Homes Global Estate in Okun, Ajah, Lagos. The demolition, reportedly carried out by the Federal Ministry of Works for the ongoing Lagos-Calabar coastal road project, has left investors calling on President Bola Tinubu for urgent intervention.
The investors allege that the estate was demolished due to claims it violated the 2006 gazetted alignment for the proposed coastal road. However, they maintain that they fulfilled all due diligence and obtained necessary approvals, including a Certificate of Occupancy from the Lagos State government.
Outcry from Diasporan Investors
Speaking to the press, Stella Okengwu, a leading investor in the project, said: “We ensured proper due diligence was done, including securing necessary documents from the Lagos State government. The property had clearance from the coastal road right of way.”
Okengwu emphasized that the project was aimed at attracting $250 million in repatriated investments through the WinHomes Investment Scheme Portal and creating over 5,000 job opportunities for Nigerians. She expressed shock over the demolition, accusing the Minister of Works of destroying the investments of law-abiding Nigerians in the diaspora without prior notification.
Demolition Raises Concerns
The demolition, which took place on October 5, 2024, involved Ministry of Works officials, military personnel, and Lagos State Taskforce officials. The investors claim that essential building materials worth hundreds of millions were removed, and their on-site staff were assaulted during the process. Okengwu noted that despite assurances from the minister that discussions would take place, the demolition proceeded abruptly.
“We are not seeking financial compensation,” Okengwu clarified. “We only request that President Tinubu mandate the Minister of Works to revert to the 2006 gazetted alignment, as we followed due process before purchasing the land.”
Impact on Diaspora Investment
The investors argued that the demolition undermines President Tinubu’s efforts to encourage foreign investments, particularly from the diaspora. Okengwu, a board member of AfricaCanada Global Trade and Investment, stressed that the incident is a setback to convincing Nigerians abroad to invest in the country’s development.
“The minister’s actions have not only destroyed our investments but have also sent a negative message to other Nigerians in the diaspora who are considering investing in the country,” she added.
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