Property owners impacted by the Lagos-Calabar Highway project have expressed dissatisfaction with compensation offers from the Federal Government, claiming the sums fall far short of their properties’ true value.
Many of the affected individuals, in discussions with The PUNCH, disclosed that the compensation proposed was only a fraction of their assessed investments.
Retired banker Emeka Mewu, whose property was valued at over N400 million, was reportedly offered just N3.3 million. Mewu stated that the high cost of his land required him to sell other properties to secure this investment.
Another property owner, Paul Osemele, declined a N42 million offer, citing the valuation of his property close to N1 billion, which included a twin duplex and additional apartments that generated substantial rental income.
The coalition’s spokesperson, Sola Enitan, criticized the compensation policy, stating that it disregards global standards for project-related compensation.
He noted that an adequate compensation budget would recognize the immense investment affected properties represent.
Further underscoring the inadequacy of the current offers, one anonymous property owner reported an 18 million naira offer on a property worth over N630 million, while Olanrewaju Ojo, owner of Leisure Games, received a N1.3 million offer that, he says, could be earned in a week.
As concerns mount, the House of Representatives has been involved, with hearings aimed at ensuring fair compensation.
Minister of Works, David Umahi, recently announced plans to expedite remaining payments within 10 days, prioritizing access to funds for those affected.
However, property owners remain critical of the approach, urging that the offers align with the true value of their investments.
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