A coalition of American-based diaspora investors in an open letter to President Bola Ahmed Tinubu, has urged the Federal Government to demolition of properties along Okun Ajah axis.

The investors also condemned the destruction of a $250 million real estate investment to pave way for the construction of the Lagos-Calabar Coastal Road project.

The investors under the umbrella of Foreign Investors Network Nigeria (FINN) channeled millions into the development of Winhomes Global Services Limited estate in Okun Ajah, Lagos, accused the Minister of Works, Engr. David Umahi, of spearheading the diversion of destroying their properties.

The letter signed by the President of the group, Dr. Olubokun Basorun, the Vice President, Olufemi Fasheun, and the Secretary, Ogutade Olabukola, disclosed that despite the existence of a legally gazetted alignment dating back to 2006 their properties were destroyed.

According to the statement, ?This was not a mistake. It was a coordinated assault on law-abiding investors, carried out in broad daylight, under the nose of a government that claims to champion rule of law and foreign investment.

The group, comprising largely of U.S. citizens and diaspora Nigerians, had invested based on President Tinubu?s ?Renewed Hope? an administration that pledged to protect investment and due process.

The investors in the letter, challenged the government?s justification for the diversion, rejecting claims that the MTN 2Africa marine cable necessitated the change.

Citing independent technical reports, the investors asserted that the cable is located offshore and poses no conflict with the gazetted coastal road route, thereby making the destruction of their estate not only unnecessary but malicious.

?The Lagos-Calabar Coastal Road has become a monument to official corruption, not national development.?

The letter, however, is demanding an immediate presidential order to cease demolitions and roadworks across the disputed Okun Ajah axis and a full forensic investigation into the roles of the Ministry of Works and any private collaborators.

?Public release of all documents justifying the deviation from the original gazetted road alignment. Immediate compensation for the total losses incurred by the diaspora investors. Criminal and civil accountability for any officials found to have acted unlawfully.?

?This assault on foreign investment will not be hidden. It will not be buried under bureaucracy. Nigeria cannot ask for American dollars with one hand and destroy American investments with the other,? they warned.

Despite repeated appeals, there has been no official response from the Nigerian Presidency or the Federal Ministry of Works. (Vanguard)

Update news