Abstract: Banana is eaten all over the world by all sections of the population. A lectin, called BanLec, was isolated from banana fruit and found to possess anti-HIV-1 activity. However, the peels of banana are thrown away as rubbish although farmers are known to use them as feed for their animals. We thought that there might be some valuable chemicals in banana peels and therefore decided to extract the oils from their peels. Two varieties of Nigeria bananas were chosen for an initial study. The crude methanolic extract was subjected to phytochemical analysis, which revealed the presence of steroids, saponin, terpenoids, anthraquinones and tannins. Antimicrobial study of the methanolic extract showed that the oils were effective against some bacteria. The chemical constituents of the oils were identified and characterized by GC-MS. The fatty acids stearic, palmitic, oleic and linoleic acids and their methyl esters as well as 2,3-dihydro-3,5-dihydroxy-6-methyl-4H-pyran-4-one, 5-(hydroxymethyl)-2-furancarboxyaldehyde, cyclododecane, dibutyl phthalate, b-sitosterol, sesamin and epi-sesamin were among the identified components. These constituents were found to be compounds with known biological and medicinal activity.