Veteran broadcaster and media personality Frank Edoho has ignited fresh debate after branding the Lagos real estate market as “armed robbery” due to skyrocketing property prices that he says make no sense in today’s economy.
Appearing on The KK Show, Edoho expressed strong frustration over multi-million-dollar homes in areas with basic infrastructure challenges. He drew a sharp comparison that has since gone viral.
“Lagos real estate prices, the real estate industry, I think it’s armed robbery,” he declared.
Edoho pointed specifically to a mansion in Osapa listed at $1.5 million and contrasted it with Hollywood star Leonardo DiCaprio’s private island that costs $1.7 million.
“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 questioned how ordinary Nigerians could afford such properties given the harsh economic realities.
“Look at the minimum wage. Is it up to ₦100,000? So, where are these people getting money? The economy is down. Dollar to the naira — where are you people getting the money? Who is buying?”
Edoho noted that purchases by Nigerians in the diaspora make more sense because they earn in foreign currency. For local buyers, however, he openly wondered about the source of the funds.
“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?”
A property developer who featured on the same conversation pushed back, insisting that prices reflect market rates and that clients come from diverse backgrounds beyond the groups Edoho mentioned. The developer shared an example of a client who initially complained about the cost but later sold the property at the prevailing market value.
Edoho’s comments have sparked widespread discussion online, with many Nigerians echoing his frustration over high housing costs, poor infrastructure in premium locations, and the widening gap between property prices and average incomes.