Foreign Investors Write Tinubu Over ‘$250m Investment Loss’

A group of foreign investors has written an open letter to President Bola Tinubu, urging him to intervene in the alleged destruction of their investments worth over $250 million.

The investors claimed that an unauthorised diversion of the Lagos-Calabar coastal road project has severely damaged their structure, the Winhomes Global Services estate at Okun Ajah in Lagos State.

The investors expressed disappointment and betrayal, stating that they had trusted the current administration to uphold transparency, fairness, and the rule of law.

They had invested in Nigeria’s development based on the Renewed Hope Agenda and believed in the promise of a new Nigeria. However, the alleged actions of government officials have raised concerns about the government’s commitment to protecting investments.

The investors refuted claims that a marine cable project necessitated the inland diversion, citing technical reports that showed the cable’s location is offshore and nowhere near the gazetted alignment. They warned that the unlawful demolition of their estate without proper consultation, compensation, or adherence to due process risks damaging Nigeria’s international credibility and deterring future foreign direct investment.

The group called on President Tinubu to take immediate action, including halting demolition activities at Okun Ajah, launching an independent investigation into the diversion, ensuring compensation and restitution for affected investors and holding accountable those responsible for violating established legal processes.

The investors stressed that they had acted in good faith, purchasing the land lawfully and obtaining all requisite titles.

Without prompt redress, they threatened to escalate the matter internationally through diplomatic, legal, and media channels, risking further embarrassment for Nigeria’s investment climate.

The open letter highlighted growing tension over the Lagos-Calabar Coastal Road project, which has faced scrutiny over allegations of corruption, poor planning, and disregard for court orders. “We believed in the promise of a new Nigeria under your leadership. But what we have experienced is a harsh betrayal of that promise,” the letter partly read.

The investors said they were prepared to pursue both domestic and international legal action if their grievances were not addressed.