Diasporan real estate investors are raising serious concerns regarding the recent demolition of WinHomes Global Estate in Okun Ajah, Lagos, which they allege is linked to the ongoing Lagos-Calabar Coastal Road project.
The investors are urgently appealing to President Bola Tinubu for intervention, claiming that the Federal Ministry of Works, led by Minister David Umahi, is encroaching on their legally acquired properties without following due process.
Stella Okengwu, a prominent investor in the diaspora, spoke to the media in Lagos, stating that the estate was demolished due to allegations of violating the 2006 gazetted alignment for the proposed coastal road. She emphasized that investors had completed extensive due diligence, securing all necessary documentation and meeting the requirements set by the Lagos State government before beginning construction.
“Our goal is to attract $250 million in repatriated investments through the WinHomes Investment Scheme Portal. We are law-abiding citizens dedicated to contributing to Nigeria’s economic growth and social development by creating job opportunities for over 5,000 young Nigerians, both skilled and unskilled, through this real estate project,” Okengwu explained.
She further detailed the arduous process involved in securing the necessary documents, which required frequent travel between the U.S. and Nigeria and meetings with officials from various government departments. “In the end, we confirmed that the land was free from the proposed coastal road alignment, and we proceeded with the development,” she added.
Despite these efforts, Okengwu alleges that Minister Umahi ordered the demolition without prior notification, leading to significant financial losses and emotional distress for the investors.
She argued that this action undermines President Tinubu’s initiatives to promote foreign investment and the efforts of the Nigerians in Diaspora Commission to encourage diaspora investments. “As a board member of the Africa-Canada Global Trade and Investment in Nigeria, we urge Nigerians in the diaspora to invest back home. However, the minister’s actions hinder these efforts,” Okengwu lamented.
The investors are not seeking financial compensation; rather, they are asking President Tinubu to direct Minister Umahi to revert to the 2006 gazetted alignment, thereby recognizing the legitimacy of their land acquisition and the due diligence they have undertaken.
This incident could have broader implications for diaspora investments in Nigeria, potentially deterring other Nigerians abroad from investing due to concerns over property rights and government interference. It also raises critical questions about balancing infrastructure development with the protection of private investments, underscoring the need for transparency and adherence to the rule of law in government actions affecting private property.
