IKOYI CRESCENT VS BANANA ISLAND: THE NEW BEVERLY HILLS OF NIGERIA’S LUXURY REAL ESTATE

Ikoyi Crescent’s majestic world-class structures constantly prove that diligence and perseverance are the only guarantees of success. Some build mansions, while others build maisonettes, but one fundamental difference between successful people and those who struggle through life is that wealthy people invest in strong reliable ASSETS, while others invest in flimsy liabilities, which they consider assets.

That’s why the rich get richer by acquiring assets while the middle class and poor get poorer by acquiring liabilities. Assets lead to wealth creation while liabilities lead to debt.

World-renowned Billionaire JD Rockefeller once said: real estate is the only dependable and safest investment asset. In 1997, there was an opportunity to invest in upper Lagos. Some billionaires bought 1,000m2 land in the exclusive Ikoyi Crescent at 50million naira. One of my uncles chose to play safe and bought some Savannah Bank stocks. Today 1,000m2 in Ikoyi has increased in value by 1000% to (N500, 000,000) Five Hundred Million Naira. Sadly, my uncle’s Savannah Bank stocks are worth nothing but court cases.

Silent Billionaire and the largest landlord in Lagos, Chief Razak Akanni Okoya is the textbook example of a true grass to grace story; billionaire at age of 30 and one of the first landlords of the Ikoyi crescent. The perfect Ikorodu to Ikoyi example, Chief Okoya’s magnificent estate was what projected the prestige of the crescent and inspired the other new billionaires.

When Elephants fight, the grass suffers. In this case, when Billionaires compete, architectural masterpieces emerge. Ikoyi Crescent is the new kid on the block. It represents the highest convergence of the wealthiest in one square mile. The likes of Billionaire Real Estate mogul Chief Razak Okoya, Chief Remi Makanjuola, Oil&Gas Nnewi Billionaire Dr. Earnest Azudialu, Billionaire MD/CEO of Pan Ocean Oil Nigeria, Dr. Festus. A. Fadeyi, second richest black woman on earth, Chief Folorunsho Alakija, Successful Entrepreneur Victor Osibodu’s Vigeo Offices, Mobil Guest House; and the uber-luxurious visually appealing NO.23, these combinations of over 20 billion dollars have changed the face of one street.

Even the roads that were once in a bad state on this prestigious street have been touched by the affluence that oozes out of the area. Dr. Festus. A. Fadeyi, MD/CEO of Pan Ocean Oil Corporation Nigeria, went the extra mile to be the messiah of the Crescent by single handedly repairing over 70% of the road. From our investigations, a reliable source revealed that this selfless Billionaire spent over 500Million naira to make the road as smooth as butter. Dr Fadeyi owns 3 houses on the street. Fully aware that he occupies the most important office in the nation- The Office of the Citizen, he took responsibility for repairing the road rather than sitting to complain and blame the government.

Still on Road Repairs, Chief Folorunsho Alakija, also contributed to giving a face-lift to sections of the road right round her exotic Castle on the Crescent, contributing her own quota to beautifying the Crescent. These Billionaires went the extra mile to lavish their resources on what might seem to some, as the sole responsibility of the government, because they understand that your immediate environment is a direct reflection of who you are. In other words, You Are Where You Live.

However, since the sizes of their houses do not elaborate the numbers in their bank accounts, how do we judge the richest? Is it by the elegance of their homes, the evidence of their diligence and business savvy or their contributions to making the crescent the most superior one in Lagos? One wonders if Chief Odogwu’s controversial uncompleted and abandoned twin 15-storey hotel of 340 rooms would have been the cream of the crop had the controversial property been long finished. The architectural designs and 3D pictures are so amazing that we strongly believe that this hotel (if completed) will compete in the league of the best hotels in West Africa.

Aside the prominent existing properties on the road such as the US Consulate General’s Residence, new arrivals in the lush area include Fidelity Bank’s private banking office. Apart from being home to private properties of prominent Nigerians and expatriates, Ikoyi Crescent also harbours the silently rich. It is even rumoured that former Delta State Governor- James Ibori also lives on the prestigious crescent. Many people say Ikoyi is Ikoyi. Let’s be clear. There is a huge difference between living on Awolowo road in Ikoyi and living in Ikoyi Crescent. It’s like comparing Ghana jollof with Naija jollof, just because they are both rice.

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Show me your neighbor and I will tell you, who you are.
While Ikoyi Crescent truly exudes the supremacy of luxury living, living in Banana Island is an entirely different ball game; a unique society reserved for the vital few. ''This is my view of Banana Island ''

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Of course, we all know that Banana Island and Ikoyi Crescent cannot be compared to the Bishop Avenue of London or the Avenue Foch of Paris, France, which are the most expensive and prestigious streets in the world. Now for Nigerians, and most importantly HNIs, what we seek in Sokoto, sits right here in our Sokoto. Some people may wonder, what differentiates Ikoyi crescent from Banana Island? Though they might be of same social standard but I would like to clarify few points:

  No poor man or middle class lives in Banana. 80% of Nigeria’s wealthiest people live here.

  It is Africa’s largest community of ultra high net worth individuals.

  More than 1,200 Managing Directors of Top Multinationals live in Banana Island.

  It is the most secure estate in Africa.

  The roads are in excellent condition.

   Excellent infrastructure and constant power supply eliminates or drastically reduces generator noise or pollution.

  In terms of serenity, it provides an enviable ambience for jogging on secured roads which cannot be compared to the rowdiness of sharing road-user rights with vehicles when jogging on Ikoyi - Lekki Link Bridge.

Quality knows neither race nor place. It only answers to excellence. It is therefore no surprise that the latest addition to the Sujimoto developments is nowhere but in Africa’s most prestigious estate, Banana Island, an environment that resonates with our principle of ASSET maximization. Our choice of projects and most importantly choice of location is one of our biggest competitive advantages. This is one of the reasons why our desire and assiduous efforts to change Africa’s luxury space continue to attract international recognition and awards. My commitment to ensure investors get value for their money will never change. This is one of the elements, which drives our vision as a Luxury real estate organization.

You are a reflection of your neighbour. The mogul whom the Ikoyi Crescent is now named after Chief Folorunsho Alakija has expanded the frontiers of her success by constantly challenging herself and beating her own records, progressing on the principle that only those who attempt the odd can achieve the impossible. Alakija has pushed herself to the point of becoming one of the world’s richest women. What many do not know about Alakija is that her passion for entrepreneurship is closely matched by her zest for philanthropy, as at 2016, figures available showed her Rose of Sharon Foundation had been able to fend for 2,751 widows, 963 children, and 66 orphans. Alakija’s contemporary edifice on the self-named crescent exudes exquisite taste and class, which the crescent has come to represent – a merger of oil money and all round evident success. But then, we should never forget the prestige and supreme exclusivity of Banana Island, home to one of Africa’s wealthiest sons.

Quickly, I must draw the distinction that not all landed properties can be labeled ASSETS; some are liabilities. It is a costly imitation that has led to many limitations. In my view, ignorance can prove to be the biggest liability. Some investments present themselves as assets, but deep down they are hidden liabilities. Succinctly put, to own a property in Ikoyi crescent is synonymous with owning a property in Banana Island, but there are distinctions. Either way, to qualify, you must be among the ultra rich who are part of a cabal network of Nigeria’s progressive and affluent few.

As seen across the world, the one percent rule of wealth readily holds true to our environment. A very restricted 1% of the people in our society control about 99% of the wealth; hence, the price to acquire 20,000m2 of land in Ikoyi Crescent would buy you 2,000,000m2 of land in Lekki. Now I am not by any means trying to belittle Lekki, but the numbers do not lie.

This article is to re-engage our society and reaffirm the old Babylonian rule of gold, that hard work, perseverance and association are vital pillars of success. Our key mission is to redefine luxury living across Nigeria. So be it Lekki, Ikorodu or Ikoyi, Sujimoto Construction will not rest until we fulfill our mission to ensure that ownership of income-generating assets in vital locations becomes the foundation of every citizen.