Landmark Africa, owners of the Landmark Beach Resort in Lagos, has announced plans to relocate its headquarters out of Lagos and shift its entire event and tourism operations out of Nigeria. The decision, confirmed by CEO Paul Onwuanibe, follows the demolition of Landmark Beach in April 2024, a move that led to catastrophic financial and human losses for the company.
The demolition, ordered by the Minister of Works, David Umahi, was executed to clear land for the Lagos-Calabar coastal highway project. Landmark reported losses of $80 million, with over $30 million in direct investments wiped out. Onwuanibe described the event as a devastating setback, with over 1,000 direct employees and thousands of others indirectly affected.
Onwuanibe disclosed that the beach site was acquired in 2006 for $17 million and later developed with a $30 million loan. He recounted the significant investments made in infrastructure, including underground drainage systems and fiber-optic cables, which were obliterated within six hours during the demolition.
“This was 27 years of hard work erased in a matter of hours,” he lamented. “The financial, emotional, and social costs are immeasurable.”
The demolition disrupted operations for 160,000 members and affected over 50 small and medium enterprises within the facility. The ripple effect extended to car park attendants, street vendors, and neighboring hotels, all of which relied on the beach’s annual footfall of 4.5 million visitors.
Despite a N2.7 billion compensation package announced by the federal government, Landmark has described the amount as grossly insufficient to address the losses. Onwuanibe criticized the abrupt nature of the demolition, which left businesses unable to salvage their assets.
In response to the crisis, Landmark is diversifying its operations. The company plans to establish a presence in three Nigerian states and expand into two other African countries. Onwuanibe revealed that offers from African presidents and state governors influenced the decision to relocate.
“We’ve received overwhelming support and invitations to invest elsewhere. While this marks the end of an era in Lagos, it is also the beginning of a broader footprint across West Africa,” he said.
Despite the setbacks, Onwuanibe remains resolute in rebuilding and moving forward, emphasizing resilience as the cornerstone of recovery.
