as limited housing stock and increasing demand push more Nigerians towards smaller and relatively affordable homes.

Across Africa, the Democratic Republic of Congo topped the ranking, with prime four-bedroom homes averaging $8,000 per month, driven largely by demand from expatriates, diplomats, mining executives and international organisations in Kinshasa.

Senegal followed with average monthly luxury rents of $7,900, while Côte d’Ivoire recorded $5,200.

South Africa, Morocco and Zambia each posted average luxury rents of $4,500 per month, while Cameroon, Ethiopia and Ghana recorded average monthly rents of $4,000.

Tanzania followed with $3,500, while Kenya recorded $3,100. Egypt and Mauritius matched Nigeria with average monthly rents of $3,000, while Tunisia had the lowest figure among the ranked countries at approximately $2,500.

The report attributed the strong performance of Africa’s luxury rental market to growing tourism, business travel, cross-border investment, expatriate demand and increasing interest from diaspora investors, particularly in major commercial and diplomatic hubs.

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The Nigerian Deposit Insurance Corporation (NDIC) and Wema Bank have become embroiled in a legal battle over disputed properties in Banana Island, Lagos, with the assets estimated to be worth about N63 billion.

The dispute has led to two separate lawsuits filed at the Federal High Court in Lagos by NDIC, acting in its capacity as liquidator of the defunct Gulf Bank Plc.

The legal action forms part of efforts by the corporation to recover and liquidate assets linked to the failed bank, more than two decades after its collapse.

NDIC Claims Property Worth N63bn

In one of the lawsuits, NDIC alleged that Wema Bank took custody of a 14,000-square-metre property linked to Gulf Bank.

According to the corporation, with land in the area valued at approximately N4.5 million per square metre, the property is estimated to be worth about N63 billion.

The agency stated that the assets were allegedly acquired through Euston Wenberg Engineering Company Limited, described as a shell company associated with Gulf Bank.

NDIC argued that the properties were used to secure an inter-bank deposit valued at N771.78 million. However, investigations reportedly found no evidence of such a deposit in Gulf Bank’s records.

Questions Over Missing Records

The corporation disclosed that a joint examination conducted by the Central Bank of Nigeria and NDIC in September 2005 failed to establish records supporting the existence of the alleged deposit.

According to NDIC, explanations provided by the defunct bank at the time were considered unsatisfactory and lacked documentary evidence.

The corporation further maintained that Gulf Bank acquired six Banana Island plots between 1998 and 2003 through Euston Wenberg Engineering Company Limited and insisted the properties remained beneficially owned by the bank.

Second Lawsuit Challenges Sale of Properties

The second suit concerns another six Banana Island properties allegedly acquired through Bacad Finance and Investment Limited, now known as Supra Commercials Limited.

NDIC stated that Gulf Bank had significant ownership in the company, controlling over 80 percent of its shares.

The corporation alleged that Gulf Bank invested N20 million in the company in 2001 to increase share capital and later injected another N60 million in 2003.

According to NDIC, Wema Bank later sold the disputed properties for N524 million through managers’ cheques issued between 2006 and 2007.

The agency argued that the sale was conducted without any valid mortgage agreement, court order, or proprietary interest.

NDIC Questions Sale Value

NDIC also challenged the reported sale value of the properties, describing the amount as unrealistic.

The corporation argued that each of the disputed Banana Island properties was valued at more than N4 billion at the time, making the N524 million transaction figure questionable.

The case is expected to determine ownership rights and the legitimacy of transactions involving the disputed assets linked to the defunct Gulf Bank.

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Eko Atlantic City has emerged as the fastest-growing luxury residential market in Lagos, recording a 59.5% sales growth rate over the last five years, according to new data released by Estate Intel.

The report, which analysed Lagos’ prime real estate corridors, shows that high-end residential properties across the city have experienced average annual price growth of 38% to 60%, driven by strong demand, limited supply, and rising investor interest in ultra-prime neighbourhoods.

Following Eko Atlantic, Ikoyi posted the second-highest growth rate at 58.14%, reflecting its long-standing attractiveness among affluent buyers and investors. Banana Island recorded 55.30% growth, fuelled by the scarcity of waterfront plots and the district’s exclusive residential architecture.

In Victoria Island, luxury residential values increased by 45.04%, sustained by the area’s mix of commercial development and high-end housing. Oniru followed with 38.32% growth, showing steady appreciation in a district with a broader and more diverse housing supply.

Estate Intel noted that the widening performance gap between ultra-prime neighbourhoods and more mixed districts is largely driven by premiums placed on security, master planning, coastal access, and luxury amenities.

The firm added that demand for well-planned, high-security luxury communities remains strong, ensuring continued price appreciation in top-tier markets like Eko Atlantic, Ikoyi, and Banana Island.

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Lagos has kept its crown as Nigeria’s luxury property hub. A new report by Diya Fatimilehin & Co. shows that Eko Atlantic, Old Ikoyi, Banana Island, and Victoria Island remain the country’s most expensive residential areas.

In Ikoyi, a four-bedroom apartment now sells for about ₦1.5 billion, highlighting strong demand in the city’s upscale enclaves.

The report also points to Ogun and Oyo as emerging alternatives. With lower entry costs and better infrastructure, areas such as Alalubosa and Iyaganku GRAs in Ibadan, and Laderin Estate in Abeokuta, are gaining traction. Annual rents in these estates reach up to ₦3 million.

Infrastructure projects are driving this shift. The Lagos Blue and Red Line metro rails, the expanded Lagos–Ibadan Expressway, and the planned Fourth Mainland Bridge and Lekki International Airport are opening new growth corridors.

Beyond Lagos, housing demand is rising in regions like the North-West and South-South. Cities such as Kano, Kaduna, and Sokoto are seeing opportunities from industrial growth and agriculture. Despite security challenges, established districts like Barnawa in Kaduna and Nasarawa GRA in Kano remain resilient.

In the South-South, urban renewal and major road projects are reshaping Uyo, Asaba, Port Harcourt, and Benin City. A 169-room Radisson Hotel nearing completion in Benin highlights renewed investor confidence.

The report concludes that Nigeria’s housing market is evolving. From Lagos’ dominance to new frontiers in emerging cities, urbanisation, reforms, and infrastructure continue to shape where Nigerians live and invest.

Source: Punch

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The officials arrived at the estate early, intent on starting the project, but the residents swiftly objected. They cited security concerns and potential disruption to the estate’s infrastructure.

The standoff caused a temporary upheaval, with the normally serene environment of Banana Island disturbed for several hours. The Banana Island Property Owners & Residents Association (BIPORAL) quickly contacted the police to prevent any breakdown of order as the confrontation escalated.

A visit to the estate revealed the scale of the disruption. A heavy security presence was noted, while traffic congestion stretched out of control, affecting roads leading into the estate. The traffic gridlock persisted even after ministry officials left, with many residents and visitors opting to walk long distances to enter the estate due to the bottleneck at the gate.

The proposed access road and the adjacent estate, Apple Island, have been a point of contention for years. Previously, residents successfully blocked the development plans by Nigerian Army Properties Limited (NAPL), which aimed to construct the estate on 45 hectares just 400 meters off the coast of Banana Island.

Plans for Apple Island included a shopping mall, guest house, mosque, police station, and clubhouse. The project was initially halted after intense protests from the local community, which were eventually mediated by then-Chief of Army Staff, Tukur Buratai. Despite the past resistance, the development issue has resurfaced, leaving the residents to once again fight to protect their community’s privacy and security.

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During a stakeholders’ engagement at the Lagos State Building Control Agency (LASBCA) headquarters, government officials reiterated the need for compliance with legal building standards.

Two-Week Deadline for Property Owners
Dr. Babatunde Abiodun, Special Adviser to the Governor on e-GIS and Urban Development, stressed that all properties on Banana Island must have valid building approvals. He highlighted the increasing number of illegal shoreline extensions and warned that such infractions would not be tolerated.

Property owners with developments along the shoreline have been given a two-week ultimatum to submit relevant documents for verification.

Government Officials Face Obstruction
Nurudeen Sodeinde, Permanent Secretary of the Office of Urban Development, condemned recent incidents where government officials were prevented from conducting routine inspections.

“It is completely unacceptable for anyone to obstruct lawful duties. Development control ensures safety and order for all residents, and we will not be deterred,” Sodeinde stated.

Enforcement Actions to Follow
LASBCA General Manager, Gbolahan Oki, announced that structures encroaching on high-tension powerline setbacks would be removed after the deadline.

“These buildings pose serious risks to lives and violate safety codes. We will commence enforcement immediately after the ultimatum expires,” Oki warned.

The Lagos State Government reaffirmed its stance on strict urban planning enforcement, urging property owners to comply with regulations to avoid demolition or legal action.

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The initiative aims to address violations of building regulations, eliminate safety risks, and prevent unauthorized land encroachments in the upscale neighborhood.

Gbolahan Oki, General Manager of the Lagos State Building Control Agency (LASBCA), disclosed the plan during a stakeholders’ meeting on Thursday, emphasizing that the move aligns with the state’s commitment to enforcing urban planning laws. Structures violating regulations, such as those built under high-tension power lines or within restricted shoreline areas, will be identified and removed.

From Monday to Friday, government officials will mark affected buildings, after which property owners will have two weeks to present valid documentation. Any structure failing to meet regulatory standards will be demolished.

Oki reiterated that similar enforcement efforts had taken place in other parts of the state, including Abule Egba, Iya Niba, and Iyana Isheri, where illegal buildings were removed for violating safety guidelines.

The crackdown follows concerns about unauthorized land reclamation and sand-filling disrupting the planned development of Banana Island. Dr. Babatunde Olajide, Special Adviser to Governor Babajide Sanwo-Olu on e-GIS and Planning Matters, affirmed that the Lagos State Government has full authority over land matters under the Land Use Act.

While the initial shoreline setback regulation was 150 meters, the government had previously reduced it to 100 meters as a concession. Despite this, some developers have failed to comply, prompting the latest enforcement action.

To manage complaints and ensure transparency, a special committee led by Olalekan Sodeinde, Permanent Secretary of the Office of Urban Development, has been set up. He noted that unregulated construction has led to environmental degradation, diminishing Banana Island’s reputation as a prime real estate hub.

The Chairman of the Banana Island Association, Abidemi Sonaike, welcomed the government’s efforts, stressing the importance of proper planning and safety compliance. With enforcement set to begin, property owners have been advised to regularize their building approvals or risk demolition.

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The event, hosted by Mr. Frank Aigbogun, the Chairman of Banana Island, welcomed His Excellency, the Executive Governor of Lagos State, Mr. Babajide Sanwo-Olu, alongside dignitaries, residents, and stakeholders.

The newly launched projects include an Ultra-Modern Estate Gate, a State-of-the-Art Administrative Building, the Banana Island Boat Club, an Advanced Firefighting Truck, two World-Class Tennis Courts, and two AstroTurf Football Fields. These additions were designed to enhance the safety, convenience, and recreational options available to Banana Island’s residents, further solidifying the estate’s status as a prime hub for luxury and innovation.

The event highlighted the commitment of BIPORAL to creating a self-sustained, secure, and community-oriented environment for all residents. In his keynote address, Governor Babajide Sanwo-Olu commended the association’s efforts in setting a standard for estate management and community welfare.

“Banana Island has set a benchmark in Lagos, not only for luxury living but for creating a secure and structured environment that epitomizes the vision of a modern, thriving Lagos. Today’s projects are proof of the collective commitment of the residents and BIPORAL towards building a community that supports a high quality of life and security for its people,” said Governor Sanwo-Olu.

The Governor also expressed his commitment to the residents of Banana Island, promised to see to more infrastructural development within the estate by addressing the drainage issue that has caused a major challenge on the road leading to the estate.

Mr. Frank Aigbogun, Chairman of Banana Island, also remarked on the significance of the projects; “Today marks a defining moment for Banana Island. These projects symbolize our resolve to build not just a residence, but a sanctuary that offers the finest amenities, while safeguarding our community. We thank our partners and the Lagos State Government for their unwavering support in realizing this vision.”

The newly elected Chairman, Ambassador Abidemi Oluwagbemiga Sonoiki, expressed his gratitude and his vision for the future of the estate: “It is an honor to serve this prestigious community. As a newly elected Chairman, my commitment is to build on today’s achievements, continuously improve our facilities, and foster an environment where innovation, security, and quality of life converge seamlessly. I look forward to working with the residents and partners to drive further developments that will keep Banana Island at the pinnacle of luxury living.”

Other important dignitaries who graced the occasion includes, Adeoye Oduroye; Executive director Providus Bank, Olumide Odunuga; Head, General Services, First Bank, Jay Jay Okocha, Mrs. Danjuma and other Residents.

The event concluded with a reception and a guided tour of the newly commissioned facilities, showcasing the estate’s commitment to both cutting-edge amenities and robust community infrastructure.

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During the commissioning of several projects within Banana Island Estate, Sanwo-Olu acknowledged the need for collaborative efforts between residents and the government to enhance infrastructure across Lagos. The governor, alongside BIPORAL’s outgoing chairman, Frank Aigbogun, attended the event on Saturday, where key projects were unveiled, including a new administrative office, recreation park, astro-turf football pitch, fire truck, and clubhouse.

Addressing the flooding issues raised by Aigbogun, Sanwo-Olu assured residents that the Ministry of Environment would inspect the estate’s access road to identify sustainable solutions. However, he pointed out that the flooding may stem from structures built over natural water channels, stating that illegal buildings obstructing waterways could face demolition.

“Someone has built a house over a water channel, preventing proper flow to the sea,” Sanwo-Olu remarked, urging residents to cooperate with the government to restore proper drainage. He further stated, “While we do not aim to disrupt lives, we must take decisive action to prevent flooding hazards.”

The governor also instructed the Ministry of Environment and Waterfront Infrastructure to investigate and propose lasting remedies for the flooding. He emphasized the importance of maintaining newly commissioned facilities for future generations, underscoring the need for a national shift towards better maintenance practices.

Sanwo-Olu commended BIPORAL’s outgoing executives, led by Aigbogun, and incoming members under Abidemi Sonoiki, for their compliance with state regulations and proactive community leadership. He noted that the state government values its ongoing positive relationship with Banana Island residents, who are committed to meeting building standards and contributing to Lagos’ development.

Aigbogun, in his speech, highlighted the association’s commitment to enhancing communal living through projects that foster a safe, vibrant, and healthy environment. He also urged the governor to expedite repairs on the estate’s access road to alleviate travel disruptions caused by recurring floods.

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