Chief Executive Officer of Winhomes Global Services Ltd, Engr Stella Okengwu, has said that the confidence of foreign investors in Nigeria is at risk if their ongoing concerns are not urgently addressed by the federal government.
In a statement signed Monday, Okengwu accused the Minister of Works, Engr. David Umahi of actions that may threaten foreign investors’ confidence and undermine the rule of law.
She said the project in question, Winhomes Estate, is a $250 million diaspora-backed housing and tourism development designed to promote national growth and attract sustainable foreign investment.
According to her, the initiative was inspired by President Bola Ahmed Tinubu’s Renewed Hope Agenda and has drawn support from Nigerians in the diaspora and foreign partners.
‘We believed in the Renewed Hope vision of President Bola Ahmed Tinubu – a vision that inspired us to invest massively in Nigeria’s future.
‘But the recent actions and public comments of the Honourable Minister of Works, Engr. David Umahi, have crossed legal boundaries and endangered investor confidence,’ she said.
Okengwu explained that Winhomes legally acquired 20 hectares of land, subdivided into 2,500 plots – each valued at ?150 million – within a serviced estate equipped with roads, drainage, libraries, hospitals, and perimeter fencing.
She added that about 400 plots worth ?60 billion were affected by the ongoing coastal road diversion, bringing total estimated losses to ?85 billion.
‘This is diaspora sweat and real capital – now endangered by ministerial overreach,’ she said.
The Winhomes CEO further alleged that the minister invoked the President’s name in a matter still before the court, calling the action ‘improper and dangerous.’
‘This conduct exposes the President’s office to reputational risk and undermines judicial independence,’ she said, citing Section 1(3) of the 1999 Constitution, which upholds the supremacy of the rule of law.
Okengwu clarified that the dispute is still before the Federal High Court in Lagos (Suit No. FHC/L/CS/10063/25), contrary to reports suggesting a judgment in favour of the Federal Government.
‘The case is still ongoing before Justice Akintayo Aluko. No judgment has been delivered. Any attempt to revoke land titles mid-case is contemptuous and unconstitutional,’ she said.
She also alleged that the minister visited the disputed site and declared it under his control – an act she described as ‘deeply corrosive to Nigeria’s investment climate.’
Addressing concerns about the source of project funds, Okengwu said the investment was financed through legal financial channels such as Sendwave, MoneyGram, Western Union, and other CBN-regulated platforms.
She added that Winhomes is certified by the Special Control Unit Against Money Laundering (SCUML) under the Money Laundering (Prevention and Prohibition) Act, 2022, confirming the legitimacy and transparency of all inflows.
‘Any suggestion that these funds are illegal is reckless and defamatory. These are lawfully earned funds from hardworking Nigerians abroad,’ she warned.
She called on President Tinubu to intervene by halting further ministerial comments, reaffirming judicial independence, and ordering a transparent valuation of diaspora investors’ losses.
She also urged the presidency to facilitate dialogue between WINHOMES and the Ministry of Works through their legal representatives, and to order investigations into alleged irregularities linked to the project.
‘Mr. President, this is a moment for decisive leadership. Either we protect the Constitution and investor confidence, or we allow ministerial impunity to erode decades of trust. The world is watching.’
She maintained that the Winhomes project represents a model for diaspora-led national development and warned that disputes of this nature could discourage future foreign direct investment in Nigeria.