The Chief Executive Officer of Winhomes, Engr Stella Okengwu, has identified policy inconsistency, inadequate protection of private capital and actions of government functionaries as major reasons Nigerians living abroad are wary of investing in their home country.
Okengwu, who spoke during a television interview on Arise TV, described her experience as a diaspora investor as “mixed and at times disappointing,” noting that pronouncements and conduct of public officials have bred fear instead of building confidence among Nigerians seeking to channel investments homeward.
She disclosed that despite obtaining all statutory approvals and documentation, her company’s infrastructure and property were razed on the instruction 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 just came and bamboozled everything, demolishing our infrastructure and property,” the Winhomes boss stated.
She argued that when senior government officials openly question or distort the facts surrounding legitimate private investments, it creates dangerous precedents for prospective 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,” Okengwu remarked.
The engineer also decried what she termed lack of transparency in infrastructure project costing, especially those situated in challenging geographical environments like swampy terrains.
“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 observed.
On compensation for demolished properties, the real estate executive accused the authorities of ambiguity and introducing politics into the matter, warning that such behaviour further tarnishes Nigeria’s reputation as a viable investment destination.
“He is not straightforward about compensation. It’s not clear, and it is being politicised. That portrays Nigeria badly as an investment ground,” she noted.
Okengwu revealed that her company attracted approximately $250m in foreign direct investment, dismissing allegations of fraudulent activities levelled against her.
“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 insisted, adding that she possesses evidence to substantiate her position.
She said she has formally written to both chambers of the National Assembly, expressing determination to explore all domestic options before resorting to international intervention.
“We want to try Nigeria first before seeking help from the international community,” Okengwu explained, revealing that she has also consulted a United States senator for legal counsel on petitioning appropriate anti-corruption institutions.
According to the Winhomes CEO, rebuilding confidence among diaspora Nigerians requires transparency, adherence to due process and genuine protection of legitimate private investments.
“How can we get Nigeria right if people who follow the rules are treated this way?” she queried.
