Sunday Aborisade in Abuja 

In an unprecedented move, the Federal Government of Nigeria has initiated formal engagement with diaspora investors affected by the controversial demolition of the $250 million WIN HOMES Estates in Okun Ajah, Lagos. 

This marks a significant shift in the government’s investment diplomacy, following sustained international pressure and advocacy by civil society groups and affected stakeholders.

The development was contained in a communiqué issued by the stakeholders after a world press conference convened by a coalition of civil society organisations.

The communiqué, which was made available to THISDAY in Abuja on Tuesday, was signed by Stella Okengwu; Dr Kimberly Stark; Faduri Oluwadare Joseph; Mr Ovie Aweghogho; and Oluwasegun Bamigbola Bovi.

It noted that key stakeholders, including civil society leaders and diaspora representatives, in attendance, commended President Bola Ahmed Tinubu and the Minister of Works, David Umahi, for responding to calls for dialogue, justice and compensation.

The demolition of the WIN HOMES Estates on October 5, 2024, during the realignment of the Lagos-Calabar Coastal Highway, ignited global outrage, especially among Nigeria’s 50 million-strong diaspora community.

Investors, many of whom are Nigerians living abroad, said the demolition was executed without prior notice, legal recourse, or compensation, undermining trust and sparking a reported 30 per cent decline in diaspora-led real estate investment.

The communiqué explained that Stella Okengwu, one of the signatories, said the Federal Government’s decision to open communication with the affected investors is a bold step towards national healing. 

“This is not just about buildings. It’s about trust, protection and the message Nigeria sends to its global partners,” she said.

The conference, facilitated by the Coalition of Civil Society of Nigeria, emphasized that the diaspora remains a critical force in Nigeria’s economic development. 

WIN HOMES Estates had been a flagship diaspora-backed project, providing employment, stimulating local economies, and fostering interethnic collaboration.

Other signatories to the conference communiqué included Dr. Kimberly Stark, Faduri Oluwadare Joseph, Mr. Ovie Aweghogho, and Oluwaseun Bamigbola Bovi.

They stressed that their advocacy was never anti-government, but rooted in a desire for justice and fair process. 

Stark noted that their call has always been peaceful, legal and patriotic. 

“We believe in the Renewed Hope Agenda. Now, we urge the government to honour that promise by compensating affected investors and protecting future ones,” she said.

In their public appeal, the stakeholders called for a proper and independent valuation of the demolished properties. 

They also urged the Federal Government to provide full compensation to WIN HOMES and its investors, while advocating the creation of a Diaspora Investment Protection Desk within relevant ministries. 

This, they argued, would institutionalise safeguards and prevent future occurrences of such magnitude.

The civil society leaders applauded the government’s willingness to listen, with many describing it as a watershed moment for Nigeria’s economic diplomacy. 

They argued that by formalizing mechanisms to protect diaspora investors, Nigeria could reverse years of capital flight, enhance its ease-of-doing-business ranking, and attract billions in future investment.

The demolished WIN HOMES Estates had been envisioned as a model of inclusive development, uniting Nigerians from all ethnic backgrounds in a shared mission to rebuild the nation from abroad. 

Its sudden destruction sent shockwaves through diaspora communities in the United States, United Kingdom, Europe and beyond.

Aweghogho said: “We are not just investing in bricks and mortar. We are investing in Nigeria’s future.

“When that investment is not protected, it discourages the next generation of Nigerians abroad from coming home to build.”

With the government now extending an olive branch, stakeholders expressed the hope that a new chapter is opening, one in which diaspora capital is not only welcomed but legally and structurally protected.

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