The Chief Executive Officer of , , has clarified issues surrounding the widely reported $250 million investment linked to the company’s estate development affected by the project.

Speaking with journalists, Okengwu explained that the $250 million figure represents the estimated Foreign Direct Investment (FDI) attracted into Nigeria’s real estate sector through the estate development.

According to her, much of the investment was mobilised from Nigerians in the diaspora and international partners participating in the project.

Diaspora investment in real estate

Okengwu noted that diaspora-driven real estate investments contribute significant inflows to Nigeria’s economy each year, adding that the WINHOMES estate project forms part of that broader investment stream.

She said the company’s ongoing engagement with government authorities relates to compensation for the section of land affected by the alignment of the coastal road project.

The CEO explained that the amount being discussed is tied specifically to the portion of land impacted by the infrastructure development.

Estate development already underway

Okengwu revealed that extensive groundwork had already been completed on the estate site before the coastal road alignment affected part of the project.

According to her, preparatory works carried out included:

• Land clearing and grading
• Internal road layout planning
• Sand filling and embankment construction
• Drainage preparation

She disclosed that more than 30,000 truckloads of sand were deployed to stabilise the land as part of the estate development.

Heavy construction equipment such as bulldozers and payloaders were also mobilised for the project.

Community engagement and infrastructure

The project also involved several early-stage developments, including:

• Construction of an estate gatehouse
• Community engagement initiatives
• Initial structural work for a proposed multi-storey building

Okengwu explained that the estate operates under a developer-led model, where subscribers purchase plots through the company while it oversees the development process.

Commitment to dialogue

The WINHOMES CEO reaffirmed the company’s commitment to transparency and continued engagement with relevant stakeholders as discussions progress.

She expressed optimism that through constructive dialogue, the project can be adjusted in a way that supports both national infrastructure development and private sector investment.

Okengwu added that the company remains focused on protecting investors’ interests while aligning with Nigeria’s broader development goals.

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Property owners within the WINHOMES Estate in Lagos have petitioned President Bola Ahmed Tinubu, expressing deep concerns over the demolition of parts of the estate linked to the ongoing construction of the Lagos-Calabar Coastal Highway.

In a letter addressed to the President, the Chief Executive Officer of WINHOMES Global Services Ltd., Engr. Stella Okengwu, a U.S. based Nigerian investor criticized the Federal Ministry of Works for its handling of the demolition, warning that the move could significantly undermine investor confidence, particularly among Nigerians in the Diaspora.

Okengwu, whose firm is leading one of Nigeria’s largest Diaspora-backed real estate developments, emphasized that the matter is currently before the Federal High Court in Ikoyi, Lagos (Suit No: FHC/L/CS/10063/25). She cautioned that any public statements or actions by government officials while the case remains pending risk violating the principle of judicial independence.

Referencing recent remarks by the Minister of Works, Engr. David Umahi, she described the public commentary on the matter as prejudicial and inappropriate, stressing that all parties must respect the legal process and refrain from actions that could be seen as contempt of court.

Established in 2021, the WINHOMES Estate project was conceived as a tourism-driven real estate initiative aimed at attracting investment from Nigerians in the Diaspora. The estate spans 20 hectares in Lagos, holds three valid land titles, and comprises approximately 2,500 fully serviced plots, each valued at around ₦150 million. The total estimated value of the project stands at ₦375 billion (approximately $250 million).

Okengwu noted that the recent realignment of the Lagos-Calabar Coastal Highway had affected around 400 plots, valued at over ₦60 billion, with estimated cumulative damages to the estate reaching ₦85 billion.

She also affirmed that WINHOMES Global Services Ltd. remains fully compliant with all regulatory and financial frameworks. The company is certified by the Special Control Unit Against Money Laundering (SCUML), and all funds were transparently sourced through legitimate international remittance platforms.

In her appeal to President Tinubu, Okengwu urged the Federal Government to ensure that due process is followed and that legal proceedings are allowed to run their full course without executive interference. She called for an independent valuation of the affected property to determine adequate compensation for investors, many of whom are Nigerians in the Diaspora.

She added that resolving the dispute in a transparent and lawful manner would reaffirm the administration’s commitment to the Renewed Hope agenda and send a strong message to the international investment community that Nigeria remains a secure and reliable destination for long-term investment.

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The Minister of Works, Dave Umahi, has urged that ongoing legal disputes surrounding the Lagos–Calabar Coastal Highway project and WinHomes Estate should not be misinterpreted as government hostility toward investors, particularly those from the Nigerian diaspora.

Speaking during a live interview on Arise News on Tuesday, the minister clarified that while litigation involving property demolitions along the highway corridor exists, it does not obstruct the implementation of key national infrastructure initiatives.

“There were and are still cases in court. The first involved 39 property owners whose structures were affected. They were evaluated and compensated, even for informal settlements,” Umahi said. “The president directed us to pay because he wants to alleviate their problems.”

The minister expressed concern that certain media narratives surrounding the disputes could distort public perception and discourage credible foreign investment, especially from Nigerians living abroad.

“When people invoke the diaspora angle in a negative light, it creates unnecessary fear among genuine investors,” Umahi noted. “This government is very friendly with Nigerians in the diaspora, and we will not allow anyone to damage that relationship or the administration’s reputation.”

Umahi also revealed that some diaspora investors who are resident in Nigeria have reached out to seek further clarification on the project’s scope and progress. “They’ve sent letters and want to come to the office. I am more than willing to meet with them and clear any doubts,” he said.

Despite the legal friction, Umahi maintained that the Lagos–Calabar Coastal Highway remains on schedule and is advancing through multiple phases. “The coastal highway is progressing very well. We are now in session two, and we’ve opened session three and three B, about 65 kilometers in Calabar,” he stated.

The controversy surrounding WinHomes Estate intensified after the company’s diaspora investors raised concerns over demolitions tied to the highway’s alignment. Earlier, Umahi had told reporters that only about four hectares of the estate’s land were impacted by the government’s development plans.

However, the Chief Executive Officer of WinHomes Global Services Ltd., Stella Okengwu, contested the minister’s remarks, insisting that the estate’s total investment exceeds $250 million. She also stressed the importance of upholding legal processes in the dispute.

In response, Umahi questioned the accuracy of the figures being cited. “If truly $250 million was invested, where is the proof? Who paid the money, and through which bank? Nigerians deserve to know,” he said.

The Minister reiterated the administration’s commitment to transparency and to fostering a secure investment climate. He assured stakeholders that the government remains open to dialogue and that legitimate investor concerns will be addressed within the framework of the law.

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