American investors have urged President Tinubu to address the demolition of their $250 million investments in Lagos, allegedly conducted for a highway project. Despite approval and contributions to the economy, they feel targeted by such government actions. They demand an investigation and legislative protections for foreign investments to bolster confidence in Nigeria’s governance.
A consortium of American investors has formally requested the intervention of President Bola Tinubu regarding the reported demolition of their substantial N375 billion real estate project in Lagos. The investors emphasized that this investment, amounting to $250 million in properties situated in Okun Ajah, was dismantled to pave the way for the Lagos-Calabar Highway, despite the acquisition of all requisite approvals and certifications. This information was shared in a statement issued by the group over the past weekend.
Engr. Stella Okengwu, representing her fellow investors, articulated their distress and disappointment, stating, “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 association called for President Tinubu’s direct involvement to safeguard their investments, thereby reinforcing the importance of governance and legal integrity in attracting future investment.
The group expressed their intent to raise awareness about their predicament, stressing the urgency of halting illegal land acquisitions and demolitions. They posited that the government must not inadvertently drive away investors while simultaneously encouraging foreign investments. They stated, “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.”
Furthermore, the investors advocated for legislative measures to protect foreign investments in Nigeria, asserting that, “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.” This call for action aims to foster a trustworthy investment environment, pivotal for the nation’s economic growth.
In summary, the American investors are seeking urgent diplomatic engagement from President Bola Tinubu following the destruction of their significant real estate investments in Lagos. They emphasize the necessity for protective legislation and governmental accountability to sustain investor confidence in Nigeria. This situation illustrates a pressing need for safeguards against arbitrary governmental actions that could threaten future foreign direct investments.
Original Source: www.zawya.com
