Entertainment
Nigerian media personality Frank Edoho has lamented over the rising cost of real estate in Lagos, questioning the affordability for Nigerians.
Frank, while speaking during a recent episode of The KK Show, argued that the cost of homes in Nigeria’s commercial hub is difficult to justify considering the nation’s economic realities.
He compared the cost of luxury housing in foreign countries with that of Lagos, claiming that some homes in Lagos are priced almost as high as islands abroad.
“Lagos real estate prices, the real estate industry, I think it’s armed robbery. 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 said.
The broadcaster also noted that the current minimum wage of the country does not keep pace with cost of luxury properties.
“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?. 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.
