Chief Executive Officer of Winhomes Global Services Limited, Engr. Stella Okengwu, has renewed her call for compensation for properties affected by the Lagos-Calabar Coastal Highway project.
Okengwu, whose company’s estate was affected by the highway construction, said part of the road passed through the estate, affecting several properties.
Speaking during a television interview on Wednesday, the entrepreneur said she had been seeking compensation for the affected properties and approval to resume development on the remaining portion of the estate.
“We have been soliciting for compensation on the ones that they have destroyed and also to give us a presidential order for us to start working on the other land that is remaining,” she said.
Okengwu said recent communication with the Presidency had raised hopes of finding a resolution to the matter.
She expressed optimism that further engagement with the relevant authorities would help address the concerns of the affected investors.
The entrepreneur also spoke about the financial commitments associated with developing the estate, explaining that the project was financed partly through loans obtained in the United States and commercial bank facilities used to bring funds into Nigeria.
According to her, the financial obligations had required her to sell some assets to meet loan repayments and other commitments.
“We are paying a heavy loan with heavy interest in the United States. If not, the United States is not a place where banks will come and arrest you as long as you’re making payments, we have to liquidate some of our assets to make some payment and also pay some people,” she said.
Okengwu, who has advocated increased investment by Nigerians in the diaspora, said resolving the matter would be important to maintaining investor confidence in the country.
She noted that she had spent considerable time encouraging Nigerians living abroad to invest in their home country.
“We had to go to London; we went to Australia, trying to get Nigerians back. And this is what I’ve been so passionate about,” she said.
The entrepreneur also raised concerns about the environmental considerations surrounding the highway’s alignment, saying an environmental impact assessment was an important part of planning major infrastructure projects.
“The first thing you have to think about is the environmental impact assessment. We have been talking about this,” she said.
She added that she had raised the issue during stakeholder engagements and wanted her concerns to be considered as discussions about the project continued.
Okengwu also addressed explanations concerning the location of a marine cable in relation to her company’s property.
She said the cable’s landing station was approximately eight kilometres from the estate and explained why she believed the location required further consideration.
“The property is 750 metres inland, and marine is a submarine. It cannot survive on inland. The landing station is eight kilometres away from our property,” she said.
She also spoke about the discussions surrounding the highway’s alignment, expressing the view that further clarification would help the affected parties understand the decisions concerning the project.
Okengwu said the matter had affected her personally, adding that she hoped a resolution could be reached through engagement with the relevant government authorities.
The entrepreneur acknowledged the government’s authority to acquire private property in the overriding public interest but stressed the importance of following due process and providing compensation where applicable.
“I’m not saying that the government does not have overriding public interest to take any property, but they should do it legally,” she said.
She added, “The only remedy we have now is to pay compensation to the affected individuals.”
Okengwu called for further engagement between the Presidency, the relevant ministry and representatives of the affected company to resolve the matter.
She said a fair outcome would help address the concerns of the affected investors and support efforts to sustain confidence among Nigerians in the diaspora who are considering investing in the country.
The entrepreneur reiterated her commitment to encouraging investment in Nigeria and expressed hope that the outstanding issues surrounding the affected properties would be resolved through constructive dialogue.