A CONSORTIUM of foreign investors is seeking the intervention of President Bola Ahmed Tinubu in the alleged destruction of their investments valued at over $250 million.
In an open letter under the auspices of Foreign Investors Network, the businessmen claimed that the diversion of the Lagos-Calabar Coastal Road affected their estate project – the Winhomes Global Services at Okun Ajah, a Lagos suburb.
The investors expressed disappointment and said they felt betrayed by what they described as non-adherence to transparency, fairness and the rule of law.
According to them, they had invested in Nigeria’s development based on the administration’s Renewed Hope Agenda (RHA) and its promise of a new Nigeria.
They however alleged that the actions of some officials have raised concerns about the government’s commitment to protecting investments.
The investors refuted claims that a marine cable project necessitated the inland diversion. They laced their claim with technical reports that show the cable’s location is offshore and nowhere near the gazetted alignment.
They warned that “the unlawful demolition of their estate without proper consultation, compensation, or adherence to due process risks damaging Nigeria’s international credibility and deterring future foreign direct investment.”
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The group urged the President Tinubu to wade in without delay, failing which it threatened to seek redress.
Among other requests, they plead with the president to halt demolition activities at Okun Ajah; launch an independent investigation into the diversion; ensure compensation and restitution for affected investors and hold those responsible for violating established legal processes accountable.
The investors stressed that they had acted in good faith, purchasing the land lawfully and obtaining all requisite titles.
The open letter reads: “Without prompt redress, they threatened to escalate the matter internationally through diplomatic, legal, and media channels, risking further embarrassment for Nigeria’s investment climate.”
The letter contains the highlights of growing tension over the Lagos-Calabar Coastal Road project.
“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 investors said in the letter.