A real estate investor leading other diasporans to invest in the country through WinHomes Global Estate, Stella Okengwu, has decried the demolition of the company’s estate worth $250m.
She decried this act at a press briefing in Lagos State on Wednesday, alleging that the act was a targeted action by the Minister of Works, David Umahi.
She said the illegal diversion to WinsHomes Global Estate affected property owners who live in the diaspora.
Okengwu said, “All the estate of WinHomes Global Estate, worth $250m was demolished following an order by the Minister of Works, David Umahi.
“This world press conference intends to expose all of the falsehood and lay bare all the facts of the illegal coastal road alignment and diversion from the initial and authorised alignment of the 2006 gazette earmarked by the then Lagos state governor and now our President Bola Tinubu.”
She noted that it was an easy choice for her to answer the call by Tinubu after his inauguration on May 29, 2023, which he followed up on with various overseas travels in his insistent drive for Nigerians in the diaspora to come back home and join hands into the development of the country by investing in Nigeria.
“As a real estate investor, I, my partners, Femi Adekoya and Olawale Oluwa (Pelle Homes) knew we had to contribute and make our impact felt immediately.
“We collaborated to acquire a substantial tract of land to support our esteemed President’s economic agenda and proceed with its comprehensive development.
“However, the recent actions of the Minister of Works have cast a shadow over these efforts,” Okengwu stated.
According to her, the diasporan real estate investors expressed their anguish over the demolition of their investments in the Okun Ajah area of Lagos State, calling for urgent intervention from President Bola Ahmed Tinubu and an investigation into alleged corruption within the Ministry of Works.
She disclosed, “The real estate development, which had attracted substantial foreign direct investment, was destroyed on October 5, 2024. This demolition was carried out under the orders of the Federal Ministry of Works and allegedly violates the 2006 gazetted alignment for a proposed coastal road project.
“Through WinHomes Investment Scheme, 70 per cent of subscribers were diasporans, injecting millions into the Nigerian economy. The investors had meticulously followed legal protocols, obtaining all necessary documentation, including a certificate of occupancy, governor’s consent, and coastal road clearance.”
Okengwu further accused the Federal Ministry of Works of illegally diverting the coastal road from its authorised alignment, resulting in the destruction of all properties in WinHomes estate without prior notice or legal justification.
She alleged, “In addition, there is no marine hub cable in Okun-Ajah to prompt any reason for the diversion. Corruption within the Ministry, claiming that residents of Ocean Bay paid to have their properties spared. We were blindsided by the demolition.”