Investors in Winhomes Global Services Limited, a company with over $250m in real estate in Okun Ajah, Lagos State, have protested what they termed the demolition of businesses in the country.

They called on President Bola Tinubu to intervene promptly and address their concerns.

The demolition was allegedly carried out to pave the way for the ongoing Lagos-Calabar Coastal Highway, on the instructions of the Minister of Works, David Umahi, who cited the existence of a marine cable on the original alignment.

“We had invested over $250m in the project, and we had followed all the necessary legal procedures to ensure that our investment was legitimate.

“We are shocked and disappointed by the demolition of our investment,” the investors said in a statement on Tuesday.

In the statement released by its Country Representative in Nigeria, Rev Emmanuel Olorunmagba, in Kaduna, on Tuesday, the group said an unfriendly business environment was capable of scaring away those planning to invest in Nigeria.

“The demolition of our investment is a clear indication that the government is not serious about attracting foreign investment.

We urge President Tinubu to take immediate action to address our concerns.

“We are willing to work with the government to create a favourable environment for investors, but we will not hesitate to take further action if our concerns are not addressed,” Olorunmagba said.

They called on the President to probe the matter, right the wrongs, and gain the confidence of foreign investors.

“The Nigerian government needs to create a conducive environment for investors to thrive,” the statement added.

A former Labour Party presidential aspirant, Oluwadare Faduri, lent his voice to the protest, stressing that investors who committed significant funds to Nigeria should be encouraged, not discouraged by demolition.

He said, “It is unacceptable that investors who have committed huge funds to Nigeria are being treated with disdain.

“The government needs to take immediate action to address the concerns of these investors and create a favourable environment for them to operate.”


https://punchng.com/investors-protest-250m-loss-to-demolition-urge-tinubus-intervention/