Coastal Highway: Foreign Investors’ Confidence Under Threat, Investor Tells Tinubu

The Chief Executive Officer of Winhomes Global Services Ltd, Ms. Stella Okengwu, has warned that the confidence of foreign investors in Nigeria is at risk if their concerns are not urgently addressed by the government.

In a statement issued on Monday, Okengwu accused the Minister of Works, Mr. David Umahi, of actions that could undermine investor trust and the rule of law.

She said the project in question — Winhomes Estate — is a $250 million diaspora-backed housing and tourism development designed to promote national growth and attract sustainable foreign investment.

According to her, the initiative was inspired by President Bola Ahmed Tinubu’s Renewed Hope Agenda and has drawn support from Nigerians in the diaspora as well as foreign partners.

“We believe in the Renewed Hope vision of President Bola Ahmed Tinubu — a vision that inspired us to invest massively in Nigeria’s future.

“But the recent actions and public comments of the Honourable Minister of Works, Mr. David Umahi, have crossed legal boundaries and endangered investor confidence,” she said.

Okengwu explained that Winhomes legally acquired 20 hectares of land, subdivided into 2,500 plots — each valued at N150 million — within a serviced estate equipped with roads, drainage, libraries, hospitals and perimeter fencing.

She added that about 400 plots worth N60 billion were affected by the ongoing coastal road diversion, bringing total estimated losses to about N85 billion.

“This is diaspora sweat and real capital — now endangered by ministerial overreach,” she said.

The Winhomes CEO further alleged that the minister invoked the president’s name in a matter still before the court, calling the action “improper and dangerous”.

“This conduct exposes the president’s office to reputational risk and undermines judicial independence,” she said, citing Section 1(3) of the 1999 Constitution which upholds the supremacy of the rule of law.

Okengwu clarified that the dispute remains before the Federal High Court in Lagos (Suit No. FHC/L/CS/10063/25), contrary to reports suggesting a judgment in favour of the Federal Government.

“The case is still ongoing before Justice Akintayo Aluko. No judgment has been delivered. Any attempt to revoke land titles mid-case is contemptuous and unconstitutional,” she said.

She also alleged that the minister visited the disputed site and declared it under his control — an act she described as “deeply corrosive to Nigeria’s investment climate”.

Addressing questions about the project’s funding sources, Okengwu said the investment was financed through legitimate financial channels such as Sendwave, MoneyGram, Western Union, and other CBN-regulated platforms.

She added that Winhomes is certified by the Special Control Unit Against Money Laundering (SCUML) under the Money Laundering (Prevention and Prohibition) Act, 2022, confirming the legitimacy and transparency of all inflows.

“Any suggestion that these funds are illegal is reckless and defamatory. These are lawfully earned funds from hardworking Nigerians abroad,” she said.

Okengwu called on President Tinubu to intervene by halting further ministerial comments, reaffirming judicial independence, and ordering a transparent valuation of diaspora investors’ losses.

She also urged the presidency to facilitate dialogue between Winhomes and the Ministry of Works through their legal representatives, and to order investigations into alleged irregularities linked to the project.

“Mr. President, this is a moment for decisive leadership,” she said. “Either we protect the constitution and investor confidence, or we allow ministerial impunity to erode decades of trust. The world is watching.”

Okengwu maintained that the Winhomes project represents a model for diaspora-led national development and warned that unresolved conflicts of this nature could discourage future foreign direct investment in Nigeria.