Terry Waya claims he made $200 million in one year and says he played a major role in establishing Lagos’s Banana Island.
Nigerian businessman and socialite Terry Waya has claimed that he made as much as $200 million in a single year, while also renewing his assertion that he played a major role in the creation of Banana Island, one of Lagos State’s most exclusive residential neighbourhoods.
Waya made the claims during an appearance on the School of Hard Knocks podcast hosted by James Dumoulin, where he discussed his wealth, business interests and journey to becoming a billionaire.
The interview began circulating on social media on Wednesday, November 11, 2026.
Asked about the highest amount of money he had earned in one year, Waya said: “The highest amount of money I have made in a single year was $200 million.”
He also corrected the interviewer’s description of him as a millionaire, insisting that he had attained billionaire status about 20 years ago.
“I’m not a millionaire, I’m a billionaire. I became a billionaire 20 years ago,” he said.
The businessman, who is the father of former Big Brother Naija housemate Kiddwaya, described agriculture as a major part of his business interests, claiming to be one of Nigeria’s biggest farmers.
However, one of the most striking parts of the interview was his claim about Banana Island, a high-end residential community in Ikoyi, Lagos.
Waya said he used his connections within the military to facilitate the development of the estate, which is now associated with some of Nigeria’s wealthiest residents.
“I was the one who created that Banana Island using my military contacts. Today, the richest people in Nigeria live there,” he stated.
His claim has attracted attention because published accounts of the estate’s history identify late civil engineer Chief Adebayo Adeleke as the originator of the original Lagoon City concept, while the eventual Banana Island development was undertaken by the Chagoury Group in partnership with the Federal Ministry of Works and Housing.
Waya has previously spoken about his involvement in the project. In a 2020 interview with BBC Pidgin, he reportedly said he learnt about the proposed development through the office of former Minister of Works, the late General Abdulkarim Adisa, and subsequently introduced the Chagoury Group as a development partner.
Beyond discussing his wealth, Waya attributed his business success to building relationships and maintaining a strong network of influential contacts.
He described investing in people as his biggest advantage, saying those relationships could help him rebuild his fortune even if he lost everything.
The businessman also advised wealthy individuals not to forget the people and circumstances that contributed to their success.
He warned against sacrificing family relationships in the pursuit of money, noting that financial success might not restore relationships lost along the way.
His remarks have generated mixed reactions online. While some commenters expressed interest in hearing more about his business journey, others questioned his claims and called for greater transparency about the sources of his wealth.
One commenter suggested that Waya’s story deserved a documentary, while another questioned his assertion about creating Banana Island.
The discussion has also renewed interest in the businessman’s background, investments and connections, particularly his account of how he became wealthy.
