Media personality Frank Edoho has sparked controversy with his blunt assessment of Nigeria’s luxury real estate market, describing the soaring prices of high-end properties as “armed robbery.”
Speaking on a recent episode of The HK Show, Edoho questioned the justification for the prices being attached to luxury homes in Lagos, arguing that they are increasingly disconnected from the economic realities of the country.
Comparing Lagos property prices with luxury real estate abroad, the television personality cited an example of a house in Osapa, Lagos, reportedly valued at about $1.5 million, or approximately ₦2.4 billion.
He contrasted the price with that of an island reportedly owned by Hollywood actor Leonardo DiCaprio, which he claimed costs about $1.7 million.
“Leonardo DiCaprio owns an island. The whole island costs $1.7 million. There’s a house in Osapa they call a mansion, and it’s $1.5 million. Osapa that has no drainage. What are we talking about? It’s armed robbery,” Edoho said.
The media personality also questioned the affordability of such properties in a country where many citizens are struggling with rising living costs and relatively low incomes.
Referencing Nigeria’s minimum wage and the exchange rate, Edoho asked who was actually buying the multimillion naira properties flooding the luxury real estate market.
“Where are these people getting the money? Who is buying? The pastors, the yahoo boys?” he asked.
Edoho further challenged property developers to explain who their target buyers are, questioning whether the expensive homes are being purchased by government officials, religious leaders, internet fraudsters or Nigerians living abroad.
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