Founder and Chief Executive Officer of Winhomes Global Services Limited has explained why many Nigerians in the diaspora are becoming increasingly hesitant and unwilling to invest in the country.
Winhomes is a real estate and infrastructure development company operating across Nigeria and the United States. It is the developer of the controversial estate located in the Okun Ajah area of Lagos that was allegedly demolished to create of way for the Lagos-Calabar coastal highway. The estate had an estimated value of $250 million.
Okengwu cited policy inconsistency, poor protection of private investments, and actions of government officials as part of the reasons for the Nigerian diaspora’s lack of confidence in Nigeria, stressing that these undermine their confidence.
The developer, who spoke on a television programme monitored in Lagos, also cited her experience as a diaspora investor, describing it as “mixed and at times disappointing.”
“Public actions and statements by authorities have created fear rather than reassurance for Nigerians seeking to invest back home,” she said, pointing out that despite having all the required approvals and documentation, her company’s infrastructure and property were demolished on the directive of the Minister of Works.
“We did all the things, we had all our documentation intact. We were not on the 2006 gazetted alignment, and all of a sudden they came and bulldozed everything, demolishing our infrastructure and property,” she said.
Okengwu noted that when senior government officials publicly question or misrepresent lawful private investments, it sends a dangerous signal to potential investors.
“When a minister publicly misrepresents private investments, it sends a message that documents and approvals may not protect you. Lawful projects are treated as if they don’t matter,” she stated.
She also raised concerns over what she described as a lack of transparency in infrastructure costing, particularly in projects involving difficult terrains such as swampy areas.
“Building roads through swamp water with bridges and drainage will never cost the same as building on dry land. The failure to clearly explain these costs leaves everyone dumbfounded,” she said.
On the issue of compensation for demolished properties, the Winhomes CEO accused the authorities of being unclear and politicising the matter, warning that such conduct further damages Nigeria’s image as an investment destination.
“The government is not straightforward about compensation. It’s not clear, and it is being politicised. That portrays Nigeria badly as an investment ground,” she added.
Okengwu revealed that her firm brought in about $250 million in foreign direct investment, rejecting claims that she was involved in any fraudulent activity.
“How can I be a fraud when you came into our estates and demolished them on your order? Claims about marine cables on land are false. Marine is in the deep sea, not on land,” she said, insisting she has evidence to back her claims.
She disclosed that she has written to the Senate and the House of Representatives, saying she is determined to exhaust local remedies before seeking international intervention.
“We want to try Nigeria first before seeking help from the international community,” Okengwu said, adding that she has also engaged with a United States senator for legal guidance on petitioning relevant anti-corruption agencies.
According to her, restoring confidence among Nigerians in the diaspora will require transparency, respect for due process, and genuine protection of lawful private investments. “How can we get Nigeria right if people who follow the rules are treated this way?” she queried.
