Lingering Okun Ajah Coastal Road Crisis Threatens FG’s FDI Drive, Says Okengwu

The Chief Executive Officer of Winhomes Global Services Limited, Ms. Stella Ifeoma Okengwu, has decried the ongoing crisis around the Lagos-Calabar Coastal Highway project, noting that if not urgently addressed, it could undermine President Bola Tinubu’s  Foreign Direct Investment (FDI) ambitions.

Okengwu, in a statement, noted that the present administration’s drive to reach $6 billion in foreign investment target, would require sustained efforts to improve business environment and draw investors’ confidence. 

She is however worried that the diversion of the Lagos-Calabar Expressway into Okun Ajah community, leading to the demolition of properties in said area, may have weakened investors confidence in the system and discourage future deals. 

She stated that many affected by the demolition were investors from the diaspora who heeded President Tinubu’s call asking global Nigerian investors to channel their resources into the country’s growth. 

She explained that the original alignment for the Lagos-Calabar coastal road was established in a 2006 gazette, which resulted in investors deliberately avoiding this designated corridor.

“The current road works overseen by Minister of Works, Mr. David Umahi, however disregards the gazetted route by diverting the expressway through occupied and legally developed areas.

“This diversion has led to the destruction of properties worth billions of naira and has exposed the lack of respect for due process. Yet, appeals to Minister Umahi to respect the 2006 gazette have fell on deaf ears,”she lamented. 

Okengwu alleged that the diversion was done to favour some set of persons who are on the wrong side of the Lagos-Calabar Coastal Highway project.

She asserted that Umahi’s refusal to respond to investors’ appeals continues to cast doubt on the government’s sincerity and commitment to attracting foreign direct investment.