The recent demolition of WinHomes Estate, a multimillion-dollar real estate project in Okun Ajah, Lagos, has ignited widespread outrage among diasporan investors. Many investors, who had heavily invested in the project, claim they were not given any prior notice before their properties were destroyed. The incident has raised serious concerns about the government’s treatment of foreign investors, particularly those answering the call to contribute to Nigeria’s economic development.
The WinHomes Investment Scheme, which attracted significant interest from Nigerian expatriates, was seen as part of a broader initiative to stimulate Foreign Direct Investment (FDI) in the country. The project was launched in response to President Bola Ahmed Tinubu’s appeal for Nigerians in the diaspora to invest in their home country. With a goal of repatriating $250 million in investments, the initiative was a symbol of confidence in Nigeria’s economic future.
According to the investors, all necessary legal and governmental procedures were followed before the project commenced. This included securing a certificate of occupancy, governor’s consent, and clearance from the coastal road right of way. These measures, they believed, ensured the validity of the land title and protected their investments.
However, in a shocking turn of events, officials from the Ministry of Works moved in on the site on October 5, 2024, and carried out the demolition. The investors allege that there was no prior warning, and the destruction was sudden and unexpected. This incident also saw the removal of valuable building materials from the site, causing further financial loss.
Diasporan investors, while expressing their deep disappointment, are not seeking financial compensation. Instead, they are appealing directly to President Tinubu to intervene and hold the Ministry of Works accountable for the destruction. They have called on the President to mandate a return to the original 2006 gazetted alignment of the coastal road, citing that all due diligence had been conducted prior to the purchase of the property.
The situation has cast a shadow over the government’s efforts to attract foreign investment, with investors warning that such actions could deter others from investing in Nigeria. They argue that the demolition undermines the very policies aimed at driving economic growth and contradicts the goals of key government agencies, including the Nigerians in Diaspora Commission and the Ministry of Trade and Investment.
As the investors await a response from the President, there are concerns that the issue could escalate, affecting not only confidence in Lagos State’s investment climate but also the broader perception of Nigeria as a reliable destination for foreign investments.
