By OBSERVERS TIMES
A group of foreign investors has penned an open letter to President Bola Tinubu, seeking his urgent intervention in what they describe as the “destruction” of their investments, valued at over $250 million, due to the Lagos-Calabar coastal road project.
The investors claim an unauthorized diversion of the road project has severely impacted their Winhomes Global Services estate in Okun Ajah, Lagos State. They express a sense of betrayal, stating they had placed their trust in the current administration’s promises of transparency, fairness, and adherence to the rule of law.
Their investment, they say, was based on the “Renewed Hope Agenda,” and they are now deeply concerned about the government’s commitment to protecting foreign direct investment.
The investors refute claims that a marine cable project necessitated the inland diversion, citing technical reports that place the cable offshore, far from the gazetted road alignment. They warn that the demolition of their estate, without proper consultation, compensation, or due process, risks damaging Nigeria’s international credibility and deterring future foreign investment.
They are calling on President Tinubu to:
- Halt all demolition activities at Okun Ajah.
- Launch an independent investigation into the road diversion.
- Ensure compensation and restitution for affected investors.
- Hold accountable those responsible for violating established legal processes.
The investors emphasize they acted in good faith, having lawfully purchased the land and obtained all necessary titles.
They have threatened to escalate the matter internationally through diplomatic, legal, and media channels if their grievances are not addressed promptly, potentially causing significant embarrassment to Nigeria’s investment climate.
The open letter highlights growing controversy surrounding the Lagos-Calabar Coastal Road project, which has faced scrutiny over allegations of corruption, poor planning, and disregard for court orders. “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.
The investors have indicated their readiness to pursue both domestic and international legal action if their demands are not met.
