A group of investors from the diaspora is voicing strong discontent over the recent demolition of a $250 million property along the Lagos-Calabar Highway. Stella Okengwu, a prominent real estate investor and leader of WinHomes Global Estate, raised serious concerns during a press conference in Lagos on Wednesday, alleging that the demolition was executed under the orders of the Minister of Works, David Umahi.
Okengwu detailed the circumstances surrounding the demolition, which she claims primarily affects property owners who reside abroad. She emphasized that all estates developed by WinHomes Global Estate were destroyed following a directive from the Minister of Works. This act, according to her, has far-reaching implications for foreign investors who had placed their trust and resources into Nigerian real estate.
At the press conference, Okengwu sought to expose what she describes as falsehoods regarding the coastal road project and the illegal diversions that have taken place. She stated that the project was originally outlined in a 2006 government plan, which was authorized by the then Lagos State Governor and current President, Bola Tinubu. She accused the Minister of Works of making unauthorized changes to the road’s alignment, causing substantial losses to investors.
Following President Bola Tinubu’s inauguration on May 29, 2023, Okengwu and her partners felt compelled to contribute to Nigeria’s development. They collaborated to acquire a significant tract of land, aiming to support the President’s economic agenda and enhance the country’s real estate sector. However, the recent actions taken by the Minister of Works have cast a shadow over their efforts and investments.
Okengwu remarked, “We knew we had to contribute and make our impact felt immediately.” However, she expressed that the demolition of their properties undermines their commitment to the nation and raises questions about the stability and integrity of the investment environment in Nigeria.
The diaspora investors, particularly those involved in the Okun Ajah project, are calling for urgent intervention from President Tinubu. They are seeking an investigation into alleged corruption within the Ministry of Works, claiming that the demolition was not only illegal but also indicative of broader issues within the government. Okengwu noted, “The recent actions of the Minister of Works have cast a shadow over these efforts,” highlighting the frustration among foreign investors who followed all legal protocols and obtained the necessary documentation for their projects.
According to Okengwu, the demolition took place on October 5, 2024, and significantly violates the established plans for the coastal road project. She pointed out that about 70% of the subscribers to the WinHomes Investment Scheme are from the diaspora, contributing millions to the Nigerian economy.
Okengwu further accused the Federal Ministry of Works of illegally diverting the coastal road from its authorized alignment, leading to the destruction of properties in the WinHomes estate without prior notice or legal justification. She argued that the diversion lacked merit, stating, “There is no marine hub cable in Okun-Ajah to prompt any reason for the diversion.”
Moreover, she claimed that there are allegations of corruption within the Ministry, suggesting that some residents of nearby Ocean Bay paid to have their properties spared from demolition, which adds another layer of complexity to the situation.
When approached for comments regarding the investors’ concerns, Orji Orji, the Special Adviser (Media) to the Minister of Works, stated that there was nothing to react to and recommended that any complaints be formally submitted. This lack of response has added to the frustration of the affected investors.
In addition to the investors’ grievances, residents of the Okun Ajah community have raised alarms about the alleged illegal diversion of the Lagos-Calabar Expressway through their area. They have publicly disputed claims from the Ministry of Works that the road’s diversion was necessitated by the presence of telecommunications cables. The community leaders have urged President Tinubu to direct officials to reverse the road’s diversion.
The construction of the Lagos-Calabar Highway, which officially began in March 2024, is a significant infrastructure project for Nigeria. The first phase includes a 47.7 km stretch in Lagos, and the entire highway is expected to span 700 km, with completion anticipated within eight years. However, the ongoing disputes and allegations of corruption raise serious questions about the investment climate in Nigeria and the government’s commitment to supporting foreign investors.
As the situation unfolds, it remains critical for the government to address the concerns of both diaspora investors and local communities to foster a stable and transparent environment conducive to economic growth and development in Nigeria. The outcome of this issue could set a precedent for future investments and the trust that diaspora investors place in the Nigerian government.
