From Adanna Nnamani, Abuja
A group of foreign investors has written an open letter to President Bola Tinubu, calling for urgent intervention in the alleged destruction of their investments of over $250 million in the Lagos-Calabar coastal road project.
The letter, dated April 23, 2025, was signed by President of the investment group Dr. Olubokun-Basoru, Vice President, Oluferi Fasheun and Secretary, Oguntade Olabukola.
The investors claimed that an unauthorised diversion of the Lagos-Calabar coastal road project has led to significant damage to their development, specifically the Winhomes Global Services estate, located in Okun Ajah, Lagos State.
They expressed disappointment and betrayal, highlighting that their trust in the current administration centered around commitments to transparency, fairness and the rule of law.
The group said they had invested in Nigeria’s development under the Renewed Hope Agenda, with high expectations for a revitalised and promising environment for investment.
However, they said that recent actions by officials erased that trust and raised concerns about the government’s dedication to safeguarding foreign investments. The investors further challenged claims that the diversion was necessitated by a marine cable project, providing technical reports that indicate the cable’s location is offshore and not in proximity to the approved route.
Additionally, they warned that the unlawful demolition of their estate, executed without appropriate consultation, compensation, or adherence to legal protocols, could severely undermine Nigeria’s international reputation and deter future foreign direct investment.
The investors therefore demanded immediate cessation of demolition activities at Okun Ajah; launching an independent investigation into the diversion claims and providing compensation and restitution to affected investors
They also requested that those responsible for flouting established legal processes be held accountable.
The investors insisted that they lawfully purchased the land and secured all necessary titles. They threatened to escalate the issue internationally through diplomatic, legal, and media channels if immediate action is not taken, warning that such steps could further tarnish Nigeria’s investment climate.
“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 states.
Leave a comment