Diaspora Investors Accuse Umahi of Demolishing N375 Billion Property, Seek Tinubu’s Intervention

• Nigerian investors in the U.S. have demanded justice after their multi-billion naira real estate investment in Lagos was allegedly destroyed due to the Lagos-Calabar Coastal Highway project
• They petitioned President Bola Tinubu over the alleged demolition of their multi-billion naira property, which they claimed was carried out by the Minister of Works, David Umahi
• The investors claimed to have invested $250 million (approximately N375 billion) in acquiring and developing 17.03 hectares of land in Okun Ajah, Lagos state, which was allegedly destroyed for the project

Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements.

Some Nigerian investors in the diaspora under the aegis of Association of Nigerians Diasporan Investors have cried out to President Bola Ahmed Tinubu over their multi-billion naira investment in Nigeria, allegedly destroyed by the Minister of Works, Engineer David Nweze Umahi, over the Lagos-Calabar Coastal Highway project.

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Diaspora investors accuse minister Umahi of demolishing N375bn property

The Managing Director, Winhomes Global Services Limited, Engr. Stella Ifeoma Okengwu, read an open letter addressed to President Bola Tinubu during a World Press Conference held on Sunday February 23, 2025, at Westheimer Road, Houston, Texas, United States.

The open letter titled, “Address to the President: An Indictment of Minister Engr. David Umahi” called for the quick intervention of President 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. They wrote that Engr Umahi was said to have initiated the demolition of the properties, claiming that the investments of $250 million was merely a ‘bare land’.

Okengwu said the actions of the minister and the Ministry of Works revealed a disturbing pattern of illegal demolition, abuse of power and witch-hunting.

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“Winhomes, a leading real estate company, has made significant contributions to Nigeria’s economy, repatriating $250 million in foreign direct investment. Our efforts align with your renewed hope agenda, encouraging Nigerians in the diaspora to invest at home. Despite our compliance with all legal requirements, including obtaining the necessary certifications and approvals, we have faced unjust treatment at the hands of the Ministry of Works.

“In the first quarter of 2024, we were shocked to learn that Minister Umahi had ordered an illegal diversion of the coastal road into our investment property—an action that defies the original alignment earmarked by your administration. This blatant disregard for the law, coupled with the minister’s selective demolition practices, raises serious concerns about integrity within the ministry,” she said.

The group in the letter also called for the minister’s sack or resignation, saying the people of Nigeria deserved a minister who embodies the renewed hope vision, not perpetuating corruption and abuse.

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“We implore you, Mr. President, to take swift action to uphold the rule of law and restore faith in our nation’s governance,” the letter reads.

The letter concluded by stressing that they have made several appeals to “various government bodies, including the House Committee on Works and the ICPC, yet no action has been taken.”

“We trust that your leadership will not allow this injustice to continue,” the letter added.

FG demolishes buildings along Lagos-Calabar Coastal Highway

Recall that the federal government, in April 2024, started the demolition of buildings along the Lagos-Calabar Coastal Highway's right of way despite controversies surrounding the project.

Minister of Works David Umahi announced the commencement, assuring that only shanties would be affected and that compensation for affected property owners had been arranged.

The Lagos-Calabar Coastal Highway project, estimated to cost N15 trillion, is expected to span 700 km and last eight years, connecting Lagos state to Cross River states.

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Following the probe from the House of Representatives, Umahi explained that all the necessary approvals and documentation needed for the commencement of the project were obtained. In an interview, the minister defended the loans obtained for the commencement of the project, insisting that there was nothing to hide.

Read more about Lagos-Calabar-Highway:

• “We have paid”: FG disburses N15 billion payment to landowners affected by Lagos-Calabar Highway

FG paid N2.75 billion compensation to landowners

In related news, Legit.ng reported that the federal government announced that date it will commence the payment of compensation for the Lagos-Calabar coastal highway.

Umahi said the federal government would pay N2.75 billion in compensation to property owners affected by the demolition on Wednesday, May 1, 2024.

He also stated that more compensation payments will come up in the following months for property owners along the coastal corridor in the coming days.

Source: Legit.ng