"The Main financial and Business centre... " a Victoria Island Travel Page by itscarlos

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History

Victoria Island was originally entirely surrounded by water - bordered by the Atlantic ocean on the south, the Lekki Lagoon on the West and North and swamps on the East. The colonial government began the process of filling in the swamps to reduce mosquito breeding areas. This created a land bridge between Victoria Island and Lekki Peninsula.

After independence, successive state governments expanded this development, culminating in the construction of a highway connecting Victoria Island to Epe. This activity, along with the rapid commercialisation of VI, served to stimulate residential development along the Lekki-Epe corridor, starting with Lekki Phase 1.

The area of the land bridge, composed of the former swampland (which was called Maroko) became a large slum which housed many of the new migrants to Lagos State. Residents of the Island complained about this problem, leading the then military Governor of the State – Raji Rasaki – to forcibly remove/displace these squatters (some of whom had legal title to their property). This area – called Victoria Island Annex – was then cleared and sold to residential buyers.

Subsequent reclamation has expanded this area to the extent that it is now connected to the Lekki Peninsula. This new, enlarged area is referred to as “Oniru Estate” after the ruling family of the area.

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Modern History

Originally designated an upscale residential area, failing infrastructure and overcrowding in the old business district on Lagos Island and lax zoning enforcement in Victoria Island led to a mass migration of businesses over the last twenty-five years. Today, Victoria Island is one of Nigeria's busiest centres of banking and commerce, with most major Nigerian and international corporations headquartered on the Island.

Victoria Island is one of the most exclusive and expensive areas to live in Nigeria. The cost of renting an apartment with luxurious amenities ranges from $10,000 to $48,000 per annum. Due to the array of world-class restaurants, shopping malls, hotels, bars, night clubs, movie theatres, schools and businesses located in VI, investing in property is a lucrative business.

The Island has continued to rapidly develop and along with Ikoyi, is a favourite spot for Nigerians and foreigners to live and play.

However the influx of banks and other commercial ventures has changed the formerly serene atmosphere of the Island. Long time residents complain about the increase in traffic and influx of street traders who cater to local bank employees and businessmen.