The Chief Executive Officer of Winhomes Global Services Ltd, Engineer Stella Ifeoma Okengwu, has issued a strong rebuttal against allegations that her company paid a mere N50 million to acquire land for its estate in Okun-Ajah, Lagos. She labeled the claim, which was attributed to the Minister of Works, Engineer David Umahi, as factually incorrect and damaging.
CEO Counters Minister's Allegation with Documented Facts
In an open address released on Friday, December 19, 2025, Okengwu categorically denied any transaction involving the stated N50 million figure. She emphasized that the amount does not exist in the company's financial records and was never discussed during the land acquisition process. "Let the record be clear: N50 million was never paid—at any time, for any portion of this land," she stated firmly.
Okengwu expressed deep concern that such public statements could severely undermine Nigeria's credibility as a destination for investment. She stressed that governance and public discourse must be anchored on verified facts, not fiction, to maintain global confidence in the Nigerian economy.
Detailed Breakdown of Winhomes' Substantial Investment
Providing a transparent account, the Winhomes CEO outlined the legitimate process through which the land was acquired from recognized families and stakeholders. Beyond the purchase, she highlighted significant pre-development investments made by the company.
Okengwu disclosed that the total documented cash payments for the Okun Ajah land amounted to N2.823 billion. She explained that the company also undertook costly projects including clearing dense forests and constructing a major access road from Coplag to Okun Ajah.
Addressing subsequent disputes, she noted that one claim from the Etisalat Cooperative was resolved amicably through dialogue and a financial settlement. Another required litigation, which was concluded through court-backed agreements. Additional payments were made to manage overlapping interests and community stabilization.
Total Economic Commitment and Call for Investigation
When factoring in all social-impact investments, such as vehicles provided to community stakeholders—which she clarified were not bribes or political inducements—Okengwu placed Winhomes' total economic commitment at N4.323 billion.
The CEO has called upon the National Assembly to investigate the matter, warning that reducing substantial, verified investments to unsupported figures poses a direct threat to property rights and investor confidence in Nigeria. She urged the government to uphold the rule of law and protect the nation's international standing.
