A coalition of U.S.-based diaspora investors has issued an open letter to President Bola Ahmed Tinubu, urging the Federal Government to immediately halt property demolitions in the Okun Ajah area of Lagos to make way for the Lagos-Calabar Coastal Road project.
The investors, under the banner of the Foreign Investors Network Nigeria (FINN), condemned the demolition of what they described as a $250 million real estate investment by Winhomes Global Services Limited, citing the destruction as “unlawful” and a betrayal of Nigeria’s stated commitment to protect foreign investment.
The letter, jointly signed by Dr. Olubokun Basorun (President), Olufemi Fasheun (Vice President), and Ogutade Olabukola (Secretary), specifically called out the Minister of Works, Engr. David Umahi, accusing him of orchestrating a diversion from the originally gazetted route of the coastal highway to unlawfully demolish properties.
“This was not a mistake,” the group wrote. “It was a coordinated assault on law-abiding investors… under the nose of a government that claims to champion the rule of law and foreign investment.”
The coalition referenced a 2006 legally gazetted alignment for the road and rejected the Federal Government’s justification that the presence of the MTN 2Africa marine cable necessitated the deviation. The investors cited independent technical assessments, asserting that the submarine cable is located offshore and poses no interference with the original route.
“The Lagos-Calabar Coastal Road has become a monument to official corruption, not national development,” the group added.
In their appeal, the investors demanded the following:
Immediate presidential directive to halt demolitions and construction in the disputed area.
A forensic investigation into the actions of the Ministry of Works and private entities involved.
Public disclosure of all documents and technical justifications for the route deviation.
Full compensation for losses incurred by diaspora investors.
Criminal and civil accountability for any public officials who violated due process.
The group emphasized that their investments were made in good faith, inspired by the Tinubu administration’s “Renewed Hope” agenda, which promised to uphold investor confidence and legal protections.
“Nigeria cannot ask for American dollars with one hand and destroy American investments with the other,” the letter warned, adding that the situation has already drawn negative attention from international investment circles.
As of press time, there has been no official response from the Presidency or the Federal Ministry of Works to the investors’ petition.
