Besides Landmark Beach Resort and other properties that were demolished following a realignment in the construction of the 700-kilometre Lagos-Calabar Highway, recent developments have revealed that more estates have been affected, the latest being WinHomes Global Investment.
The estate, located in Okun Ajah, a Lagos suburb, is where about 500 investors have taken position. About 70 percent of these investors are said to be Nigerians in Diaspora whose stake in the estate is estimated at $250 million.
The demolition of this estate to create right of way for the coastal highway is raising much dust, especially among the diaspora investors who, under the aegis of Association of Nigerian Diaspora Investors, is seeking federal government’s intervention to save their investment.
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At a press conference in Lagos recently, the Real Estate Developers Association of Nigeria (REDAN) confirmed that many of their members invested in the Okun Ajah estate, faulting the government for the spate of demolitions and calling for fair compensation for the victims.
“What is happening is discouraging new investment in this sector. About 35 percent of diaspora investors have been affected and these are people whose annual remittances contribute significantly to the national GDP. We, as a body, want both federal and state governments to make Lagos an investment haven for all categories of investors,” Kunle Adeyemi, vice chairman, South West Zone of REDAN, said.
Adeyemi noted that many of the Diaspora Nigerians were reconsidering their investment decisions back home because, according to him, security of investment is no longer guaranteed as a result of mindless property demolitions in Lagos and Abuja.
Timothy Nubi, director, Centre for Housing and Sustainability Development, University of Lagos, expressed worry recently that between 2022 and 2024, approximately 10,000 buildings were demolished in Abuja alone, representing trillions of naira in lost value.
Stella Okengwu, a prominent diasporan investor, revealed that “our goal is to attract $250 million in repatriated investments through the WinHomes Investment Scheme Portal.
“We are law-abiding citizens committed to the development and growth of the Nigerian economy as well as its social and political development through the creation of job opportunities for over 5000 Nigerian youths both skilled and unskilled via the real estate project powered by Winhomes Global Services.”
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Okengwu said the investors did their due diligence, including confirming that the property has a certificate of occupancy issued by the Lagos State government for the Okun Ajah community, noting that they also obtained the governor’s consent and clearance from the coastal road right of way, which further confirmed the validity of the title to the land.
In a latter signed on the behalf the diaspora investors by Olubokun Basorun, Femi Adekoya, Arinze Onwumelu and Kimberly Stark and made available to the press, the Diasporans affirmed that they have done everything right and yet their properties have been demolished without any explanation or compensation.
According to the letter, the investors were motivated by a commitment to contribute to the nation’s economy by showing faith in Nigeria, repatriating funds for housing development and other socio-economic benefits.
“These investors undertook comprehensive due diligence before committing, ensuring their properties had the requisite certificates, including occupancy permits and official clearance from the coastal road right of way,” the letter read in part.
“We urge the government to take immediate action to address our concerns and save our investments. We are committed to contributing to the development of Nigeria, but we need the government to create a conducive environment for us to do so.
“This not only raises serious ethics concerns, but also highlights an evident disparity in treatment based on compliance with the law,” the letter added.
The panel noted that the road diversion did not consider ecological impacts that could exacerbate erosion in the area, adding that there was lack of transparency and accountability in the handling of the project.
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