Media personality Frank Edoho has criticised the rising cost of property in Lagos, describing the state’s real estate market as “armed robbery” and questioning how Nigerians are able to afford homes selling for millions of dollars amid the country’s economic challenges.

Edoho made the remarks during a recent episode of The KK Show, where he compared the prices of luxury properties in Lagos with the cost of real estate abroad.

According to him, property prices in some parts of Lagos have become difficult to justify when measured against the quality of infrastructure available and the purchasing power of the average Nigerian.

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

Edoho cited Hollywood actor Leonardo DiCaprio’s alleged ownership of an island worth about $1.7 million and compared it with the price of a mansion in Osapa, Lagos, reportedly listed for about $1.5 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,” he said.

“Osapa that has no drainage. What are we talking about? It’s armed robbery.”

The broadcaster questioned how such prices could be sustained in a country where the minimum wage remains below ₦100,000 and many citizens are struggling with the rising cost of living.

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

Edoho also pointed to the depreciation of the naira and the broader economic downturn, wondering who the actual buyers of the expensive properties were.

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

When the programme’s host suggested that many of the buyers might be Nigerians living abroad and earning in foreign currencies, Edoho said his concern was primarily about people purchasing such properties from within Nigeria.

He argued that it was understandable for members of the diaspora to afford expensive homes because they earn in stronger currencies, but questioned the source of funds for local buyers.

“It’s even the people in the diaspora that you can understand because they’re earning in foreign currency,” he said.

“Where are the Nigerians? Who are your clientele? Are they government officials? Are they Yahoo boys? Pastors? Who?”

Responding to Edoho’s comments, the property developer featured on the programme rejected the suggestion that most of his clients were government officials, internet fraudsters or religious leaders.

He explained that developers generally determine property prices based on prevailing market values, construction costs, location and demand.

According to him, even clients who initially questioned the prices of properties often later sold the same houses at prevailing market rates after purchasing them.

The exchange highlighted continuing concerns over the affordability and pricing of real estate in Lagos, where luxury properties are frequently listed in dollars despite widespread economic hardship and declining household incomes.

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