The confidence of foreign investors in Nigeria is being put to the test as a group of Nigerian diaspora investors, alongside their American partners, recently staged a protest in the United States. Their concern? The alleged destruction of a $250 million (approximately ?375 billion) real estate investment in Lagos due to the diversion of the Lagos-Calabar Coastal Highway in Okun-Ajah, Lagos. The investors argue that such incidents send a worrying signal to Nigerians abroad and international investors who may be considering investing in the country. Chiemelie Ezeobi writes . . .

Just last week in Houston, Texas, in the United States of America, some Nigerian diaspora investors, alongside their American partners, gathered to voice their grievances, as well as call on President Bola Ahmed Tinubu to intervene in what they describe as a threat to their multi-billion naira investments in Nigeria of $250 million (approximately N375 billion), which they said have been put at risk due to what they describe as an unjustified demolition of properties within their estate.

The concerns of the protesters, under the aegis of Association of Nigerians in Diaspora, stem from the alleged diversion of the Lagos-Calabar Coastal Highway project, particularly in the Okun Ajah area of Lagos State, which has reportedly impacted their real estate development. Beyond the call to President Tinubu, they also urged the government for the investigation of the handling of the project by the Minister of Works, Engr. David Umahi.

The investors, who were joined by their Black American partners also in an Open Letter to President Bola Ahmed Tinubu called for his ? quick intervention ? over the $250 million investments in Nigeria, which is over threat, following the diversion of the Lagos ? Calabar Coastal Highway in the Okun Ajah area of the Lagos State.

They also called on the minister to ?honourably resign his appointment or be removed by President Bola Ahmed Tinubu?.

Investors Seek Presidential Intervention

Leading the protest was Engr. Stella Ifeoma Okengwu, Managing Director of Winhomes Global Services Limited, who coordinated the direct investment into Nigeria. She addressed the media during the demonstration, calling for urgent government intervention to safeguard foreign investments in the country.

The open letter titled, ?Address to the President: An Indictment of Minister Engr. David Umahi? called for quick intervention of President Bola Ahmed Tinubu to rescue their over $250 million in foreign direct investment in Nigeria, which in naira is about N375 billion invested in acquiring and developing 17.03 hectares of land in Okun Ajah, Etiosa LGA, Lagos State before Engr Umahi allegedly initiated the demolition of the properties, claiming that the investments of $250 million are merely a ?bare land?.

In the open letter addressed to President Tinubu, the investors detailed their concerns, alleging that their development ? spanning 17.03 hectares in Okun Ajah ? had been unfairly targeted. The letter stated that despite Winhomes obtaining the necessary certifications and approvals, the company faced what it alleged was ?selective demolition practices? by the Ministry of Works.

?In the first quarter of 2024, we were shocked to learn that Minister Umahi had ordered a diversion of the coastal road into our investment property ? an action that deviates from the original alignment,? the letter reads. ?Such actions raise concerns about transparency and accountability within the ministry.?

The investors further urged the President to ensure due process is followed in major infrastructure projects, particularly those affecting private developments, adding that ?It is alarming that those who have illegally encroached upon the coastal road are spared, while law-abiding citizens like us face unwarranted punishment.

?Furthermore, the minister has publicly attacked me, labeling me a land grabber and issuing threats against my person, while denying the legitimacy of our investments. His insistence that our estate is merely ?bare land? after demolishing our structures is a blatant falsehood.?

Call for Protection of Foreign Investment

Beyond the Nigerian investors, several American business partners have also raised concerns over the handling of the project. Speaking during the protest, Kimberly Starks, an American investor, expressed disappointment over the alleged demolition.

?Engr. Umahi and his ministry must be held accountable for the way this project has been handled,? she said. ?We invested in Nigeria in good faith, believing in the government?s commitment to creating an enabling environment. We call on President Tinubu to act swiftly to restore confidence in the investment climate.?

Another protester, Athenia Morris, stated, ?This is not just a bureaucratic oversight; it is a violation of the rights of investors and the affected community. There must be transparency in public infrastructure projects.?

Calls for Legislative Action

The investors have also urged Nigeria?s National Assembly to introduce laws that would provide stronger protections for foreign investors. They argue that a clear legal framework would prevent situations where private investments are compromised due to infrastructure developments without due consultation.

?We need assurances from the Nigerian government that investments will be secure,? Okengwu stated. ?Diaspora investors are key contributors to Nigeria?s economic growth, and we cannot afford to discourage them through actions that undermine confidence.?

The investors are hopeful that President Tinubu will intervene to ensure fairness and adherence to the rule of law. The demonstration highlights broader concerns about investor protection, land ownership rights, and the need for more transparent governance in Nigeria?s infrastructure projects.

As of now, the Nigerian government has yet to respond officially to the concerns raised by the investors. However, the growing outcry suggests that the issue may soon attract further attention both locally and internationally. (THISDAY)

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