Victoria island is adjourned to a neighboring Lagos Island, Ikoyi and the Lekki Peninsula by the Lagos Lagoon. It is the major business and financial center of Lagos State, Nigeria.

Residing in Victoria Island, Nigeria is one of the most expensive and exclusive options. The island lie within the Eti-Osa Local Government Area (LGA).

A larger part of Victoria Island was inherently part of the Oniru chieftain jurisdiction in Lagos State with so many local and foreign tenants living on the island. In 1948, the Executive Development Council of Lagos paid a sum of 250,000 pounds as compensation for the expanse of land acquired from the family of Oniru with an addition of 150,000 pounds also paid as compensation for the native settlers and the shrines they destroyed.

The natives were later relocated to Maroko village. Victoria Island once surrounded water on all sides. It was bonded in the mouth of Lagos Lagoon on the West side, there's the Atlantic Ocean on the south side, then the swamps on the East side, and finally Five Cowrie Creek on the North side.

The colonial masters started the process of filling in the swamps in the eastern part to destroy mosquito breeding places. This created a land connection between Victoria Island and Lekki Peninsula, eliminating its status as an island.

After independence, indigenous state governments continued this development, by constructing a highway linking the Victoria Island to the Epe town through Lekki, Ajah, Awoyaya, Sangotedo, Abijo, etc.

This event, with the gradual commercialization of Victoria Island, were instrumental to residential development on the corridor of the Lekki-Epe expressway that started at Lekki phase 1. The area of the bridge, that covered of the former swamp, which transformed into a large ghetto named Maroko and the residential to so many of the new settlers in Lagos State.

It was irritating to many of the affluent residents of the Island who complained about this irate problem, this led to the military State Governor, Brig. Gen. Raji Alagbe Rasaki, to forcibly get rid of the residents on July 14, 1990, resulting in chaos, numerous injuries, psychological traumas.

This effort by Governor Raji Rasaki and the armed military forces led to the eviction of as much as 300,000 Maroko residents, some of whom legally owned their property.

The new area created after the eviction was carried is called Victoria Island Annex. It was cleared by the government and later sold to richer investors who bought for residential and commercial purposes.

The clear land was called sandfield or white-sand as at the time, it was expanded to the extent that is now connecting to the Lekki Peninsula. The enlarged area is now referred to as "Oniru Estate", named after the ruling family of the place.

Today, Victoria Island and the annex is Nigeria's busiest commercial nerve center for banking, real estate, markets, oil firms, and commerce, with most major diplomatic offices and multinational corporations having their headquarters on the Island.

Lekki is also the fastest growing real estate hub in the country.

The neighborhood has continued to gradually develop and along with Ikoyi, which is a favorite spot for wealthy Nigerians and foreigners who live in the country.

Victoria Island was once a serene residential and industrial area, but the influx of banks and commercial ventures has changed this atmosphere. Currently, resident complain about the increase number of streets traders and traffic, which is occurred because of influx local banks employees and businessmen.

The Eko Atlantic City is the new project that's being developed by the Chagoury Group, this historical breathtaking project is located next to Victoria Island. The new Eko Atlantic City project is being constructed on the reclaimed land that was once lost to the Bar-beach coastal erosion.

In 2021, as the demand for high-rise Condos or Apartments soar in Victoria Island, there are recent development by various companies to meet these demands.