It’s Armed Robbery, Frank Edoho Decries Soaring Lagos Real Estate Prices

Media personality Frank Edoho has criticised the rising cost of properties in Lagos, describing the state’s real estate market as “armed robbery” while questioning who can genuinely afford the multi-million-naira homes on sale.

Speaking on a recent episode of The KK Show, Edoho compared the prices of luxury homes in Lagos with properties abroad, arguing that the Nigerian market has become difficult to justify given the country’s economic realities.

“Lagos real estate prices, the real estate industry, I think it’s armed robbery,” he said.

Highlighting what he described as the disparity in pricing, Edoho claimed that Hollywood actor Leonardo DiCaprio owns an island worth about $1.7 million, while some houses in Lagos are being sold for almost the same amount.

“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 broadcaster also questioned the purchasing power of Nigerians, noting that wages have not kept pace with the soaring cost of luxury homes.

“Look at the minimum wage. Is it up to ₦100,000? So, where are these people getting money?” he asked.

Edoho further cited the country’s economic challenges, including the depreciation of the naira, while 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.

When the programme’s host suggested that many buyers were Nigerians in the diaspora, Edoho maintained that his concern was about those purchasing the properties from within the country.

“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 property developer featured on the programme rejected the suggestion that his clients largely fell into those categories.

He explained that developers generally price properties based on prevailing market rates, adding that even sceptical clients often ended up selling their properties at the same market value after initially questioning the pricing.

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