Nigerian Investors in the United States have raised alarm over the alleged diversion and Demolition of properties along the Lagos-Calabar Coastal Highway project, threatening to escalate the matter to American authorities. The investors, which were operating under the banner of Nigerian Foreign Investors, have accused the Nigerian Federal Ministry of Works and its Minister, Engr. David Umahi, of jeopardizing their $250 million investment. They claim that the diversion of the highway route in the Okun Ajah area of Lagos has destroyed properties worth billions of naira, with inadequate compensation provided to affected owners.
Meanwhile, the dispute has led to protests in major U.S. cities, including Chicago and Houston, as the diasporans seek to draw international attention to what they describe as a miscarriage of justice. They have called on President Bola Ahmed Tinubu to intervene and uphold his administration’s commitment to protecting investments and fostering economic growth. The stakeholders argue that the demolition of their properties contradicts the original 2006 gazetted route for the highway, which they claim safeguarded their investments and property rights.
Investors demand accountability and transparency.
Furthermore, the protesters have vowed to petition the Federal Bureau of Investigation (FBI) and the U.S. Department of Homeland Security if their grievances are not addressed. They allege that the diversion of the highway route was motivated by private interests rather than public good, and they are demanding a thorough investigation into the circumstances surrounding the project. According to them, the demolition of nearly 400 houses in the Okun Ajah area has left many property owners with minimal compensation despite the high value of their investments.
Stella Okengwu, a key facilitator of the Investment project and CEO of Winhomes Global Services has been vocal in her criticism of the Nigerian government’s handling of the situation. She revealed that many demolished properties were worth over ₦200 million, but owners were compensated with as little as ₦26 million to ₦31 million. Okengwu described the situation as an “investment scam” and warned that it could deter future foreign investments in Nigeria. She emphasised that the shareholders had followed due process, securing all necessary documents, including Certificates of Occupancy (CofO) and the governor’s consent, before developing their properties.
Calls for President Tinubu to uphold investment protections.
Additionally, the investors have appealed to President Tinubu to take immediate action to address their concerns and restore confidence in the country’s investment sector. They argue that demolishing their properties sends a negative signal to the global business community and undermines the administration’s Renewed Hope Agenda, which aims to attract foreign direct investment. The business owners have also called for an investigation into allegations of bribery and Corruption linked to the diversion of the highway route.
Adekunle Adeleke, a prominent member of the diaspora community, further expressed frustration over the situation, stating that years of hard work and investment by Nigerians abroad were at risk of being lost. He urged the president to hold accountable any government officials involved in corrupt practices that discourage investment. Adeleke emphasised that the diaspora community plays a notable role in the nation’s economy, contributing billions of dollars annually, and should not be treated with disregard.
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On an international level, the dispute has also drawn the attention of American investors who partnered with Nigerian diasporans on the Real Estate project. One affected shareholder, Kimberly Stark, expressed regret over investing in Nigeria and called for immediate action to rectify the situation. She warned that failure to address the issue could deter other foreign investors from considering Nigeria a viable investment destination. Stark joined the call for a thorough investigation into the alleged corruption surrounding the Lagos-Calabar Coastal Highway project. The investors have vowed to continue their campaign until the federal government takes corrective measures.