Business
Places You Can Live Comfortably on the Lagos Island and Mainland, by Dennis Isong
VI is the business hub of Lagos, but it also has amazing residential areas. You’ll find top-notch apartments, good schools, fine dining, and beaches. The only downside? The rent is not smiling. But if you want to live close to work and still enjoy premium comfort, VI is an excellent choice.
You know how Lagos is, right? One minute, you’re stuck in traffic for three hours, and the next, you’re enjoying the best suya of your life.
But let’s be honest—where you live in Lagos can make or break your experience.
That’s why we’re here, to help you find places you can comfortably live, whether you prefer the Island’s flashy vibes or the Mainland’s rugged charm.
Best Places to Live on the Island

▪︎Lagos Island and Mainland \ Shutterstock.com
If you love the soft life and don’t mind paying premium prices, the Island is for you. Here are some top areas to consider:
1. Ikoyi
If Lagos had a VIP section, it would be Ikoyi. This place is home to the rich and powerful. The roads are clean, the houses are luxurious, and security is top-notch.
Expect well-paved streets, high-end restaurants, and some of the most expensive real estate in Nigeria. If your wallet can handle it, Ikoyi is one of the best places to live in Lagos.
2. Victoria Island (VI)
VI is the business hub of Lagos, but it also has amazing residential areas. You’ll find top-notch apartments, good schools, fine dining, and beaches. The only downside? The rent is not smiling. But if you want to live close to work and still enjoy premium comfort, VI is an excellent choice.
3. Lekki Phase 1
Lekki Phase 1 is for those who want the Island experience but can’t quite afford Ikoyi or VI. It has a mix of luxury and affordability (by Lagos standards). You’ll find many young professionals, good schools, nice estates, and fun places like malls and lounges. However, be ready for traffic, especially during rush hours.
Places like Phase 1 and Phase 2 are particularly popular for their neat environment and relatively stable electricity.
4. Chevron Drive and Ajah
These areas are for people who want the Island life but at a slightly more affordable rate. Ajah has seen major development, with beautiful estates and good roads. Just make sure your house is in a flood-free zone because rain in Lagos can humble even the best plans.
5. Eko Atlantic
This is the future of Lagos. A city built on reclaimed land from the Atlantic Ocean, offering ultra-modern apartments, luxury living, and state-of-the-art infrastructure. If you have the budget for it,
Eko Atlantic is the definition of futuristic living.
Best Places to Live on the Mainland
The Mainland is for those who love Lagos but don’t want to sell a kidney to afford rent. Here are the best places to live comfortably:
1. Ikeja
Ikeja is the capital of Lagos and one of the best places to live on the Mainland. Areas like GRA, Maryland, and Magodo offer good housing, reliable electricity, and less traffic compared to other parts of the Mainland. Plus, you have easy access to the airport, malls, and entertainment spots.
2. Magodo
Magodo feels like the Ikoyi of the Mainland. It is a secure, well-planned area with good roads, beautiful estates, and an organized environment. If you want a peaceful lifestyle with a touch of luxury but don’t want to cross the Third Mainland Bridge every day, Magodo is a great option.
3. Yaba
Yaba is the tech hub of Lagos. With Unilag and several startups in the area, it has a youthful, vibrant feel. Yaba is also home to affordable and decent housing, good transportation links, and a bubbling nightlife. If you’re a young professional or student, Yaba is a solid choice.
4. Surulere
Surulere is the best mix of old and new Lagos. It has good residential estates, a lively social scene, and is centrally located.
You can get to the Island easily while still enjoying affordable rent. Plus, it’s home to the National Stadium, where you can catch football matches and concerts.
5. Ogudu GRA
Ogudu GRA is a hidden gem. It has a serene environment, great road networks, and reliable security. It’s close to both the Mainland and the Island, making it convenient for professionals who need easy movement around Lagos.
6. Festac and Amuwo-Odofin
If you love space and want a family-friendly environment, these areas are great options. They have organized estates, good schools, and a peaceful vibe that is rare in Lagos. Plus, they are close to the Lagos-Badagry Expressway, making travel easier.
7. Gbagada
Gbagada is another top pick for Mainland living. It is well-planned, has a good mix of modern and old buildings, and offers easy access to both the Island and other parts of the Mainland.
▪︎For personalized assistance with property needs in Jakande and the broader Lagos area, interested parties can contact Dennis Isong, a top Lagos realtor specializing in helping Nigerians in the diaspora own property stress-free. He can be reached at +2348164741041.
Business
NTA didn’t introduce VAT on charges collected by banks — NRS
The Nigeria Revenue Service (NRS) wishes to address and correct misleading narratives circulating in sections of the media suggesting that Value Added Tax (VAT) has been newly introduced on banking services, fees, commissions, or electronic money transfers.
Photo: NRS chairman, Zacch Adedeji
The Nigeria Revenue Service (NRS) has clarified that the Nigeria Tax Act (NTA) did not introduce VAT on banking charges, nor did it impose any new tax obligation on customers in this regard.
In a statement made available to newsmen and signed by Dare Adekanmbi, Special Adviser on Media to the NRS chairman, Zacch Adedeji, the service said the claims are incorrect.
According to the NRS, VAT has always applied to banking services and was not introduced by the Nigeria Tax Act.
The statement reads:
“The Nigeria Revenue Service (NRS) wishes to address and correct misleading narratives circulating in sections of the media suggesting that Value Added Tax (VAT) has been newly introduced on banking services, fees, commissions, or electronic money transfers.
This claim is categorically incorrect.
“VAT has always applied to fees, commissions, and charges for services rendered by banks and other financial institutions under Nigeria’s long-established VAT regime.”
Business
LIRS gives employers Jan 31 deadline for filing 2025 tax returns
The Executive Chairman of LIRS, Dr Ayodele Subair, who gave the directive on Thursday, reminded employers that the obligation to file annual returns is in line with the provisions of the Nigeria Tax Administration Act 2025.
The Lagos State Internal Revenue Service(LIRS) fixed statutory deadline of January 31, 2026, for all employers of labour in the state to file their annual tax returns for the 2025 financial year.
The Executive Chairman of LIRS, Dr Ayodele Subair, who gave the directive on Thursday, reminded employers that the obligation to file annual returns is in line with the provisions of the Nigeria Tax Administration Act 2025.
Subair explained that employers are required to file detailed returns on emoluments and compensation paid to their employees, as well as payments made to service providers, vendors, and consultants, and to ensure that all applicable taxes due for the 2025 year are fully remitted.
He emphasised that the filing of annual returns is a mandatory legal obligation and warned that failure to comply would attract statutory sanctions, including administrative penalties, as prescribed under the new tax law.
Business
Nigeria To Review Inflation Reporting First Time In 15 years
The agency said the expected spike in December inflation did not reflect actual price movements in the economy but was largely a statistical distortion caused by the rebasing of the Consumer Price Index.
Nigeria’s National Bureau of Statistics (NBS) has announced plans to revise its inflation reporting methodology.
This followed concerns that December’s year-on-year figure may be artificially inflated due to the impact of last year’s rebasing exercise.
The agency said the expected spike in December inflation did not reflect actual price movements in the economy but was largely a statistical distortion caused by the rebasing of the Consumer Price Index.
Reuters reported that the rebasing, the first in 15 years, adopted December 2024 as the index reference point.
Officials explained that the change is likely to exaggerate the year-on-year inflation figure for December without accurately capturing prevailing market trends.
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