Frank Edoho has described the rising cost of properties in Lagos as “armed robbery,” arguing that many homes sell for huge sums despite poor infrastructure in their surroundings.
Speaking on the KK podcast, the veteran television host criticised what he considers excessive pricing in Nigeria’s real estate sector. According to him, the cost of many properties does not match the quality of amenities available in their locations.
Edoho compares Lagos prices with US property market
To illustrate his point, Edoho compared property prices in Lagos with those in the United States. He referenced a report that Hollywood actor Leonardo DiCaprio purchased an island in America for $1.7 million.
“The real estate industry, I think, is armed robbery. I saw a post that Leonardo DiCaprio owns an Island in America. The cost of the Island is $1.7 million,” he said.
He then contrasted that purchase with the price of a luxury home in Lagos.
“There is a house in Osapa; they call it a mansion. It is $1.5 million. Osapa that has no drainage.”
Questions over affordability
Furthermore, Edoho questioned how many Nigerians can afford such expensive properties, especially amid economic hardship and low wages.
“Where is the money coming from? Look at the minimum wage of workers working in government. Is it up to N100,000? Where are these people getting money? The economy is down,” he added.
His remarks echo concerns many Nigerians have raised about housing affordability and the widening gap between property prices and average income levels.
Debate over real estate pricing
Meanwhile, Edoho’s comments have reignited discussions about the Lagos property market. Critics often argue that developers charge premium prices even in areas that lack essential infrastructure such as good roads and drainage systems.
As a result, many prospective homeowners continue to question whether current property values accurately reflect living conditions in some parts of the city.
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