By Friday Omosola
Nigerian businessman and socialite Terry Waya has renewed his claim that he was instrumental in the creation of Banana Island, one of Lagos State’s most exclusive residential neighbourhoods.
Speaking during an appearance on School of Hard Knocks, posted on Instagram on Wednesday, Mr Waya said he used his military connections to facilitate the development of the luxury estate.
“I was the one that created Banana Island using my military contacts. Today, the richest people in Nigeria live there,” he said.
Banana Island is a man-made peninsula reclaimed from the Lagos Lagoon and connected to Ikoyi. The high-end residential development is known for its luxury properties, high real estate values, planned roads and underground utility infrastructure.
However, published accounts of the estate’s development have traced its original concept to the late civil engineer Adebayo Adeleke, who envisioned a larger project known as Lagoon City. The eventual Banana Island development was undertaken by the Chagoury Group in partnership with the Federal Ministry of Works and Housing.
Waya Recounts His Role In The Project
Mr Waya’s latest remarks are not the first time he has claimed responsibility for bringing the project to fruition.
In a 2020 interview with BBC Pidgin, he said he learnt about the proposed development during a visit to the office of the then Minister of Works, the late General Abdulkarim Adisa.
He claimed the government was seeking a private development partner and that he subsequently introduced the Chagoury Group to execute the project.
His latest comments again linked the development to his military contacts, although his precise contribution to the project has not been independently established in the report.
‘I Am A Billionaire, Not A Millionaire’
During the interview, Mr Waya, father of former Big Brother Naija contestant Kiddwaya, also spoke about his wealth and business interests.
When asked how he became a millionaire, he corrected the interviewer, insisting that he had attained billionaire status more than two decades ago.
“I’m not a millionaire, I’m a billionaire. I became a billionaire 20 years ago,” he said.
He described himself as one of Nigeria’s biggest farmers and said his business interests extend across agriculture and investments.
Mr Waya also attributed his ability to rebuild his fortune, even after losing everything, to his investment in relationships and business networks.
“My secret is investment in people. So tomorrow, if I get up and I happen to need anything, just a phone call away, I have enough contacts. Yes, I’ve got a lot of network,” he said.
Waya Shares Views On Business Success
The businessman also discussed what he considered the qualities that enable Nigerians to succeed in business, describing them as intelligent, observant and capable of identifying opportunities in existing ventures.
He said successful negotiations required patience and warned against desperation, arguing that individuals who appear too eager could lose their bargaining advantage.
Mr Waya further advised wealthy individuals not to sacrifice their families and personal relationships in pursuit of financial success.
“If you lose your family trying to be rich, when you get rich, you may not have them back. They are gone. Just pray that you don’t lose too much in trying to be successful,” he said.
Asked about the highest amount of money he had made in a single year, he put the figure at approximately 200 million, without specifying the currency or year.
