Dangote’s Brother, Sayyu Dantata’ $22m Banana Island Mansion Up For Sale

Nearly a year after listing his luxurious Banana Island mansion for sale, Sayyu Dantata, the half-brother of Africa’s richest man, Aliko Dangote, has yet to find a buyer for the $22 million property, according to Billionaires.Africa.

Located in one of Lagos’ most exclusive neighborhoods, the mansion, despite its prime position in the sought-after Ikoyi area, remains unsold.

The property, nestled within the prestigious Banana Island enclave—home to Nigeria’s wealthiest individuals—has not attracted significant interest at its asking price. Although the listing has been featured across several platforms, the right buyer has not emerged.

This struggle highlights the challenges within Nigeria’s luxury real estate market. Despite its enviable location and lavish design, the mansion’s price seems to be a barrier even for buyers in the city’s elite circles.

The exclusivity of Banana Island, often likened to the likes of Beverly Hills or Monaco, has not been enough to close the deal, underscoring the complexities of the high-end property market in Nigeria.

Sayyu, the founder and majority shareholder of MRS Holdings, is a well-established name in Nigeria’s petroleum sector.

His company, which produces refined products such as gasoline, marine fuels, and aviation fuels, has cemented his position as a key player in the industry.

Known for his love of luxury and high-end assets, Sayyu’s decision to sell the mansion coincides with reports that he is contemplating a return to his hometown of Kano State.

In 2023, Sayyu unveiled a $450 million lubricant plant in Lagos through Bestaf Lubricant Limited.

This 200-million-liter facility, the first of its kind in West Africa, covers the entire lubricant value chain and is poised to have a significant impact on Nigeria’s economy.

With the capacity to produce 1,700 different products, the plant will create job opportunities for young Nigerians, generate substantial revenue, and reduce the country’s reliance on imports.

Sayyu’s entrepreneurial journey is rooted in his earlier career at Dangote Group, where he served as the Director of the Engineering and Transport Division under his half-brother, Aliko Dangote.

Beyond his business endeavors, Sayyu is also passionate about Polo and is known as the only Nigerian businessman who pilots his own helicopter, often navigating Lagos’ notorious traffic with ease. His collection of private jets and luxury assets further reflect both his business acumen and appreciation for life’s finer pleasures.

Through MRS Africa Holdings, his investment firm, Dantata holds a 60 percent stake in MRS Oil Nigeria, which amounts to 205,730,806 shares. The company operates in several West African countries, including Benin, Togo, Cameroon, and Côte d’Ivoire.

In June 2024, MRS Oil shareholders approved the decision to delist from the Nigerian Exchange (NGX), marking a significant shift in the company’s future direction.

MRS Oil Nigeria has also shown remarkable financial growth. For the first nine months of its 2024 fiscal year, the compnay reported a 146.5 percent increase in revenue, reaching N248.71 billion ($151.42 million), up from N100.88 billion ($61.42 million) during the same period in 2023. This boost was driven by growing demand and rising prices for Premium Motor Spirit (PMS).

This growth in revenue was reflected in the company’s profits, which climbed to N6.22 billion ($3.79 million) from N3.44 billion ($2.1 million) the previous year. The increase is attributed to both higher sales and MRS Oil’s effective cost management, which helped improve the company’s net profit margin despite rising operational costs.

The firm’s efforts to optimize its supply chain and manage expenses more efficiently contributed to this success.

In addition to strong revenue and profits, MRS Oil’s total assets rose significantly, from N54.83 billion ($33.39 million) at the end of 2023 to N66.57 billion ($40.52 million) by September 30, 2024.

The company’s retained earnings also saw notable growth, increasing from N22.44 billion ($13.66 million) to N27.87 billion ($16.97 million), further solidifying MRS Oil’s position as one of Nigeria’s leading and most profitable oil enterprises.