The Federal Government has commenced discussions with members of the Nigerian diaspora whose interests have been impacted by the realignment of the Lagos-Calabar Coastal Highway.
This conversation, spearheaded by Minister of Works Dave Umahi, emerged in the wake of the demolition of the $250 million WIN HOMES Estates project in the Okun Ajah area on October 5, 2024.
Representatives of the investors—including Stella Okengwu, Kimberly Stark, Faduri Oluwadare Joseph, Ovie Aweghogho, and Oluwaseun Bamigba Bovi—expressed their gratitude to President Bola Tinubu and Umahi for initiating dialogue following the demolition, which incited public uproar and subsequent legal challenges due to purported procedural shortcomings.
President Tinubu launched the ambitious Lagos-Calabar Coastal Highway project as a significant infrastructural endeavor, yet its realignment instigated protests and culminated in the demolition at Okun Ajah to pave the way for construction.
Despite the upheaval, investors regard the dialogue as a crucial opportunity for restoration and harmony within Nigeria’s investment sphere, underscoring the vital need for trust and safeguarding diaspora investments.
Okengwu articulated that the sudden demolition, executed without prior notification or compensation, precipitated a substantial decline in diaspora real estate investments. She emphasized how critical it is to shield foreign direct investments emanating from Nigeria’s abundant diaspora community.
She highlighted that the WIN HOMES Estates project epitomized inclusive growth, generating employment opportunities and invigorating local enterprises, asserting that investors interpret the dialogue as a promising indication to international markets regarding the value of safeguarding capital.
Okengwu stated: “The unannounced demolition, devoid of dialogue or compensation, devastated not merely physical structures but also trust, sending tremors through the global Nigerian diaspora and resulting in a staggering 30 percent decline in real estate investments from abroad.
“On behalf of innumerable Nigerians living abroad, and with profound humility and patriotism, we gather at this significant World Press Conference in response to a remarkable occurrence: the Federal Government of Nigeria’s establishment of a formal communication channel, guided by the Honourable Minister of Works, Engineer David Umahi, to engage with diaspora investors affected by the Lagos-Calabar Coastal Highway realignment.
“We applaud President Bola Ahmed Tinubu and Minister Umahi for their bravery and leadership in answering the call for justice following the demolition of the $250 million WIN HOMES Estates project on October 5, 2024.
“This action conveys to the global community that Nigeria is dedicated to safeguarding foreign direct investment, especially from its robust diaspora of 50 million, who remain steadfast partners in development.
“As private investors, we perceive this dialogue as a beacon of hope for global markets. Nigeria must transcend mere acceptance of capital and move towards diligent safeguarding and respect for it.
“Thank you, Mr. President, the Honourable Minister, and all who stand in solidarity with us. May Nigeria ascend to its rightful position as a premier global investment destination.”
