Nigerians in Chicago have protested against alleged poor investment environment, as well as demolition of their businesses in Nigeria, threatening to hold similar protests in all States of America, Canada and Europe until President Bola Tinubu addresses the issue of enabling environment for foreign investors so as to repose confidence in his administration.
Speaking through its country representative in Nigeria, Rev. Emmanuel Olorunmagba, the Diaspora group said an unfriendly business environment is capable of scaring away those planning to invest in Nigeria to boost the nation’s economy.
Citing the issue of Winhomes Global Services Limited that allegedly invested over $250 million in real estate in Okun Ajah, Lagos State, the statement noted that, “only for the estate to be demolished on the instruction of the Minister of Works in Nigeria on the excuse that a marine cable exists on the original alignment along Okun Ajah.
“It is crucial to clarify that Marine cables are underwater and cannot be on land. The nearest station is located in Okun Mopo, approximately 7 km away from Okun Ajah.
“Therefore it is pertinent to note that the President’s response to the pressing issues raised will go a long way to show this administration’s concerns about the government’s commitment to addressing the grievances of affected citizens.
“We hold no animosity towards the coastal road itself; our concerns are focused on its implementation, precisely the diversion from the original blueprint.
“For instance, Dar Group, the designer of the coastal road, confirmed during our visit that no marine cable is on the original alignment. But bureaucratic constraints in Nigeria prevent them from making suggestions; their instructions come solely from the Minister of Works.
“We have reached out to the chairman of the Diaspora Commission, Abike Dabiri, and we are still awaiting feedback on our concerns”.
The group said that one of the victims of the demolition exercise, Ifeoma narrated that, “Following President Bola Ahmed Tinubu’s victory in the 2023 general elections in Nigeria and the launch of his Renewed Hope agenda, we, the Foreign Investors Network, have decided to invest in Nigeria through Winhomes, committing over $250 million in the Okun Ajah area of Lagos, specifically in Chainage 17 and 18.
“We have acquired our investment property and successfully completed all necessary legal documentation that legitimises our rights to build in Lagos State. Additionally, we submitted an application to the Ministry of Physical Planning, which issued us the Coastal Road Right of Way Clearance Certificate dated April 16, 2024. This certificate confirms that we do not encroach upon the Coastal Road Alignment as mandated by law.
“Furthermore, we began encouraging other investors from the diaspora and around the world to invest in this estate after conducting a sandfill of 4.3 feet over a swamp, for which we spent N3.5 billion. We also erected a perimeter fence and gatehouse, along with 23 foundation and carcass buildings totaling over N4 billion in expenditures.
“Unfortunately, in the first quarter of 2024, we received information that the Federal Ministry of Works, led by the minister David Umahi and Lagos State’s Federal Controller of Works, Olukorede Keisha, ordered an illegal diversion of the coastal road directly into our investment property.
“This news left us in shock, as there was an original alignment designated by President Bola Ahmed Tinubu. As law-abiding investors, we, through Winhomes Global Services Limited, consciously avoided this area, knowing the coastal road would eventually be constructed.
“We reached out to the Controller of Works, Olukorede Keisha, spoke directly with Minister Engineer David Umahi, and informed Abike Dabiri and all relevant stakeholders about this illegality, but to no avail. Thus, we feel compelled to bring this matter to your attention.
“Your Excellency, continuous silence on this national issue will definitely negatively impact hardworking Nigerians living abroad and undermine their faith in the government’s ability to protect their interests. Therefore scare foreign investors away from Nigeria and this is what we don’t want because we so love our country and no place like home”.
In his own speech during the protest, the former Labour Party (LP) presidential aspirant, Faduri Oluwadare Joseph said, “irrespective of political affiliation, after election we become one-united people as Nigerians and the president becomes the father of all.
“Therefore, our concern today is not about any political party, race or religion, but about our dear country, Nigeria. We want investors to invest in the country because there is no nation that can develop without the huge impact of investors as no government can single handedly develop a country.
“Investors that could commit a whooping $250 million in a country should not be discouraged with demolition rather they should get thank you and not illegal demolition and be treated with silence despite different calls and protests. This is up to the budget of an entire country in one year. In fact, the American government has not invested in Ukraine, yet the government is yearning to get thank you.
“Therefore, I Faduri Oluwadare Joseph, lend my voice to the diaspora, the Nigerians Investors in to call on our dear president, Bola Ahmed Tinubu to as a matter of urgency, probe this matter to see what has gone wrong and right the wrong so as to gain the confidence of other foreign investors as we need investors now more than ever before due to the present economic state of Nigeria,”.
We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →
Join Our WhatsApp Channel
