The word "Eyo" also refers to the costumed dancers, known as the masquerades that come out during the festival. The origins of this observance are found in the inner workings of the secret societies of Lagos.
The first procession in Lagos was on the 20th of February, 1854, to commemorate the life of the Oba Akintoye.
Here, the participants all pay homage to the reigning Oba of Lagos. The festival takes place whenever occasion and tradition demand, though it is usually held as part of the final burial rites of a highly regarded chief in the king's court.
Among the Yorubas, the indigenous religions have largely lost the greater majority of their traditional followers to Christianity and Islam. Be that as it may, the old festivals are still almost universally observed as tourist attractions which generate a lot of revenue for government and small businesses around the Lagos Island venue of the Eyo festival. It is during these occasions that their traditional monarchs and nobles exercise the most of their residual power.In his book Nigerian Festivals, travel writer and culture reporter Pelu Awofeso notes: A full week before the festival (always a Sunday), the ‘senior’ eyo group, the Adimu (identified by a black, broad-rimmed hat), goes public with a staff. When this happens, it means the event will take place on the following Saturday. Each of the four other ‘important’ groups — Laba (Red), Oniko (yellow), Ologede (Green) and Agere (Purple) — take their turns in that order from Monday to Thursday.