Group Addresses Concerns Over Nigeria’s Investment Scandal Association Of Nigerian Diasporan Investors & Nations Empowered, Inc. Announces Press Conference To Address Concerns Over Nigeria’s Latest Investment Scandal Affecting U.S. Citizens & Investors Worldwide February 23rd.
As the nation of Nigeria continues to position itself as a hub for economic growth and foreign investment, recent developments and international media headlines have raised concerns about the security of investments, particularly those made by members of the African diaspora. Several groups of investors, primarily Nigerian Americans, along with other Americans from all walks of life, have suffered severe losses due to the unauthorized demolition of a legally acquired and approved real estate project in Lekki, Lagos State, Nigeria by the Nigerian Ministry of Works.
This specific incident, involving Winhomes Estate, and its U.S. registered counterpart, Winhome Global, LLC., highlights the critical need for greater protection of diaspora investments in Nigeria. Despite obtaining all necessary permits, including approvals from the Lagos State Ministry of Physical Planning, investors have witnessed their multimillion-dollar project destroyed, under the orders of the state’s minister of works, Engineer David Umahi, as confirmed by sources. The initial justification given was for the construction of the Lagos-Calabar Coastal Highway project, but sources now indicate an unauthorized repurposing of the land is currently underway.
However, from our perspective, there was and there still is absolutely no justification for the deviation of the coastal road on our property, because it is not on the coastal road alignment. Rather by being punitive, and based upon the pushback that Mr. Umahi has received from investors, he has now instructed the addition of the rail line into the site.
This unlawful action has resulted in devastating financial and emotional consequences. Two unnamed U.S. citizen investors who had placed their life savings into this project, have reportedly passed away due to the shock and grief of losing their investments. Other unnamed victims have faced public humiliation and lawsuits in the United States, accused of misleading fellow investors into putting money into a country where property rights are not adequately protected.
For decades, the African diaspora has played a crucial role in fueling Nigeria’s economy through remittances and direct investments. However, incidents like this threaten to erode trust and deter future investments. It is imperative for diaspora investors to take proactive steps to safeguard their assets, including:
- Ensuring legal due diligence before committing to large-scale investments.
- Demanding policy reforms that guarantee investment security.
- Engaging legal and advocacy groups to monitor and challenge unfair treatment of investors.
- Strengthening diaspora business networks. to collectively push for stronger property rights and protections.
In light of these events, a coalition of diaspora investors, business leaders, and advocacy groups is calling on Nigeria’s President Bola Ahmed Tinubu to intervene immediately. The demands include:
- 1.The immediate return of the seized land to its rightful owners.
- Full compensation for losses exceeding $200 Million (USD)
- Enforcement of legal protections to prevent such occurrences in the future.
To amplify these concerns, affected investors are organizing a press conference on Sunday, February 23rd at 14845 Westheimer Road (off Highway 6 South, in front of the Amala Zone Restaurant) to highlight these injustices and inform the global business community about the risks of investing in Nigeria without adequate protections. The event will engage key stakeholders, including U.S. lawmakers, chambers of commerce, and international business councils, to ensure greater scrutiny of Nigeria’s investment climate. This gathering will serve as the first of several press events and protests in various cities across the U.S. (including New York City, Chicago, and Washington D.C.).
Nigeria remains a land of opportunity, but incidents like these undermine investor confidence. For Africa’s economic future to thrive, governments must take urgent steps to uphold the rule of law, respect property rights, and foster an environment where investors—especially those from the diaspora—feel protected and valued.
