You heard right. Lagos hotels are quite expensive (especially on the islands of Ikoyi and Victoria Island), but you might want to try the new Chinese-owned Lagos Oriental Hotel on Lekki Road, Victoria Island (+234-1-280-6600).
Other Victoria Island hotels include the Eko Hotels and Suites (which is expensive but offers relatively more options and activities), the newly-rebuilt Federal Palace Hotel, the Protea Victoria Island and the Protea Kuramo Waters (Victoria Island Extension), the Victoria Crown Plaza (no relationship to the Intercontinental Group's Crowne Plaza branded hotels), or boutique hotels such as the Blowfish, Suite XVIII, or the Scarlet Lodge.