Foreign Investor Reports "Reckless" Minister to Tinubu, Makes Crucial Demands
- Winhomes Global Services CEO Stella Okengwu warns that foreign investor confidence is under threat due to government handling of the coastal highway dispute
- The $250 million diaspora-backed housing project, developed under Tinubu’s Renewed Hope Agenda, reportedly suffered losses of up to N85 billion
- Okengwu accuses Minister of Works David Umahi of overreach and urges President Tinubu to intervene to safeguard judicial independence and investor trust
The Chief Executive Officer of Winhomes Global Services Ltd, Ms. Stella Okengwu, has raised concerns over what she described as growing threats to investor confidence in Nigeria following recent developments surrounding the Lagos-Calabar Coastal Highway project.
In a statement on Monday, Okengwu cautioned that the handling of the dispute between her company and the ministry of works could send damaging signals to international investors and the Nigerian diaspora community.
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Coastal highway dispute threatens investor confidence
She accused the Minister of Works, Mr. David Umahi, of actions that may undermine the rule of law and compromise the country’s investment climate.
According to her, the Winhomes Estate project, a $250 million diaspora-backed housing and tourism initiative, was developed in alignment with President Bola Tinubu’s Renewed Hope Agenda.
She noted that the investment attracted support from Nigerians abroad and international partners who believed in the president’s vision for sustainable economic growth.
Okengwu explained that the company legally acquired 20 hectares of land, subdivided into 2,500 plots valued at N150 million each, within a fully serviced estate equipped with infrastructure such as roads, drainage, libraries, hospitals, and perimeter fencing.
She said about 400 plots worth N60 billion were affected by the road diversion, with total losses estimated at N85 billion.
“This is diaspora sweat and real capital — now endangered by ministerial overreach,” she said.
The company chief also claimed that the minister invoked the president’s name in a matter still before the Federal High Court in Lagos, which she described as improper.
“This conduct exposes the president’s office to reputational risk and undermines judicial independence,” she added, citing Section 1(3) of the 1999 Constitution.
She clarified that the case, filed as Suit No. FHC/L/CS/10063/25, remains pending before Justice Akintayo Aluko.
Source: Twitter
“The case is still ongoing before Justice Akintayo Aluko. No judgment has been delivered. Any attempt to revoke land titles mid-case is contemptuous and unconstitutional,” she said.
Okengwu further alleged that Umahi’s visit to the disputed site, where he reportedly declared the land under his control, had worsened fears among investors.
Addressing questions about funding, she said all investments were processed through legitimate financial channels including Sendwave, MoneyGram, and Western Union, in compliance with Central Bank and anti-money laundering regulations.
“Any suggestion that these funds are illegal is reckless and defamatory,” she noted.
Winhomes seeks Tinubu’s intervention on project
The Winhomes CEO urged President Tinubu to intervene by ordering a transparent review of investors’ losses and ensuring ministerial restraint. She also called for dialogue between her company and the Ministry of Works through their legal teams.
“Mr. President, this is a moment for decisive leadership,” she said.
“Either we protect the constitution and investor confidence, or we allow ministerial impunity to erode decades of trust. The world is watching.”
FG secures $747 million loan for Lagos-Calabar highway
Earlier, Legit.ng reported that the Federal Government of Nigeria has secured a $747 million loan to complete the Lagos-Calabar Coastal Highway Project.
The spokesperson from the federal ministry of finance confirmed that this loan would be the first loan of this size taken for a road construction project.
Source: Legit.ng
