A group of American investors, operating under the Association of Nigerians in Diaspora, has urged President Bola Tinubu to intervene in the alleged destruction of their N375 billion real estate investment in Lagos. The investors claim that their properties, worth $250 million in Okun Ajah, Lagos State, were demolished to make way for the Lagos-Calabar Highway, despite having obtained all necessary certifications and approvals.
The investors, who have contributed significantly to Nigeria’s economy by repatriating $250 million in foreign direct investment, are calling for Tinubu’s personal intervention to protect their investments and restore confidence in Nigeria’s governance and the rule of law. They are also demanding legislative action to prevent similar occurrences in the future.
Key Demands:
– _Stop the ongoing land grabbing and illegal demolition
_Conduct a proper investigation into the matter
_Enact laws to protect foreign investors and their investments
The Lagos-Calabar Highway project has been marred by controversy, with allegations of lack of transparency and unfair practices. Former Vice President Atiku Abubakar has also criticized the project, accusing the Tinubu administration of re-awarding the contract without competitive bidding or Federal Executive Council approval.
The investors’ plea to Tinubu comes at a critical time, as the Nigerian government seeks to attract more foreign investment to boost the economy. The Lagos-Calabar Highway project is a key infrastructure development aimed at improving connectivity and trade between Lagos and Calabar. However, the allegations of destruction of private property and disregard for the rule of law threaten to undermine investor confidence in Nigeria.