Frank Edoho slams Lagos property prices, calls it robbery

Media personality Frank Edoho has spoken out against the high cost of properties in Lagos. He called the state’s real estate market “armed robbery” and questioned who can afford the homes selling for millions of naira.

During a recent episode of The KK Show, Edoho compared the prices of luxury homes in Lagos to those abroad. He argued that the Nigerian market does not make sense considering the country’s economic situation.

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

Edoho pointed out what he sees as a big gap in pricing. He mentioned that Hollywood actor Leonardo DiCaprio owns an island worth about $1.7 million. In contrast, some houses in Lagos are selling for nearly the same price.

“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 raised concerns about how Nigerians can afford these luxury homes. He noted that wages have not increased alongside the rising property prices.

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

Edoho also mentioned the economic issues facing the country, like the falling value of the naira. He wondered who is actually buying the expensive properties.

“The economy is down. Dollar to the naira, where are you people getting the money? Who is buying?” he queried.

When the host of the show suggested that many buyers might be Nigerians living abroad, Edoho said he was more concerned about those buying from 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.

A property developer on the show responded to Edoho’s comments. He rejected the idea that his clients mostly fit into those categories.

He explained that developers set prices based on the current market rates. He added that even clients who are skeptical about the pricing often end up selling their properties at the same market value after questioning it at first.