Diasporan real estate investors are expressing deep frustration over the destruction of their investments in the Okun Ajah area of Lagos State. They are urgently appealing for intervention from President Bola Ahmed Tinubu and calling for an investigation into the practices of the Ministry of Works.
Stella Okengwu, a prominent diasporan investor and head of WinHomes Global Estate, shared her experience regarding the demolition of their development, which had successfully attracted substantial foreign direct investment, on October 5, 2024. Okengwu and her fellow investors were motivated to contribute to Nigeria’s economic growth in response to President Tinubu’s call for diasporans to return home and invest.
“We united to purchase a significant piece of land to support our president’s economic agenda and fully develop it. Our commitment to investing in Nigeria inspired many other diasporans to join our cause,” she explained.
Through the WinHomes Investment Scheme, 70 percent of the participants were diasporans, injecting millions into the Nigerian economy. Okengwu claims that the recent demolition, carried out under the authority of the Federal Ministry of Works, violated the 2006 gazetted alignment for a proposed coastal road project.
She pointed out that the investors had meticulously followed legal protocols, obtaining all the necessary documentation, including a certificate of occupancy, governor’s consent, and coastal road clearance. However, she expressed alarm that actions taken by Minister of Works, David Umahi, have undermined their investment efforts.
Okengwu accused the ministry of altering the coastal road’s authorized route, which resulted in the destruction of the WinHomes estate without any advance notice or legal rationale. She further alleged corruption within the ministry, alleging that residents of Ocean Bay paid fees to protect their properties from similar fates.
“We felt blindsided by the demolition,” she recounted, outlining that military personnel, officials from the Lagos State Taskforce, and ministry staff forcibly removed building materials and assaulted her site workers.
“This isn’t just about financial loss. It’s about undermining the president’s investment agenda and eroding the faith of diasporans who are willing to invest their resources back into Nigeria,” Okengwu stated. She is now urging President Tinubu for direct intervention, asking him to restore the original coastal road alignment and ensure that the Senate Committee on Works investigates the alleged corruption.
She cautioned that the minister’s actions could jeopardize the president’s foreign investment initiatives and harm Nigeria’s reputation as an attractive destination for global capital.
“We are law-abiding citizens who have followed every legal procedure. The destruction of our property is an assault on the integrity of Nigeria’s investment environment. We are calling on President Tinubu to hold his officials accountable and correct this injustice.”
