Coastal Highway: Foreign Investor Confidence Under Threat, Tinubu Told

The chief executive officer of Winhomes Global Services Ltd, Engr. Stella Okengwu, has warned that foreign investor confidence in Nigeria is at risk if the federal government does not address their concerns.
In a statement she issued yesterday, Okengwu accused the minister of Works, Engr David Umahi, of actions that could undermine investor trust and the rule of law.

She said the project in question — Winhomes Estate — is a $250 million diaspora-backed housing and tourism development designed to promote national growth and attract sustainable foreign investment.

According to her, the initiative was inspired by President Bola Ahmed Tinubu’s Renewed Hope Agenda and has drawn support from Nigerians in the diaspora and foreign partners.

“We believe in the Renewed Hope vision of President Bola Ahmed Tinubu — a vision that inspired us to invest massively in Nigeria’s future.

“However, the recent actions and public comments of the minister of Works, Engr. David Umahi, have crossed legal boundaries and endangered investors’ confidence,” she said.

Okengwu explained that Winhomes legally acquired 20 hectares of land, subdivided into 2,500 plots valued at N150 million within a serviced estate equipped with roads, drainage, libraries, hospitals and perimeter fencing.

She added that about 400 plots worth N60 billion were affected by the ongoing coastal road diversion, bringing the total estimated losses to about ₦85 billion.

“This is diaspora sweat and real capital — now endangered by ministerial overreach,” she said.

The Winhomes CEO further alleged that the minister invoked the President’s name in a matter still before the court, calling the action “improper and dangerous.”

“This conduct exposes the President’s office to reputational risk and undermines judicial independence,” she said, citing Section 1(3) of the 1999 Constitution, which upholds the supremacy of the rule of law.

Okengwu clarified that the dispute remains before the Federal High Court in Lagos (Suit No. FHC/L/CS/10063/25), contrary to reports suggesting a judgment favouring the federal government.

“The case is still ongoing before Justice Akintayo Aluko. No judgment has been delivered. Any attempt to revoke land titles mid-case is contemptuous and unconstitutional,” she said.

She also alleged that the minister visited the disputed site and declared it under his control — an act she described as “deeply corrosive to Nigeria’s investment climate.”

Addressing questions about the project’s funding sources, Okengwu said the investment was financed through legitimate financial channels such as Sendwave, MoneyGram, Western Union, and other CBN-regulated platforms.

She added that Winhomes is certified by the Special Control Unit Against Money Laundering (SCUML) under the Money Laundering (Prevention and Prohibition) Act, 2022, confirming the legitimacy and transparency of all inflows.

“Any suggestion that these funds are illegal is reckless and defamatory. These are lawfully earned funds from hardworking Nigerians abroad,” she said.