Nigerians residing in Chicago, United States, recently staged a protest over what they described as an unfriendly investment environment in Nigeria.
They condemned the demolition of businesses owned by diaspora investors and threatened to extend their protests to other parts of the U.S., Canada, and Europe until President Bola Tinubu addresses their concerns.
In a statement released on Tuesday, the group’s Country Representative in Nigeria, Rev. Emmanuel Olorunmagba, warned that Nigeria’s current business climate could discourage potential investors.
He cited the case of Winhomes Global Services Limited, which reportedly invested over $250 million in real estate in Okun Ajah, Lagos State, only to have its estate demolished on the orders of the Minister of Works.
The government justified the demolition by claiming the estate was on a marine cable route, but the group argues that marine cables are typically underwater, not on land.
The statement emphasized that the President’s response to these concerns would demonstrate his administration’s commitment to protecting investments and fostering economic growth.
The group clarified that their protest was not against the Lagos coastal road project itself but against what they described as an unjust diversion from its original alignment.
They claimed that Dar Group, the project’s designers, confirmed that no marine cable existed along the original route but noted that bureaucratic obstacles in Nigeria prevented them from speaking out.
The group also disclosed that they had reached out to Abike Dabiri, Chairman of the Nigerians in Diaspora Commission, and were still awaiting feedback on the matter.
One of the affected investors, Mrs. Ifeoma, shared her experience, stating that following Tinubu’s election victory and the launch of his Renewed Hope agenda, the Foreign Investors Network decided to invest in Nigeria through Winhomes.
She explained that after acquiring the land and securing all necessary approvals, including a Coastal Road Right of Way Clearance Certificate issued by the Lagos State Ministry of Physical Planning in April 2024, they invested heavily in site development.
According to her, the company spent ₦3.5 billion on sand-filling the swamp, erected a perimeter fence and gatehouse, and commenced construction on 23 buildings, spending over ₦4 billion.
However, in early 2024, they were informed that the Federal Ministry of Works, under Minister David Umahi, had redirected the coastal road into their property, leading to its demolition.
Efforts to engage government officials, including the Lagos State Controller of Works, Olukorede Keisha, and Minister Umahi, reportedly yielded no results.
The investors fear that the government’s silence on the issue will discourage other diaspora Nigerians from bringing their wealth home.
Speaking during the protest, former Labour Party presidential aspirant, Faduri Oluwadare Joseph, stressed that national interest should transcend political affiliations.
He argued that investors contributing such significant sums to Nigeria’s economy should be welcomed, not discouraged.
“This is an investment worth $250 million—comparable to the annual budget of some nations. Even the U.S. government has not invested that much in Ukraine, yet they are appreciated for their support. Investors should be thanked, not subjected to illegal demolitions,” he stated.
Joseph called on President Tinubu to urgently investigate the matter, address the investors’ grievances, and restore confidence in Nigeria’s investment climate, emphasizing that the country needs foreign investors now more than ever.