In an exclusive interview, Engr. Stella Okengwu, the CEO of WinHomes Global Estate, voiced her deep concerns about the recent diversion of the Lagos-Calabar Coastal Road, which now disrupts her community in Okun Ajah, Lagos. This change is particularly troubling for local residents and Nigerians living abroad who have heavily invested in the area. Okengwu pointed out that this development has resulted in the destruction of properties worth billions, raising significant doubts about Nigeria’s economic future among foreign investors.
Responding to President Bola Ahmed Tinubu’s call for Nigerians abroad to contribute to national growth, Okengwu embraced the challenge. Based in the U.S., she and her partners, Femi Adekoya and Mr. Olawale Oluwa, chose to invest in Nigeria by purchasing prime real estate in Okun Ajah, aiming to create a real estate hub that would attract foreign direct investment (FDI) and generate jobs for local communities.
“We planned to repatriate over $250 million through the WinHomes Investment Scheme,” she shared, emphasizing that more than 70% of their investors are Nigerians living overseas who believe in the potential of their homeland. “We worked tirelessly to obtain all the necessary legal permissions from the Lagos State government to ensure our investment was secure.”
However, disaster struck when the Ministry of Works, led by Engr. David Umahi, authorized the road diversion, resulting in the demolition of their legally acquired properties without any warning. “We were devastated,” Okengwu reflected. “We had followed every protocol, from obtaining a certificate of occupancy to securing the governor’s consent, only to see our investments reduced to rubble within hours.”
As the chaos unfolded, allegations emerged suggesting that residents of a nearby estate may have bribed officials to avoid similar outcomes. “There are serious claims of corruption,” Okengwu noted. “I even reached out to the Minister directly, but my concerns were dismissed. It appears some individuals have managed to safeguard their investments through unethical practices.”
Okengwu expressed her frustration with the situation, criticizing the Minister’s actions as reckless and counterproductive to President Tinubu’s vision of enhancing foreign investment. “This has severely damaged the trust of diaspora investors. Our efforts to encourage others to invest back home are now met with skepticism.”
The situation escalated on October 5, 2024, when officials from the Ministry of Works and military personnel demolished properties on the WinHomes site. “Their approach was brutal,” she recalled. “They assaulted our personnel and confiscated essential materials, claiming they were acting under orders.”
Calling for immediate presidential intervention, Okengwu clarified that they are not seeking financial reparations; rather, they want the road project to revert to its original alignment to protect their investments. “President Tinubu’s integrity is at stake here. This issue reflects poorly on the entire Nigerian investment climate and could deter future contributions from the diaspora.”
She added, “What happened to us raises serious questions about governance and accountability within the Ministry of Works. Ignoring these issues will only exacerbate concerns among potential investors.”
Ultimately, Okengwu firmly believes this situation transcends her company and reveals larger systemic issues that could hinder Nigeria’s ability to attract foreign investment. “We simply want fairness and transparency. If these concerns are not addressed, this incident could send a troubling message to other Nigerians abroad considering investing in their homeland,” she concluded, calling for an urgent investigation into the alleged misconduct within the Ministry.
