•Minister of Works, David Umahi
Diaspora investors, under Association of Nigerian Diaspora Investors, is seeking intervention to save their investment following realignment of the 700-kilometre Lagos-Calabar Highway.
Many property in Lagos State, including WinHomes Global Investment in Okun Ajah were demolished to create right of way for the coastal highway, reports The Nation.
Five hundred investors, of which 70 per cent may be diaspora Nigerians, have $250 million stake in the estate.
At a news conference in Lagos, Real Estate Developers Association of Nigeria (REDAN) confirmed that many members invested in Okun Ajah estate.
It faulted the spate of demolitions and called for compensation for the victims.
“What is happening is discouraging investment in this sector. About 35 per cent of diaspora investors have been affected and these are people whose annual remittances contribute to national GDP. We want governments to make Lagos an investment haven,” Kunle Adeyemi, vice chair of Southwest REDAN, said.
Adeyemi said many diaspora Nigerians were reconsidering their investment because, according to him, security of investment is no longer guaranteed as a result of property demolitions.
Timothy Nubi, director of Centre for Housing and Sustainability Development in University of Lagos, regretted that between 2022 and 2024, 10,000 buildings were demolished in Abuja, representing trillions of naira in lost value.
Stella Okengwu, a diasporan investor, said “our goal is to attract $250 million in repatriated investments through WinHomes Investment Scheme.
“We are law-abiding citizens committed to development and growth of Nigerian economy as well as social and political development through jobs for over 5000 youths via real estate projects powered by Winhomes Global Services.”
Okengwu said the investors did their due diligence, including confirming the property had a certificate of occupancy issued by Lagos State for Okun Ajah.
He said they obtained the governor’s consent and cleared from the coastal road right of way, which further confirmed validity of the title to the land.
In a letter by Olubokun Basorun, Femi Adekoya, Arinze Onwumelu and Kimberly Stark, they said they did everything right and yet their property was demolished without explanation or compensation.
According to the letter, the investors were motivated by a commitment to contribute to the nation’s economy by showing faith in Nigeria, repatriating funds for housing development and other socio-economic benefits.
