Nigeria initiates dialogue with diaspora investors over demolished estates

In a significant move to rebuild trust with international investors, the Nigerian government has announced the establishment of a new communication channel aimed at addressing concerns arising from the demolition of the WIN HOMES Estates in Okun Ajah. The development was disclosed during a world press conference held on Tuesday, led by the Minister of […]

In a significant move to rebuild trust with international investors, the Nigerian government has announced the establishment of a new communication channel aimed at addressing concerns arising from the demolition of the WIN HOMES Estates in Okun Ajah.

The development was disclosed during a world press conference held on Tuesday, led by the Minister of Works, David Umahi.

The press conference, facilitated by the Coalition of Civil Society of Nigeria, marked a historic step in Nigeria’s approach to resolving issues related to foreign direct investment, especially those impacted by recent infrastructure projects. The initiative comes after the demolition of the $250 million WIN HOMES Estates project in October 2024, a move that caused a significant decline in diaspora real estate investments and international confidence.

Representatives emphasized that the demolition without prior notice or compensation had not only destroyed physical structures but also damaged trust with Nigerian diaspora investors. The project, which involved Nigerians from diverse ethnic backgrounds and created numerous jobs, was viewed as a symbol of inclusive development and progress for Nigeria.

Despite supporting President Bola Ahmed Tinubu’s administration initially, the diaspora community has called for fairness, justice, and legal due process in addressing the demolition’s aftermath. The government’s new engagement aims to evaluate the situation thoroughly, provide adequate compensation, and establish a Diaspora Investment Protection Desk to prevent future incidents.

The signatories—Engr Stella Okengwu, Dr Kimberly Stark, Faduri Oluwadare Joseph, Mr. Ovie Aweghogho, and Oluwaseun Bamidele Bovi—expressed hope that these measures would restore investor confidence, encourage capital inflow, and foster Nigeria’s growth as a global investment hub.

The press conference concludes with a call for Nigeria to respect and protect foreign investments, thereby enhancing its position on international business and investment indices, unlocking opportunities from its 50 million-strong diaspora community.