This settlement was reputed to have been founded by Eso Onikoyi from Ikoyi ile in Oyo State. Oral accounts revealed that Onikoyi was a war General, referred to as “Eso”.
The “Esos” was the society of war-Generals. The Esos were used as garrison commanders who commanded troops stationed to defend various vassal states (including those located along the coasts) of Oyo Empire. They took tributes and protected their jurisdiction from undue threats. The Aare Ona Kakanfo was the head of the Esos. Through the Esos, the Alaafin got military reports. Onikoyi was one of the Esos; hence, the accolade, “Eso Onikoyi adi pelemo loju ogun”, which literarily means “General Onikoyi who is always well fortified during military encounters.”
Ikoyi was founded by one of these Esos.