The Chief Executive Officer of Winhomes, Engineer Stella Okengwu, has issued a stark warning about the declining confidence of Nigerians living abroad in investing in their homeland. Speaking in a recent interview on Arise TV, Okengwu pointed to policy inconsistency and weak protection for private capital as the primary reasons driving this alarming trend.
Demolition Despite Valid Approvals Erodes Trust
Okengwu shared a deeply personal and discouraging experience to illustrate the risks facing diaspora investors. She disclosed that her company's infrastructure and properties were demolished following a directive from the Minister of Works, Engr. David Umahi, despite Winhomes possessing all necessary and valid approvals and documentation.
"We did all the things, we had all our documentation intact," Okengwu stated. "We were not on the 2006 gazetted alignment, and all of a sudden they just came and bamboozled everything." She argued that such actions by senior government officials send a dangerous message that lawful investments and due process can be disregarded, creating fear among potential investors abroad.
Lack of Transparency and Politicised Compensation
The CEO also highlighted other critical issues damaging Nigeria's investment image. She expressed concern over a lack of transparency in infrastructure costing, particularly for projects in challenging environments like swampy terrain, which naturally require higher expenditure. This failure to communicate clearly, she said, fuels suspicion.
Furthermore, Okengwu accused authorities of being vague and allowing politics to shape the compensation process for demolished properties. "He is not straightforward about compensation. It's not clear, and it is being politicised. That portrays Nigeria badly as an investment ground," she asserted. She revealed that Winhomes had attracted approximately $250 million in Foreign Direct Investment (FDI) and strongly rejected any allegations of fraud linked to the project.
Seeking Redress and a Call for Policy Clarity
In her quest for justice, Okengwu said she has written to both chambers of the National Assembly and intends to exhaust all local remedies before considering international intervention. She confirmed seeking guidance from a United States senator on possible petitions to anti-corruption agencies but emphasized her desire to "try Nigeria first."
Her central argument is that rebuilding diaspora confidence requires fundamental changes: respect for due process, policy clarity, and genuine protection for lawful investments. She posed a poignant question to the nation: "How can we get Nigeria right if people who follow the rules are treated this way?" Her testimony underscores a urgent need for the government to address these systemic issues to unlock the vast investment potential of the Nigerian diaspora community.
