Lagos-Calabar Coastal Road: Diaspora Investors Lament Dashed Hope In Okun Ajah

The last is year to be heard of the Lagos – Calabar Coastal Road project that has since its introduction early in the life of the administration of President Bola Ahmed Tinubu-led regime, has courted controversies of all sorts and generated heated and divisive debates among the populace especially given the pains on the citizens that came along with the project.

This is as some of real estate investors and developers affected by this project are counting their losses and calling on the President to intervene so as to save what is left of their investment and also to win the confidence of Nigerians especially Nigerians living overseas to see Nigeria as a safe haven for investment.

What began as a promising venture driven by Engineer Stella Okengwu, the Chief Executive Officer of WinHomes Global Estate, to millions of dollars in investment from Nigerians living abroad is being thwarted by the many challenges foreign investors face when engaging with Nigeria’s infrastructure development projects.

Heeding the call

The project had lofty ambitions. Okengwu, a Nigerian businesswoman-based in the U.S., along with her partners; Femi Adekoya and Mr. Olawale Oluwa, responded enthusiastically to President Bola Ahmed Tinubu’s repeated calls for Nigerians in the Diaspora to come home and invest in the country’s future.

Okengwu, who is also a board member of the Africa Canada Global Trade and Investment Group, took up the charge to spearhead a real estate project that would not only attract FDI but create thousands of jobs for Nigerians.

The team acquired a prime piece of land in Okun Ajah, intending to create a real estate hub that would contribute significantly to Nigeria’s economic development.

The initiative was a direct response to Tinubu’s call during his overseas trips, where he urged the Nigerian Diaspora to support the country’s economic growth by bringing their wealth and expertise back home.

WinHomes Global Estate took up this call, setting out to attract over $250 million in investments, with more than 70% of its investors being Nigerians living and working overseas.

The project was not only an economic venture but a symbol of Diasporas trust in Nigeria’s potential for growth under a government that promised reforms.

“We collaborated to acquire a substantial tract of land to support our esteemed President’s economic agenda and proceed with its comprehensive development,” said Okengwu, full of optimism at the beginning of the project.

Adding, “More than 70% of our subscribers are Nigerians in the Diaspora who believed in the Nigerian dream and invested in this property.”

However, this dream came to a screeching halt with a recent development that shook the confidence of these investors.

The Ministry of Works, led by the Minister, Engr. David Umahi, authorised the diversion of the Lagos-Calabar Coastal Road from its original alignment first gazetted in 2006 to pass directly through the WinHomes estate, a move that resulted in the demolition of property worth billions of naira.

The sudden shift from the original road plan left investors and developers reeling from the destruction of their property and the loss of building materials, worth hundreds of millions.

Betrayal

For Okengwu and her partners, this blow was devastating. After years of due diligence, securing a certificate of occupancy from the Lagos State government, and obtaining clearances for the land’s title, they were confident their investment was secure.

The project was legal, with all the necessary approvals in place, including the governor’s consent and confirmation from the Lagos State Bureau of Lands. Yet, all these precautions meant nothing when the bulldozers arrived.

“What’s more painful is that we crossed all our Ts and dotted our Is,” Okengwu lamented. “We travelled countless times between the U.S. and Nigeria, engaging with government officials to ensure everything was done by the book.

Yet, our property were demolished without prior notification.” Adding to this painful and agonising development, are allegations of corruption within the Ministry of Works.

According to Okengwu, neighboring estates were spared from the destruction due to alleged bribes paid to certain officials. “There are serious allegations that officials took bribes from nearby residents to spare their property while our legally acquired land was deliberately targeted,” she alleged.

The allegations, if proven, raise disturbing questions about the integrity of the entire process. The actions of the Ministry of Works, according to Okengwu, directly undermine President Tinubu’s efforts to rebuild confidence among foreign investors, especially those in the Diaspora.

The President’s foreign investment drive was supposed to be a cornerstone of his administration’s economic policy. However, the demolition of WinHomes Estate has sent a troubling signal to investors who were once optimistic about Nigeria’s future under Tinubu’s leadership.

Transparency

This situation is more than just a local dispute; it has far-reaching implications for Nigeria’s global investment reputation.

Okeng wu and her partners, representing a significant section of the Diaspora, have expressed deep frustration over what they see as an inconsistent and corrupt system that can demolish legally acquired property at a moment’s notice.

They have made it clear that they are not seeking financial compensation for the damage caused but are instead demanding that the President intervene to revert the road to its original alignment, as per the 2006 gazette, which kept the WinHomes Estate out of the path of the coastal road project.

“We are not asking for compensation. We just want our land returned, and for the government to do what is right,” Okengwu said. “We have no issue with development, but it must be done transparently and fairly. What has happened here is neither.”

The implications of this development go beyond WinHomes Estate. The entire Nigerian investment landscape is being scrutinised, with many in the Diaspora now questioning whether their investments will be safe under the current administration.

With billions of dollars at stake, any hint of corruption or government’s mismanagement could scare off potential investors and stall the country’s economic progress.

Moreover, Okengwu’s call for an investigation into the Ministry of Works’ handling of the LagosCalabar Coastal Road project points to a broader problem of accountability in the management of large-scale infrastructure projects.

As Nigeria seeks to modernise its infrastructure, transparency and adherence to legal protocols are essential to maintaining investors’ confi – dence. Without these safeguards, the country risks alienating the very Diaspora it hopes to attract.

Call for intervention

Okengwu has called for Tinubu’s urgent intervention. She emphasised that the President’s foreign investment agenda, which was heavily promoted during his overseas visits, is at risk of being derailed by the actions of his own government officials.

She is appealing for a direct mandate from the President to reinstate the original 2006 road alignment and to investigate the bribery allegations surrounding

the Ministry of Works. According to her, “The actions of the Ministry of Works are destructive, and they undermine everything the President has been trying to achieve in terms of foreign investment,” Okengwu stated. “If this issue is not resolved, it will discourage other Nigerians living overseas from investing in Nigeria.

‘‘We cannot afford to have the hard-earned resources of Nigerians abroad destroyed under the guise of development projects.”

Also, she has called for the Senate Committee on Works to launch an immediate investigation into the corruption allegations within the ministry. For Okengwu, this is not just a personal fight but a fight for the integrity of Nigeria’s investment landscape.

Implications

The WinHomes Estate case is a litmus test for how Nigeria will treat its investors, especially those in the Diaspora who are increasingly being called upon to help fund the nation’s development.

With millions of Nigerians living abroad and many eager to contribute to the country’s growth, the potential for diaspora-driven investment is enormous. However, cases like WinHomes could scare away these investors and leave them disillusioned.

If Nigeria cannot protect the investments of its own citizens living abroad, how can it expect to attract investment from foreign entities?

This question is at the heart of the ongoing struggle in Okun Ajah, and its resolution will send a strong message to the global community about Nigeria’s commitment to investor protection.

As Okengwu and her partners await a resolution, the future of Diasporan investment in Nigeria hangs in the balance.

For now, the dream of building a better future in Okun Ajah has been shattered, but with the right intervention, there is still hope that the project, and the confidence of Diasporan investors, can still be salvaged.

In the end, this whole saga is not just a about demolished buildings; it is about a broken promise to a community of investors who believed in Nigeria’s future. Now, it is up to the Nigerian government to decide whether that belief was misplaced.