Lagos-Calabar Highway: American Investors Protest Destruction of N375bn Investment, Seek Intervention

THURSDAY February 27, 2025 |TheNewsDESK
www.thenewsdesk.ng

A group of American investors has appealed to President Bola Ahmed Tinubu to intervene in the ongoing dispute over the destruction of their N375 billion real estate investment in Okun Ajah, Lagos State, ParallelFACTS reports.

The investors, represented by the Association of Nigerians in Diaspora, accused the Minister of Works, Engr. David Nweze Umahi, of ordering the demolition of their properties — valued at $250 million (approximately N375 billion) — despite possessing the necessary certifications and government approvals.

Speaking at a world press conference, Engr. Stella Ifeoma Okengwu, Managing Director of Winhomes Global Services Limited, condemned Umahi’s actions, alleging a pattern of illegal demolitions, abuse of power, bribery, corruption, and manipulation.

According to the investors, their contributions to Nigeria’s economy include the repatriation of $250 million in foreign direct investment (FDI), yet they now face what they describe as unjust treatment by the Ministry of Works.

In a formal letter to Tinubu, the group urged the government to act swiftly to protect their investment and restore faith in Nigeria’s commitment to good governance and the rule of law.

The controversy has sparked broader concerns about how such actions could damage investor confidence and impact Nigeria’s economic reputation, with critics warning that the destruction of legally approved projects sends a troubling message to foreign and diaspora investors.

The investors are now calling for immediate government intervention to prevent further losses and rebuild trust in the country’s investment climate.