Engineer David Umahi, Nigeria’s Minister of Works, has publicly accused Winhomes CEO Engineer Stella Okengwu of inflating land prices in the wake of the Lagos-Calabar Coastal Highway project announcement.
According to Umahi, Okengwu increased plot prices from ₦21 million to ₦70 million, raising serious concerns about land speculation.
Speaking with Arise TV, Umahi provided a detailed account of what he called questionable land transactions. He said Okengwu purchased 12 hectares of land from villagers in 2022 for ₦50 million. However, he pointed out an inconsistency: she began selling plots in 2021 at ₦21 million each despite supposedly acquiring the land a year later.
The minister also revealed that investors who bought large sections of the land contacted him directly. He mentioned that two brothers jointly acquired five hectares and another investor bought an additional five hectares, indicating a high level of interest in the area.
Umahi questioned whether the land was properly acquired and if the sale was registered with Lagos State authorities, emphasising the need for transparency. He also demanded clarification on whether payments were made in naira or dollars and called on Winhomes to publish the transaction documents.
This controversy surfaces amid wider tensions over compensation for properties affected by the highway construction, with several property owners accusing the government of undervaluing their assets.
