No Apologies for Warning Investors Against Lagos, Maryanne Moghalu Defends Controversial Comment
Maryanne Moghalu, wife of former Deputy Governor of the Central Bank of Nigeria (CBN) and presidential candidate, Prof. Kingsley Moghalu, has insisted that she has nothing to apologise for after warning investors to “invest in Lagos at their own peril.”
Her statement, which first surfaced on social media months ago, drew widespread criticism from several Nigerians who accused her of demarketing Lagos State — Nigeria’s economic capital and one of Africa’s leading business hubs.
In a recent post shared on her X (formerly Twitter) handle, Mrs. Moghalu reaffirmed her position, saying her warning was based on genuine concern for investors following a series of government demolition exercises that affected both residential and commercial properties across the state.
“I have absolutely nothing to apologise for,” she said. “My comment was personal, not political or ethnic. It was meant to caution people about the risks of investing in an environment where properties can be demolished without adequate notice or compensation.”
She explained that her original post, made during a heated online discussion about the Lagos demolition policy, was not intended to target any particular ethnic group or administration.
According to her, she was reacting to recurring incidents where property owners — both Nigerians and foreigners — suffered huge losses due to government reclamation projects and alleged inconsistencies in urban planning enforcement.
“The issue is about fairness and the protection of investments,” she maintained. “Whether you are Igbo, Yoruba, or Hausa, once your property is affected, your ethnicity doesn’t protect you. My call was for investors to exercise caution and insist on clear legal documentation before putting their money anywhere.”
The controversy deepened after governance expert Dr. Joe Abah referenced her earlier post during an online debate, suggesting it could discourage investment in Lagos.
In response, Maryanne accused Abah of twisting her words and turning a straightforward caution into a tribal issue.
Her husband, Prof. Kingsley Moghalu, also came to her defence, describing the backlash as unfair and misplaced.
He stressed that his wife’s comments were made “in good faith” and were a reflection of Nigeria’s flawed property governance system.
“She was not demarketing Lagos; she was highlighting a pattern of poor urban planning enforcement that puts investors at risk,” Moghalu said. “The ethnic interpretation of her statement was entirely misplaced.”
Critics, however, argue that Mrs. Moghalu’s choice of words — “invest in Lagos at your own peril” — was too strong and could send the wrong message to foreign and local investors.
Supporters countered that her statement draws attention to long-standing governance issues in Lagos, including poor compensation for demolished structures, inconsistent land approvals, and regulatory uncertainty.
Observers note that the controversy underscores a larger national conversation about investment security, property rights, and governance accountability in Nigeria. Lagos, while being the country’s top investment destination, has witnessed recurring disputes over land ownership and the demolition of structures allegedly built without proper authorization.
Urban policy analysts say Mrs. Moghalu’s remarks, though harshly worded, may push authorities to review urban planning practices and improve compensation frameworks for affected property owners.
For now, Mrs. Moghalu remains unapologetic. “I stand by what I said,” she reaffirmed. “When people lose their homes and investments overnight without fair compensation, it’s not wrong to speak up. Investors deserve transparency and security — that’s all I meant.”
