Investors from the Diaspora, under the aegis of Association of Nigerian Diaspora Investors ANDI, have called on President Bola Ahmed Tinubu to save their $250 million investments in Nigeria.
The investors also accused the minister of works Engr. David Umahi of illegal deviation and selective demolition of their properties in Okun Ajah Winhomes Estate, Lagos.
They also appealed to President Bola Ahmed Tinubu to disregard the allegation that MTN and 2 African marine cables passed through the gazetted alignment in Okun Ajah.
The association in a letter to President Tinubu, which was made available to journalists in Lagos, said that the action of the minister has left many investors feeling victimized and abandoned.
The letter, which was signed by Dr. Olubokun-Basorun, Engr. Femi Adekoya, Dr. Arinze Onwumelu, and Dr. Kimberly Stark on behalf of over five hundred affected investors said their faith was shattered by an unwarranted demolition of their investments, executed without prior engagement or legal notification.
The letter reads ” Motivated by a commitment to contribute to the nation’s economy, 70% of these investors are diasporans who have shown their faith in Nigeria by repatriating funds for housing development and other socio-economic benefits.
These investors undertook comprehensive due diligence before committing, ensuring their properties had the requisite certificates, including occupancy permits and official clearance from the coastal road right of way.
Shockingly, allegations have surfaced that other developers, such as residents of Ocean Bay estate, paid substantial bribes to government officials to divert the coastal road away from their properties, effectively encroaching on the land of law-abiding Winhomes investors. ”
The Nigerians overseas noted that ” This not only raises serious ethics concerns but also highlights an evident disparity in treatment based on compliance with the law,” said the investors.
They added that on October 5, 2024, officials from the Ministry of Works, accompanied by military personnel and officials from the Lagos State Taskforce, stormed the Winhomes site, demolishing properties and seizing valuable building materials.
The investors have raised pressing questions regarding the alleged corruption and lack of communication, asking why a minister who initially approved the original alignment later reversed his decision.”
They added; “The need for transparent actions and accountability is paramount. The recent panel setup by the Ministry of Environment expressed concerns about the coastal road diversion, noting it did not consider ecological impacts that could exacerbate erosion in the area. ”
According to the investors ” Winhomes Global Services Ltd is a real estate development company established to empower investors in Nigeria and those in diaspora to invest in properties and build their dream homes in Nigeria, with over 500 stakeholders living in different part of the world .”
They alleged; “We recently learned of an allegation that Ocean Bay estate. Residents paid a substantial amount to the ministry officials to divert the coastal road, thus, avoiding the demolition of their properties which violated the original alignment and diverted into the property of law-abiding citizens of Winhomes estate who have done all their due diligence and have all the documentation issued by Lagos state Government.
They brought to the Minister’s attention about this and 7 pending legal cases against the Ministry of Works around Okun Ajah.”
They stressed that ” Despite this, he remained unresponsive and hired lawyers and SANS that will defend the ministry.
To our astonishment on the 5th of October 2024, the Ministry of Works officials, accompanied by military personnel and Lagos State Taskforce officials, stormed our site and demolished WinHomes property, assaulted their personnel onsite confiscated their phones, and proceeded to remove essential building materials worth Hundreds of millions of naira claiming they had orders from above to do so.”
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