A group of American investors requested President Bola Tinubu to act quickly in the alleged demolition of their N375 billion property investment in Lagos, warning that the incident can potentially erode investor confidence in Nigeria.
The investors, who are operating under the Association of Nigerians in Diaspora, alleged that their $250 million mansions at Okun Ajah, Lagos State, were demolished to give way for the construction of the Lagos-Calabar Highway, despite having obtained the necessary certificates and licenses.
This was made known in a statement issued by the group on Friday.
One of the investors, Engr. Stella Okengwu, speaking on behalf of others, stated: “These investors have contributed significantly to Nigeria’s economy by repatriating $250 million in foreign direct investment. Yet, instead of being encouraged, they are being unfairly targeted by government actions.”
The group urged Tinubu to personally intervene to protect their investments and restore confidence in Nigeria’s governance and the rule of law.
She added: “We are gathered today to expose this unfortunate issue to the whole world. Our demands are simple: The ongoing land grabbing and illegal demolition must be stopped and properly investigated to ensure that a government urging investors to come to the country is not the same one driving them away.”
The investors also called for legislative action to prevent similar occurrences in the future.
“The Federal Government, through the National Assembly, must enact laws to protect foreign investors and their investments so that both Nigerians and foreigners can invest in Nigeria without fear,” the group stated.
