The Federal Government has initiated dialogue with Nigerian diaspora investors affected by the Lagos–Calabar Coastal Highway realignment.
The dialogue, led by Minister of Works Dave Umahi, followed the demolition of the $250 million WIN HOMES Estates project in Okun Ajah on October 5, 2024.
Investors, represented by Stella Okengwu, Kimberly Stark, Faduri Oluwadare Joseph, Ovie Aweghogho, and Oluwaseun Bamigba Bovi, commended President Bola Tinubu and Umahi for engaging in dialogue after the demolition, which sparked public outcry and litigation due to alleged procedural lapses.
The Lagos–Calabar Coastal Highway project, launched by President Tinubu, is a major infrastructure initiative, but its realignment led to protests and the eventual demolition in Okun Ajah to facilitate construction.
However, the investors viewed the dialogue as a pivotal moment for restoration and reconciliation in Nigeria’s investment landscape, stressing the need for trust and protection of diaspora investments.
Okengwu said the demolition without notice or compensation caused a significant drop in diaspora real estate investments, highlighting the importance of protecting foreign direct investment from Nigeria’s diaspora.
She noted that the WIN HOMES Estates project was a symbol of inclusive development, creating jobs and boosting local businesses, and that investors see the dialogue as a positive signal to global markets for respecting and protecting capital.
Okengwu said: “The demolition without notice, dialogue, or compensation shattered not just structures but trust, sending shockwaves through global Nigerian communities and contributing to a 30 per cent drop in diaspora real estate investments.
“On behalf of countless Nigerians in the diaspora and with deep humility and patriotism, we address you today at this pivotal World Press Conference, held in response to a historic development: the Federal Government of Nigeria’s initiation of a formal communication channel, led by the Honourable Minister of Works, Engineer David Umahi, to engage with diaspora investors impacted by the Lagos–Calabar Coastal Highway realignment.
“We commend President Bola Ahmed Tinubu and Minister Umahi for their courage and statesmanship in responding to the cries for justice following the demolition of the $250 million WIN HOMES Estates project in Okun Ajah on 5 October 2024.
“This gesture signals to the global community that Nigeria is committed to protecting foreign direct investment, particularly from its 50 million-strong diaspora, who remain steadfast development partners.
“As private investors, we see this dialogue as a green light to global markets. Nigeria must move beyond welcoming capital to respecting and protecting it.
“Thank you, Mr President, the Honourable Minister, and all who stand with us. May Nigeria rise to its full potential as a global investment hub.”
