Landmark Africa Announces Major Relocation, Expansion Plans Following Lagos Beach Demolition
Landmark Africa, the developers of the popular Landmark Beach Resort in Lagos, has unveiled plans to relocate its Nigerian headquarters, expand operations across three Nigerian states, and establish a presence in two additional African countries.
This development follows the controversial April 2024 demolition of the Landmark Beach Resort, which CEO and founder Paul Onwuanibe described as a devastating event resulting in financial losses estimated at $80 million.
Speaking on The KK Show – Key to Keys podcast, aired on Eden Oasis’ official YouTube channel, Onwuanibe revealed that the demolition served as a wake-up call to diversify the company’s investments geographically.
“We’re going to diversify to two other African countries. We’re going to go into three different states. We’re going to move our Nigeria HQ location out of Lagos. And we’re going to move our entire sort of events and tourism platform out of Nigeria,” he stated.
Onwuanibe disclosed that Landmark Africa had attracted interest from governors in 12 states across Nigeria.
After a six-month evaluation, the company selected three states for its new ventures, though their identities remain undisclosed.
Similarly, the African countries earmarked for expansion have not been named.
“We’ve realised the need to spread our operations to ensure that no single incident, such as the demolition, could cripple our entire business,” Onwuanibe explained.
The demolition of the Landmark Beach Resort, executed with just a seven-day notice, was described by Onwuanibe as chaotic and financially ruinous.
“We didn’t have time to remove fridges, TVs, mattresses, or even plates from the kitchen,” he lamented, adding that guests were still in the hotel when the demolition commenced.
Onwuanibe criticised the lack of compensation provided to Landmark Africa, noting that other affected properties had been reimbursed.
He also questioned alterations to the Coastal Road project, which was initially planned to run in front of the resort but was later rerouted.
“It was meant to be in front of us, not behind,” he said, adding to the confusion surrounding the incident.
The financial fallout extends far beyond the immediate losses. “It sounds like a $30 million loss, but it’s more like $60 million to $80 million,” Onwuanibe revealed, estimating that the broader impact on surrounding investments could amount to $200 million to $300 million.
Onwuanibe highlighted Landmark Africa’s significant contributions to Nigeria’s economy, including over N10 billion in taxes paid in the previous year.
He also noted the company’s prominent role in tourism, being the only private business listed on the government’s tourism website.
“This was not just a business; it was an ecosystem supporting hundreds of jobs and fostering economic activity,” he said.
Despite the setbacks, Landmark Africa is charting a new course. The planned relocations and expansions signal the company’s determination to rebound from the demolition’s impact.
“This is not the end for us; it’s the beginning of a new chapter,” Onwuanibe affirmed.
As the company ventures into new territories, its story will remain a stark reminder of the need for stable policies that support businesses, particularly in the tourism and hospitality sectors.
