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Media personality Frank Edoho has criticised the rising cost of real estate in Lagos, describing the property market as “armed robbery” and questioning who can genuinely afford the multi-million-naira homes on sale.
Speaking during a recent episode of The KK Show, Edoho compared the prices of luxury properties in Lagos with those in foreign countries, arguing that the cost of homes in Nigeria’s commercial hub is difficult to justify considering the nation’s economic realities.
“Lagos real estate prices, the real estate industry, I think it’s armed robbery,” he said.
Highlighting the disparity, Edoho referenced Hollywood actor Leonardo DiCaprio, claiming the actor owns an island worth about $1.7 million, while some homes in Lagos are priced almost as high.
“Leonardo DiCaprio owns an island. The cost of the whole island is $1.7 million. There is a house in Osapa—they call it a mansion—that is $1.5 million. Osapa that has no drainage. What are we talking about? It’s armed robbery,” he said.
The veteran broadcaster also questioned the purchasing power of Nigerians, noting that wages have not kept pace with the cost of luxury properties.
“Look at the minimum wage. Is it up to ₦100,000? So, where are these people getting money?” he asked.
Edoho further pointed to the country’s economic challenges, including the depreciation of the naira, wondering who the actual buyers of the expensive properties are.
“The economy is down. Dollar to the naira — where are you people getting the money? Who is buying?” he queried.
During the conversation, the show’s host noted that the question often comes from Nigerians in the diaspora. Edoho, however, insisted that his concern was directed at buyers within Nigeria.
“It’s even the people in the diaspora that you can understand because they’re earning in foreign currency. Where are the Nigerians? Who are your clientele? Are they government officials? Are they Yahoo boys? Pastors? Who?” he asked.
Responding, the developer being interviewed dismissed the suggestions, saying their clients were not limited to any of those groups.
He added that developers often price their properties based on prevailing market rates, citing an example of a client who initially questioned Nigerian real estate prices but eventually sold at the existing market value.
