Frank Edoho Slams Lagos Property Market, Calls It 'Daylight Robbery'

Nigerian media personality, Frank Edoho, has expressed his discontent with the rising costs of properties in Lagos, likening the situation to 'daylight robbery'. In a recent episode of The KK Show, Edoho questioned the rationale behind the exorbitant prices of luxury homes in Lagos, comparing them to properties abroad. He noted that the prices of houses in Lagos are almost equivalent to the cost of an entire island owned by Hollywood actor, Leonardo DiCaprio, which is valued at $1.7 million. Edoho argued that the prices of properties in Lagos are not justifiable, given the country's economic realities. 'Leonardo DiCaprio owns an island, and the cost of the whole island is $1.7 million. There is a house in Osapa, which they call a mansion, that is $1.5 million. Osapa, which has no drainage, what are we talking about? It's daylight robbery,' he said. Edoho also questioned the purchasing power of Nigerians, noting that the minimum wage is less than ₦100,000, and wondered how people can afford such expensive properties. He further cited the country's economic challenges, including the depreciation of the naira, and asked who the actual buyers of these properties are. When the programme's host suggested that many buyers were Nigerians in the diaspora, Edoho maintained that his concern was about those purchasing properties from within the country. '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?' he asked. A property developer who was featured on the programme rejected Edoho's suggestion that his clients largely fell into those categories, explaining that developers generally price properties based on prevailing market rates.