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TOP NEWS TODAY! GOOD NEWS TO ALL NIGERIANS AT HOME AND ABROAD. PRESIDENT TINUBU SET TO PAY EVERY CITIZENS STIPENDS WHO DO THIS 5 THINGS. CHECK THE FULL LIST AND HOW TO APPLY IF YOUR QUALIFY.Landmark Africa, the company behind the iconic Landmark Beach Resort in Lagos, has announced plans to relocate its Nigerian headquarters and broaden its operations across Africa. ...Tap To Read The Full Story Here | ..Tap To Read The Full Story Here...
This move follows the controversial demolition of its beach resort in April 2024, which resulted in significant financial losses.
Expansion Plans
Paul Onwuanibe, CEO and founder of Landmark Africa, revealed the company’s strategic plans during an episode of The KK Show – Key to Keys podcast, hosted on Eden Oasis’ YouTube channel. According to Onwuanibe, the company will expand into two additional African countries and establish a presence in three Nigerian states.
“We’re diversifying geographically to mitigate risks tied to concentrated investments,” Onwuanibe stated. He also disclosed that Landmark’s entire events and tourism platform would be relocated out of Nigeria.
Over the past six months, Landmark Africa assessed opportunities in 12 Nigerian states, eventually selecting three for new ventures. However, Onwuanibe refrained from naming the states or the African countries chosen for the expansion.
Impact of the Demolition
The demolition of Landmark Beach Resort, a decision tied to the Coastal Road project, has been a major setback for the company. Onwuanibe recounted the challenges faced, including a short seven-day notice to vacate the property. Although the demolition was delayed by a few months, the company was unable to recover assets such as furniture, appliances, and other equipment before the destruction began.TOP NEWS TODAY! GOOD NEWS TO ALL NIGERIANS AT HOME AND ABROAD. PRESIDENT TINUBU SET TO PAY EVERY CITIZENS STIPENDS WHO DO THIS 5 THINGS. CHECK THE FULL LIST AND HOW TO APPLY IF YOUR QUALIFY.
“We lost everything—fridges, TVs, mattresses, even plates from the kitchen,” he said.
The financial blow was far-reaching, with initial loss estimates of $30 million now climbing to between $60 million and $80 million. Onwuanibe also projected that the broader impact on surrounding investments could total $200 million to $300 million.
Lack of Compensation
Despite the immense losses, Landmark Africa has not received any compensation for the demolition, unlike some other affected property owners. Onwuanibe also raised concerns over the revised route of the Coastal Road, which deviated from its original plan to run in front of the resort.
“It was meant to be in front of us, not behind,” he noted, adding to the confusion and frustration surrounding the situation.
Landmark’s Economic Contribution
Highlighting Landmark Africa’s significance to the local economy, Onwuanibe stated that the company paid over 10 billion naira in taxes in the previous year. He also emphasized that Landmark Beach was the only private entity featured on the government’s official tourism website.
“This wasn’t just about a business; it was about building an ecosystem that supported thousands of jobs and elevated tourism in Lagos,” Onwuanibe explained.
In light of these challenges, Landmark Africa’s relocation and diversification plans mark a pivotal shift in its strategy. Onwuanibe’s vision to expand beyond Lagos and Nigeria reflects a commitment to resilience and growth, despite setbacks.TOP NEWS TODAY! GOOD NEWS TO ALL NIGERIANS AT HOME AND ABROAD. PRESIDENT TINUBU SET TO PAY EVERY CITIZENS STIPENDS WHO DO THIS 5 THINGS. CHECK THE FULL LIST AND HOW TO APPLY IF YOUR QUALIFY.
As Landmark Africa sets its sights on new territories, the company’s experience underscores the importance of a stable investment environment for businesses looking to drive economic development across the continent....Tap To Read The Full Story Here.
