The Association of Nigerian Diaspora Investors has called for government intervention to safeguard their investments following the realignment of the 700-kilometer Lagos-Calabar Highway.
The project has led to the demolition of numerous properties in Lagos State, including WinHomes Global Investment in Okun Ajah. The demolished estate had attracted $250 million in investments from 500 stakeholders, 70% of whom are Nigerians in the diaspora.
At a press conference in Lagos, the Real Estate Developers Association of Nigeria (REDAN) expressed concerns over the widespread demolitions and urged the government to compensate affected investors.
“What is happening is discouraging investment in this sector. About 35 per cent of diaspora investors have been affected, and these are people whose annual remittances contribute to the national GDP. We want governments to make Lagos an investment haven,” said Kunle Adeyemi, Vice Chair of Southwest REDAN.
Adeyemi noted that many diaspora Nigerians are now reconsidering their investments, citing insecurity over property rights due to the demolitions.
Similarly, Timothy Nubi, Director of the Centre for Housing and Sustainability Development at the University of Lagos, highlighted the extensive losses from demolitions nationwide. He lamented that between 2022 and 2024, over 10,000 buildings were demolished in Abuja alone, resulting in trillions of naira in lost value.
The investors emphasized the need for a clear compensation framework to restore confidence in Nigeria’s real estate sector and attract sustained investments.
