Frank Edoho Calls Lagos Real Estate Prices ‘Armed Robbery’

Media personality Frank Edoho criticised the soaring cost of property in Lagos, describing the market as “armed robbery”. He compared Hollywood actor Leonardo DiCaprio’s $1.7 million island to a $1.5 million mansion in Osapa, Lagos, noting the house lacks basic drainage.

Edoho questioned how anyone could afford such homes given Nigeria’s economic challenges, a minimum wage of about ₦100,000 and a weakening naira. He asked whether buyers are government officials, wealthy diaspora Nigerians, or other affluent individuals. A property developer on the programme defended the pricing as market‑driven, saying buyers eventually sell at comparable values.

The comments highlight growing public concern over housing affordability and the disparity between property prices and average incomes in Nigeria.