A coalition of U.S.-based diaspora investors has called on President Bola Tinubu and the Federal Government to immediately stop the ongoing demolitions of properties along the Okun Ajah axis in Lagos, linked to the Lagos-Calabar Coastal Road project.
In an open letter to the President, the group under the banner Foreign Investors Network Nigeria (FINN), expressed outrage over the destruction of their $250 million real estate investment — a large residential estate developed by Winhomes Global Services Limited. The investors accused the Minister of Works, David Umahi, of directing the demolitions based on a diversion from the original road alignment.
The letter, signed by Dr. Olubokun Basorun (President), Olufemi Fasheun (Vice President), and Ogutade Olabukola (Secretary), stated that the development was built on land covered by a legally gazetted route for the coastal highway, approved in 2006. They claim the demolitions occurred despite this legal protection.
“This was not an accident,” the letter said. “It was a calculated attack on law-abiding investors, executed in full view of a government that claims to uphold the rule of law and encourage foreign investment.”
The investors, many of whom are U.S. citizens or diaspora Nigerians, said they trusted Tinubu’s “Renewed Hope” agenda, which promised to safeguard due process and attract foreign capital. They rejected the government’s explanation that the road alignment was changed due to the MTN 2Africa undersea cable, arguing that the cable is offshore and does not interfere with the gazetted route.
Calling the project “a monument to official corruption, not national development,” the investors are demanding:
- An immediate presidential order halting all demolitions and roadworks in the disputed Okun Ajah area
- A public release of all documents justifying the route deviation
- Full compensation for their losses
- A forensic investigation into the roles of the Ministry of Works and any private collaborators
- Accountability for officials who acted unlawfully
They warned, “Nigeria cannot ask for American dollars with one hand and destroy American investments with the other.”
Despite several appeals, the group says neither the Presidency nor the Federal Ministry of Works has responded to their concerns.
