Coastal road project: American investors petition Tinubu over N375bn investment

A group of American investors has urged President Bola Tinubu to intervene urgently in the alleged destruction of their N375 billion real estate investment in Lagos, warning that the incident could undermine investor confidence in Nigeria.

Operating under the Association of Nigerians in Diaspora, the investors stated that their properties, worth $250 million in Okun Ajah, Lagos State, were demolished to make way for the Lagos-Calabar Highway, despite having obtained all necessary certifications and approvals.

This was disclosed in a statement released by the group at the weekend.

One of the investors, Engr. Stella Okengwu, speaking on behalf of others, stated: “These investors have contributed significantly to Nigeria’s economy by repatriating $250 million in foreign direct investment. Yet, instead of being encouraged, they are being unfairly targeted by government actions.”

The group urged Tinubu to personally intervene to protect their investments and restore confidence in Nigeria’s governance and the rule of law.

She added: “We are gathered today to expose this unfortunate issue to the whole world. Our demands are simple: The ongoing land grabbing and illegal demolition must be stopped and properly investigated to ensure that a government urging investors to come to the country is not the same one driving them away.”

The investors also called for legislative action to prevent similar occurrences in the future.

“The Federal Government, through the National Assembly, must enact laws to protect foreign investors and their investments so that both Nigerians and foreigners can invest in Nigeria without fear,” the group stated.

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