Some diaspora investors, under Association of Nigerian Diaspora Investors, are seeking an intervention to save their investment following the realignment of the 700-kilometre Lagos-Calabar coastal Highway.
Many properties in Lagos State, including WinHomes Global Investment in Okun Ajah were demolished to create a right of way for the road.
Five hundred investors, of which 70 per cent may be diaspora Nigerians, have a $250 million stake in the estate.
At a news conference in Lagos, Real Estate Developers Association of Nigeria (REDAN) confirmed that many members invested in Okun Ajah estate.
It faulted the spate of demolitions and called for compensation for the victims.
“What is happening is discouraging investment in this sector. About 35 per cent of diaspora investors have been affected and these are people whose annual remittances contribute to national GDP. We want governments to make Lagos an investment haven,” Kunle Adeyemi, vice chair of Southwest REDAN, said.
Adeyemi said many diaspora Nigerians were reconsidering their investment because, according to him, security of investment is no longer guaranteed as a result of property demolitions.
