Reasons Diaspora Investors Are Losing Confidence in Nigeria, Explains Winhomes CEO
- Winhomes CEO Stella Okengwu said policy inconsistency and weak protection of private investments discouraged Nigerians in the diaspora from investing at home
- She disclosed that her company’s properties were demolished despite having valid approvals and documentation
- Okengwu said lack of transparency, unclear compensation processes, and politicisation damaged Nigeria’s image as an investment destination
Many Nigerians living abroad remain hesitant to invest back home due to what they see as an unstable policy environment and weak protection for private capital, according to the Chief Executive Officer of Winhomes, Engr Stella Okengwu.
She said the actions and public conduct of some government officials have deepened mistrust rather than encouraged diaspora participation in national development.
Source: Original
Okengwu shared her views during a recent video interview on Arise TV, where she described her experience as a diaspora investor as mixed and, at times, discouraging. She said confidence erodes when lawful investments are treated with uncertainty by authorities who should protect them.
Policy inconsistency scares investors
The Winhomes CEO said her company complied with all regulatory requirements before commencing its projects, yet still faced severe setbacks. She disclosed that infrastructure and properties belonging to her firm were demolished following a directive from the Minister of Works, despite approvals being in place.
“We did all the things, we had all our documentation intact. We were not on the 2006 gazetted alignment, and all of a sudden they just came and bamboozled everything, demolishing our infrastructure and property,” she said.
According to Okengwu, such experiences create fear among Nigerians abroad who wish to invest legally. She explained that when senior officials publicly question legitimate projects, it signals that paperwork and approvals may offer little protection.
“When a minister publicly misrepresents private investments, it sends a message that documents and approvals may not protect you. Lawful projects are treated as if they don’t matter,” she stated.
Questions over infrastructure transparency
Okengwu also expressed concern about how infrastructure costs are communicated, especially for projects located in challenging environments. She said there is often little effort to explain why developments in swampy terrain require higher expenditure.
“Building roads through swamp water with bridges and drainage will never cost the same as building on dry land. The failure to clearly explain these costs leaves everyone dumbfounded,” she said.
She added that unclear communication fuels suspicion and weakens trust between investors and the government. According to her, transparency is essential if Nigeria hopes to attract long term capital from its diaspora community.
Compensation and investment image
On compensation for demolished properties, Okengwu accused authorities of being vague and allowing politics to shape the process. She said this further damages Nigeria’s standing as a credible investment destination.
“He is not straightforward about compensation. It’s not clear, and it is being politicised. That portrays Nigeria badly as an investment ground,” she added.
She revealed that Winhomes attracted about $250 million in foreign direct investment and rejected allegations of wrongdoing linked to the project.
“How can I be a fraud when you came into our estates and demolished them on your order? Claims about marine cables on land are false. Marine is in the deep sea, not on land,” she said.
Seeking redress within Nigeria
Okengwu said she has written to both chambers of the National Assembly and intends to exhaust all local remedies before seeking external intervention. She confirmed engaging a United States senator for guidance on possible petitions to anti-corruption agencies.
“We want to try Nigeria first before seeking help from the international community,” she said.
She argued that rebuilding confidence among Nigerians in the diaspora would require respect for due process, policy clarity, and genuine protection for lawful investments.
“How can we get Nigeria right if people who follow the rules are treated this way?” she asked.
Coastal road: Winhomes CEO sets record straight
Earlier, Legit.ng reported that the Chief Executive Officer of Winhomes Global Services Ltd, Engr. Stella Ifeoma Okengwu, had rejected claims that her company paid only N50 million to acquire land for its estate in Okun-Ajah, Lagos.
She described the allegation attributed to the Minister of Works, Engr. David Umahi, as false, misleading and reckless.
Source: Legit.ng
