Claim: Special Adviser to President Tinubu on Economic Affairs (Office of the Vice President), Dr Tope Fasua, claimed that in the UK, renting a three-bedroom flat in Knightsbridge costs about £10,000 monthly, while in Banana Island, Lagos, it is significantly less. Verdict: True The Context: During an interview on Channels Television’s “Morning Brief” programme on
Claim: Special Adviser to President Tinubu on Economic Affairs (Office of the Vice President), Dr Tope Fasua, claimed that in the UK, renting a three-bedroom flat in Knightsbridge costs about £10,000 monthly, while in Banana Island, Lagos, it is significantly less.
Verdict: True
The Context:
During an interview on Channels Television’s “Morning Brief” programme on September 16, 2025, Dr. Tope Fasua, Special Adviser to President Tinubu on Economic Affairs (Vice President’s Office), argued that the Naira stretches further in Nigeria compared to the Pound in the UK. To illustrate his point, he compared rental prices in Knightsbridge, London, with those in Banana Island, Lagos.
His words:
“It’s scientific that the Naira can do a whole lot for you in Nigeria than it would in [the UK]. The other time, I even did an analysis looking at rentals in the UK. For a three-bedroom flat in Knightsbridge, you probably would need about 10,000 pounds every month. That’s a lot of money. But even in our most expensive place in Banana Island, you know, it’s a lot less. You may be like a third of the money.”
NDR FactCheck moved to check the veracity of this claim due to the economic implications, as it was used to illustrate the strength of the Naira against the Pound and to justify the argument that living in Nigeria offers better value than in the UK. Is it true or False?
Verification
Our researcher first investigated the average rent in Knightsbridge, UK. According to a 2024 release by Lloyds Bank, Knightsbridge was ranked as the UK’s most expensive street. The report revealed that owning a home in the prestigious area—famous for its luxury hotels and high-end boutiques—costs an average of £21.4 million per annum.
For a deeper understanding, we reached out to an expert, ESB Taiwo Fasemire, an Associate Member of NIESV and the Founder/Managing Partner of Taiwo Fasemire & Co., an estate surveying and valuation firm in Nigeria. In a telephone conversation, he provided his expert view on the claim.
According to him, renting an apartment in Banana Island costs between ₦35 million and ₦45 million per annum, depending on factors such as the age of the property, quality of construction, and the facilities available. He further broke this down to a monthly range of about ₦3 million to ₦3.8 million.
He also added that furnished apartments in Banana Island typically cost between ₦65 million and ₦90 million per annum, which translates to ₦5.5 million to ₦7.5 million per month.
Finally, we carried out a manual mathematical conversion using the Central Bank of Nigeria rate of Pounds to Naira of the amount claimed and average amount of rent on a property portal
- Alright, let’s carefully calculate 45,000,000 ÷ 2026 step by step:
45,000,000÷2026 = 22,214.6 pounds per annum in Nigeria
22,215 pounds per annum in Nigeria (rounded to the nearest whole number).
- To get the amount per month, let’s calculate 22,214.6 ÷ 12 step by step:
22,214.6÷12 = 1,851.2166 pounds per month in Nigeria.
1,851.2 pounds per month in Nigeria. (rounded to the nearest whole number).
Conclusion:
Knightsbridge rents for three-bedroom flats can reach about £10,000 per month in the luxury segment. In Banana Island, similar three-bedroom flats rent for much less — about ₦35–45m a year (≈£1,440–£1,850 per month) unfurnished, and ₦65–90m a year (≈£2,674–£3,702 per month) furnished. So, while it is true that Banana Island is cheaper than Knightsbridge, the claim is misleading without clarifying the property type and whether rent or purchase prices are being compared.
