Victoria Island is an affluent town

Town

A town is a human settlement larger than a village but smaller than a city. The size a settlement must be in order to be called a "town" varies considerably in different parts of the world, so that, for example, many American "small towns" seem to British people to be no more than villages, while...

 that encompasses a former island

Island

An island or isle is any piece of sub-continental land that is surrounded by water. Very small islands such as emergent land features on atolls can be called islets, cays or keys. An island in a river or lake may be called an eyot , or holm...

 of the same name that sits between Lagos Island

Lagos Island

Lagos Island is the principal and central local government area of the Metropolitan Lagos in Nigeria. It is part of the Lagos Division. As of the preliminary 2006 Nigerian census, the LGA had a population of 209,437 in an area of 8.7 km²...

 and the Lekki Peninsula in the Lagos Lagoon

Lagos Lagoon

Lagos Lagoon is a lagoon sharing its name with the city of Lagos, Nigeria, the second largest city in Africa, which lies on its south-western side...

. It is the main business

Business

A business is an organization engaged in the trade of goods, services, or both to consumers. Businesses are predominant in capitalist economies, where most of them are privately owned and administered to earn profit to increase the wealth of their owners. Businesses may also be not-for-profit...

 and financial

Finance

"Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created...

 centre of Lagos

Lagos

Lagos is a port and the most populous conurbation in Nigeria. With a population of 7,937,932, it is currently the third most populous city in Africa after Cairo and Kinshasa, and currently estimated to be the second fastest growing city in Africa...

, Nigeria

Nigeria

Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...

. Victoria Island is one of the most exclusive and expensive areas to live in Nigeria. The town and island lie within the boundaries of the Eti-Osa

Eti-Osa

Eti-Osa is a Local Government Area in the Lagos Division, of Lagos State, Nigeria. Within Eti-Osa are several important areas of Lagos, including Victoria Island, Lekki, and Ikoyi...

 LGA.
Victoria Island was originally entirely surrounded by water - bordered by the Atlantic ocean on the south, the mouth of the Lagos Lagoon

Lagos Lagoon

Lagos Lagoon is a lagoon sharing its name with the city of Lagos, Nigeria, the second largest city in Africa, which lies on its south-western side...

 on the West, the Five Cowrie Creek to the north North and swamps on the East.