Umahi Demands Transparency in $250m Diaspora Investment for Lagos-Calabar Highway

• The Minister of Works, David Umahi, has demanded that Stella Ifeoma, CEO of Winhomes Global Services Limited publish the detailed financial records of diaspora investors from whom she purportedly raised $250m.

The Minister of Works, David Umahi, has demanded that Stella Ifeoma, CEO of Winhomes Global Services Limited, publish the detailed financial records of diaspora investors from whom she purportedly raised $250m.

This development comes amid controversy surrounding the demolition of a $250m Winhomes Estate property in the Okun Ajah area of Lagos State.

Umahi made this proclamation at a stakeholders’ meeting held on Sunday at Eko Hotel, in Victoria Island, Lagos State.

“There’s one Mrs Ifoma who goes to African restaurants in America and pays people little sums of money, saying she invested $250m. If she collected the $250m, those who paid to her should hold her responsible, as nothing has been done on the land, just a gatehouse,” he said.

The Controversy Surrounding the Lagos-Calabar Highway

The controversy surrounds the demolition of the $250m Winhomes Estate property, which was allegedly not along the designated route of the Lagos-Calabar Coastal Road. Umahi’s demand for transparency in the $250m investment has sparked a heated debate about accountability and transparency in government projects.

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Investor Protest

A group of American investors protested in Houston, Texas, calling on President Bola Tinubu to caution Umahi for his incompetence and destruction of their investments.

The protesters, who gathered in Houston, wielded placards with several inscriptions, demanding an investigation into the matter.

“We are the legal owners of 17.03 hectares of land in Okun Ajah, Etiosa LGA, Lagos State. It is imperative to clarify that while I hold the title of CEO, my primary role is to act as the coordinator of properties for numerous Nigerians and foreign nationals in the diaspora who have united in our initiative to promote investment not only in Nigeria but throughout Africa,” Ifeoma said in a statement.

Umahi’s Concerns

Umahi expressed concerns about the lack of transparency in the $250m investment, stating that Ifeoma should publish the detailed financial records of the diaspora investors.

“Let her publish the bank’s housing for that $250m; he who alleges must prove it. We are tasking her to publish the $250m in the banks and the interest accrued from such monies so that the taxman can collect the tax from it, as legally there is a tax to be paid on every fund that is fixed,” he said.