Foreign Investors Demand President Tinubu's Intervention Over Damaged Properties Amid Coastal Road Rerouting

...Foreign stakeholders express frustration, call for government action

Foreign investors whose properties were damaged during the controversial coastal road rerouting in Nigeria have urged President Bola Tinubu to intervene and address their concerns from his current base in Chicago.

The investors, who have expressed mounting frustration over the lack of compensation and proper consultation during the rerouting process, made a strong statement calling for a halt to what they have described as "unnecessary destruction" and "unresolved issues."

Speaking to reporters, a representative of the foreign investors stated, "We will not take corruption anymore. The damages caused to our properties as a result of this rerouting project have not only caused financial loss but have also raised concerns about the transparency and fairness of the process. We demand that the Nigerian government take responsibility and engage in meaningful dialogue with us as stakeholders."

The coastal road rerouting project, which was initially aimed at improving infrastructure and boosting economic activity, has faced criticism due to inadequate planning, lack of consultation with affected property owners, and insufficient measures to protect foreign investments. Several properties belonging to international stakeholders were either partially or completely damaged during the course of the project, leading to disputes over compensation and the long-term impact on their investments in Nigeria.

The investors have now turned to President Tinubu, hoping that his influence can resolve the situation and prevent further damage to the country's investment climate. The stakeholders have argued that the current approach to the project, particularly in its disregard for international property owners, is not conducive to fostering the trust needed for future investment in Nigeria’s economy.

"We believe in Nigeria's potential and have invested here with the expectation that our interests will be protected," said another investor. "However, this situation is untenable. We urge President Tinubu to step in and ensure that these matters are dealt with fairly and transparently. We have worked with Nigerian authorities in good faith, and we expect the same level of respect for our investments."

The rerouting of the coastal road, which runs through key economic zones in Nigeria, has become a flashpoint for broader concerns about the country's infrastructure development and the handling of foreign investments. Investors have cited the apparent lack of consideration for their properties as a serious setback, and the damage has raised alarms over the safety and predictability of doing business in Nigeria.

International organizations and business groups have also weighed in on the matter, highlighting the negative impact of the dispute on Nigeria's reputation as an investment destination. With foreign investors contributing significantly to the economy, there are calls for greater accountability and better governance when it comes to major infrastructure projects.

In a statement, a group of affected foreign investors emphasized the importance of a fair and just resolution, urging the Nigerian government to reassess its approach to the coastal road rerouting and ensure that proper compensations are made where necessary. They also called for an independent review of the process, with a focus on transparency and accountability.

Meanwhile, President Bola Tinubu, who is currently in Chicago, has yet to respond publicly to the investors' demands. However, sources within his administration have indicated that discussions are ongoing regarding how to address the concerns raised by foreign stakeholders.

As the issue continues to unfold, the investors remain hopeful that the president will take swift action to ensure a fair and transparent resolution to the matter, reaffirming their commitment to the Nigerian market while pushing for an end to the corruption they believe has tainted the project.

The outcome of this situation will likely have wider implications for Nigeria's infrastructure development plans and the future of foreign investment in the country.