“The Real Estate Industry Is Armed Robbery”- Frank Edoho Calls Out Nigeria’s Real Estate Industry
- Frank Edoho, a Nigerian media personality, criticized the high cost of real estate in Nigeria.
- He compared property prices in Nigeria to those of high-value real estate abroad.
- Edoho highlighted that some house prices in Lagos are hard to justify given the local infrastructure and amenities.
Nigerian media personality Frank Edoho has sparked conversations online after expressing frustration over what he considers the excessive cost of real estate properties in Nigeria.
Edoho made the remark while comparing property prices in Nigeria with the cost of high-value real estate abroad. According to him, the prices of some houses in Lagos are difficult to justify, particularly when compared with the infrastructure and amenities available in the surrounding areas.
The broadcaster specifically referenced Osapa, a Lagos neighbourhood, where he claimed a house could cost as much as $1.5 million despite the area’s alleged lack of adequate drainage infrastructure.
To illustrate his point, Edoho compared the figure with the reported cost of an island owned by Hollywood actor Leonardo DiCaprio in the United States.
Expressing his disbelief at the situation, Edoho said:
“The real estate industry is armed robbery. Leonardo Di Caprio owns an island in America that costs $1.7 million. There’s a house in Osapa, it is $1.5 million; Osapa that has no drainage. It is armed robbery…”
His comments have drawn attention to the rising cost of property in Lagos and the wider debate over whether real estate prices are adequately reflected in the quality of infrastructure and services available in various neighbourhoods.
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