Frank Edoho Reveals Why Nigerian Real Estate Industry Is ‘Armed Robbery’ [Video]

Media personality Frank Edoho has criticised the high cost of real estate in Nigeria, describing current property prices as armed robbery.

Speaking during a recent interview, Edoho argued that the prices of houses and land have risen to unreasonable levels despite the financial challenges many Nigerians are facing.

To support his point, the media personality compared property prices in Nigeria with those abroad.

He claimed that Hollywood actor Leonardo DiCaprio owns an island in the United States worth about $1.7 million, while a mansion in Osapa, Lagos, is reportedly being sold for around $1.5 million.

He said, “Real estate prices have gone up ridiculously states prices. I think It’s armed robbery.

“I saw one post that Leonardo DiCaprio has an island owns an island in America worth $1.7 million, There’s a house in Osapa, They call it a mansion which goes for $1.5 million dollars. Osapa that has no drainage, What are we talking about? It’s armed robbery.”

Frank Edoho also wondered who could afford such expensive homes, considering the country’s economic situation and low wages.

He said, “Where’s the money coming from? Look at the minimum wage? … people working in government was their minimum wage is it up to N100,000? So where are these people getting money mind you the economy is down.

“How much is Dollar to the naira? Where are you people getting those buying? I’m asking where you are getting the money.”

Edoho further argued that Nigerians living abroad, who earn in foreign currencies, are not the main buyers of these high-priced properties.

The media personality questioned who the real customers are, asking whether they are government officials or other wealthy individuals.

He maintained that the current state of Nigeria’s real estate market does not reflect the economic conditions facing the average citizen.

Watch the video below:

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