A group of American investors has petitioned President Tinubu over the demolition of their ₦375bn real estate investment in Lagos for the coastal highway project. They demand intervention, warning that such actions could erode investor confidence and call for legislative protections for foreign investments in Nigeria.
A group of American investors has called on President Bola Tinubu to intervene in the demolition of their ₦375 billion real estate project in Lagos, warning that the action could harm investor confidence in Nigeria.
The investors, who are part of the Association of Nigerians in Diaspora, claim their properties in Okun Ajah, valued at $250 million, were destroyed to make way for the Lagos-Calabar Highway despite having obtained the necessary approvals.
Speaking on behalf of the investors, Engr. Stella Okengwu emphasized that these individuals have contributed significantly to Nigeria’s economy through foreign direct investment. She expressed concern that instead of being encouraged, they are facing obstacles created by the same government that calls for international investors.
The group urged Tinubu to take immediate action to protect their investments and ensure a fair business environment. They also called for legal reforms to prevent similar incidents in the future, stating that the National Assembly must enact laws safeguarding both local and foreign investments.
Their demands include a halt to land seizures, a thorough investigation into the demolitions, and assurances that Nigeria remains a secure destination for investors.
