Nigerian businessman and socialite Terry Waya has claimed that he played a major role in the creation of Banana Island, one of Lagos State’s most exclusive residential neighbourhoods, through his connections with military officials.
Mr Waya made the remarks during an appearance on the School of Hard Knocks podcast, where he discussed his business journey, wealth, investments and relationships with influential individuals.
Speaking about the development of Banana Island, he said he used his military connections to facilitate the project, which has since become home to some of Nigeria’s wealthiest individuals.
“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 residential peninsula reclaimed from the Lagos Lagoon and connected to Ikoyi. The neighbourhood is known for its luxury properties, high real estate values and exclusive residential facilities.
Mr Waya’s latest comments are not the first time he has spoken about his involvement in the development of the estate.
In a 2020 interview with BBC Pidgin, he explained that he learnt about the proposed project during a visit to the office of the then Minister of Works, the late General Abdulkarim Adisa.
According to him, the government was searching for a private development partner, prompting him to introduce the Chagoury Group, which eventually undertook the development in partnership with the Federal Ministry of Works and Housing.
However, published accounts have traced the original concept of the larger development to the late civil engineer Adebayo Adeleke, who envisioned a project known as Lagoon City.
‘I AM A BILLIONAIRE, NOT A MILLIONAIRE’
During the interview, Mr Waya also spoke about his financial status, correcting the interviewer when asked how he became a millionaire.
The businessman, who is the father of former Big Brother Naija housemate Kiddwaya, insisted 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 also described himself as one of Nigeria’s biggest farmers, emphasising his involvement in agriculture and other investment ventures.
When asked about the highest amount of money he had made in a single year, Mr Waya put the figure at approximately 200 million, although he did not specify the currency or the year in question.
WAYA REVEALS HIS SECRET TO BUILDING WEALTH
Mr Waya attributed much of his business success to investing in relationships and maintaining a strong network of influential contacts.
He maintained that even if he lost his entire fortune, he could rebuild his wealth because of the people he had established relationships with over the years.
“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.
He further explained that successful businesspeople must be observant, understand opportunities and avoid desperation during negotiations.
According to him, Nigerians are particularly good at identifying opportunities in existing businesses and improving on ideas they have observed.
He advised entrepreneurs to remain patient during business negotiations, arguing that appearing desperate could weaken their bargaining position.
“When you are going to a negotiation, a desperate man will always make mistakes. I hate desperation. I’m calm. Go in as if you’re not interested, and then you have the leverage,” he said.
BUSINESS SUCCESS SHOULD NOT COME AT THE EXPENSE OF FAMILY
The businessman also offered advice to wealthy individuals and aspiring entrepreneurs, warning against sacrificing family relationships in the pursuit of financial success.
He stressed that wealth could be rebuilt, but lost family relationships might not always be recovered.
“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.
Mr Waya’s comments have renewed public interest in his longstanding claims about his involvement in the development of Banana Island and his journey through Nigeria’s business and investment circles.
