Winhomes CEO Addresses $250 Million Controversy Over Lagos Coastal Highway

Stella Okengwu, the Chief Executive Officer of WINHOMES Global Services Limited, has recently addressed various claims and statements made by the Federal Controller of Works as well as some subscribers about the ongoing controversy involving the Lagos-Calabar Coastal Road and the associated WINHOMES estate development.

In a media briefing, Okengwu clarified that the widely circulated figure of $250 million does not represent the compensation her company is requesting from the government.

Instead, she emphasized that this amount pertains to the estimated Foreign Direct Investment (FDI) that WINHOMES has successfully attracted from international and diaspora partners towards Nigeria’s real estate sector through the estate project.

Okengwu pointed out that investments driven by the diaspora significantly contribute billions of dollars to Nigeria's economy each year, with WINHOMES being a part of that inflow.

She further specified that the company's request to the government is limited strictly to compensation for a specific segment of land affected by the diversion of the Lagos-Calabar Coastal Road and insisted that this amount is considerably less than the reported $250 million.

Highlighting the constitutional principles guiding compulsory acquisition and eminent domain, she underscored that while the government has the right to acquire land for public interests, it is obligated to provide fair and legally mandated compensation for the properties and improvements affected.

In response to assertions that only a gatehouse was demolished during the construction process, the WINHOMES CEO firmly stated that the site was actively developed and not vacant land, as some reports implied.

She further elaborated that substantial preparatory and structural work had been completed before the diversion took place, which included clearing dense vegetation, leveling the area, establishing internal road layouts, and conducting extensive sand filling and embankment setups to ensure soil stability.

Okengwu revealed that over 30,000 truckloads of sand were already utilized for the project, along with drainage preparation, road construction, and the deployment of heavy machinery, such as bulldozers and loaders.

Additionally, she mentioned that the project encompassed commitments to community settlements, corporate social responsibility initiatives with local families, the construction of the estate's gatehouse, and the groundwork for a proposed 21-storey structure.

According to her, these improvements are recognized as fixtures and capital enhancements that must be taken into account during compensation evaluations.

Clarifying the need for the government to engage directly with WINHOMES regarding compensation, Okengwu expressed that the company is the legal developer of the estate and project holder.

She noted that subscribers acquired their plots via WINHOMES rather than directly from the government or local families, asserting that established real estate protocols necessitate government interactions with the project developer, who is responsible for coordinating and compensating affected subscribers. Allowing individuals to seek compensation independently could lead to duplicate claims and legal complications, she cautioned.

The CEO also addressed concerns regarding alleged competing ownership claims made by another entity, indicating that such issues are currently under legal review.

She reiterated that the company legitimately obtained the land from local families and began development before the road's diversion occurred, adding that any overlapping claims will ultimately be adjudicated in court, supported by verified land registry documents.

In conclusion, Okengwu reaffirmed WINHOMES' dedication to transparency and lawful resolution of the ongoing conflict while safeguarding the investments of its subscribers. She highlighted that the company does not seek confrontation with authorities but rather fair treatment under the law, aiming to redesign, stabilize, and responsibly deliver the estate project.

Expressing optimism, she stated that with sincere cooperation from all parties, the issues could be resolved in a manner that benefits both public infrastructure development and private investments in Nigeria's real estate sector.