Prior to the emergence of military rule in the early 1980s, Ikeja was a well planned, clean and quiet residential environment with shopping malls, pharmacies and government reservation areas. Ikeja is also home to the Femi Kuti's Africa Shrine and Lagbaja's Motherlan', both live music venues.
Ikeja was founded by an Awori hunter named Akeja Onigorun, after whom the area is named. To this day, the majority of residents in Ikeja are Awori.
The defunct Virgin Nigeria Airways's head office is located on the 9th Floor of Etiebets Place in Ikeja.
Ikeja is home to a large computer market. Begun in 1997 as a small market of only 10 shops, the current market now has well over 800. While most vendors provide the expected computer sales and repair services, it is also possible to find sales and repair services for various types of office equipment and electronic devices.
As the market is unplanned, it has experienced growing pains. Some local residents are upset at the expanding market. Traffic around the area has become very congested, and it can be almost impossible to find a place to park. The electricial infrastructure, already overloaded and unreliable, has become highly stressed with the new market. Computer and electronics stores require power to work on computers and demonstrate their products to potential customers, and this added load has made the supply erratic.