Landmark Africa to Relocate HQ, Expand Across Africa After Beach Demolition
Landmark Africa, the company behind the Landmark Beach Resort in Lagos, has announced plans to relocate its Nigerian headquarters and expand its operations across Africa. This decision follows the demolition of the resort in April 2024, which resulted in an estimated $80 million loss. The company plans to establish a presence in three Nigerian states, enter two additional African countries, and move its entire event and tourism platform out of Nigeria.
The demolition carried out under the directive of the Minister of Works, David Umahi, was intended to clear land for the Lagos-Calabar coastal highway project. Landmark’s CEO, Paul Onwuanibe, described the event as a devastating blow, erasing years of effort and significant investments in a matter of hours. The beach site, acquired in 2006 for $17 million and developed with a $30 million loan, was a cornerstone of the company’s operations. Onwuanibe revealed that the demolition not only wiped out $30 million in investments but also displaced over 1,000 employees and disrupted an ecosystem that supported more than 4,000 livelihoods.
Despite this setback, Landmark Africa is determined to rebuild and expand. Onwuanibe shared that multiple African presidents and Nigerian governors reached out to offer support and invite the company to establish operations in their regions. He explained that the company plans to diversify its footprint by entering two additional African countries and three Nigerian states while relocating its headquarters out of Lagos. This move aims to create a robust West African tourism and leisure network.
The demolition’s impact extended beyond the immediate operations of Landmark Beach. Over 1,000 direct employees and 50 small businesses operating within the facility were displaced. The ripple effects also affected more than 4,000 indirectly employed individuals, including vendors and nearby businesses that relied on the resort’s 4.5 million annual visitors. Onwuanibe highlighted the abrupt nature of the demolition, which left many businesses unable to salvage their assets, with equipment and infrastructure destroyed in the process.
The federal government defended the demolition by citing Landmark Beach’s location on its right-of-way for the highway project and announced a compensation package of N2.7 billion. However, stakeholders argue that this amount falls far short of covering the extensive losses incurred. Onwuanibe expressed his determination to move forward, emphasizing resilience and a commitment to rebuilding. He noted that the company is focused on creating opportunities and learning from this experience, even as it faces the challenges of relocation and expansion.
