The Federal Government has opened talks with diaspora investors following the demolition of the $250 million WIN HOMES Estates in Lagos, in a bid to restore trust and strengthen investment safeguards.
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The engagement, spearheaded by the Honourable Minister of Works, Engr. David Umahi, comes nearly a year after the October 2024 demolition, which triggered widespread concern among Nigerian diaspora communities and contributed to a sharp decline in foreign real estate investment.
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At a World Press Conference organized by the Coalition of Civil Society of Nigeria, stakeholders commended President Bola Ahmed Tinubu and Minister Umahi for opening this critical communication channel.
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The move, they noted, reflects the administration’s renewed commitment to fairness, justice, and the protection of diaspora-driven projects.
‎The WIN HOMES Estates had been hailed as a symbol of inclusive development, uniting Nigerians across ethnic lines and creating jobs for hundreds of youth, while boosting local businesses through domestic sourcing.
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Its sudden demolition without notice or compensation, however, dealt a major blow to investor confidence.
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“Many of us supported this administration believing in its promise of Renewed Hope. Our advocacy has always been peaceful and constructive,” the signatories stated, urging government to conduct a full evaluation of the demolished properties, ensure fair compensation, and establish a Diaspora Investment Protection Desk to safeguard future projects.
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They emphasized that protecting diaspora investment is key to reversing decades of capital flight and positioning Nigeria as a global investment hub. By strengthening dialogue and institutional safeguards, Nigeria could significantly improve its ease of doing business and investor confidence rankings, unlocking billion-dollar opportunities from its 50 million-strong diaspora community.
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The Coalition of Civil Society was also praised for mediating between investors and government, underscoring the role of civic engagement in fostering reconciliation and progress.
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“This dialogue is more than a response to loss it is a green light to global markets. Nigeria must not only welcome capital but also respect and protect it,” said Engr. Stella Okengwu, Dr. Kimberly Stark, Faduri Oluwadare Joseph, Mr. Ovie Aweghogho, and Oluwaseun Bamigbola Bovi, who jointly signed the communiqué.
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The press conference concluded with renewed optimism that the government’s engagement will help restore trust, strengthen diaspora partnerships, and chart a new path for sustainable investment in Nigeria.