The management of Landmark Africa Group, operators of Landmark Beach in Lagos State, has lamented that the company is devastated following the demolition of part of its beachfront property by the Nigerian government.
The company in an official statement issued by its Brand and Corporate Communications Officer, Elsie Ogianyo, said the demolition of the property has thrown the company into eminent loss of nearly half its company revenue.
The company described the period as the most difficult and painful eight weeks of its 27 years of existence as an international organisation.
Ogianyo stated that the company is currently picking up its pieces as it has yet to receive any compensation from the government. The company, however, noted that it is focused on working with the government to receive adequate compensation required to jumpstart the rest of the once thriving landside part of the Landmark Ecosystem and a new family-centric beach in a different waterfront location.
Ogianyo said, “We are devastated by the horrific demolition of our much-cherished Landmark Beach. It has indeed been the most difficult 8 weeks of our 27-year existence as an international organisation.
“Whilst we accept the concept of the government’s “Eminent Domain” rights for the greater public good and understand the immense value of a coastal road, as the first major development and pioneer business operating on the Water Corporation Road for almost 18 years, it is heart wrenching to see the destruction of our world-class tourism platform that represented the hopes, dreams and aspirations of thousands of families and over 50 micro and small beach businesses.
“Over the last few weeks, we had hoped that our sizable and growing tourism and socioeconomic impact would cause a change of heart, but this was unfortunately not so.
“Despite the pain and disappointment, we have resolved to “take it on the chin” and are now picking up the pieces to recreate a new, bigger, and even better entertainment, leisure, and tourism ecosystem.”
The Nigerian government demolished part of Landmark Beach property located along the Water Corporation Road, Victoria Island, Lagos for the construction of the Lagos-Calabar Coastal Road.
The statement said, “The 27-year-old Landmark Group has been in business in Nigeria for over 20 years and in this period has attracted over US$100 million in foreign and domestic investment for developing the Landmark Ecosystem.
“We now need to focus on working with our existing foreign institutional investors, diaspora investors as well as creditors to chart a way forward to ensure their investment is not lost but multiplies so that we are able to keep their faith in not just our existing credentials as a well-run, viable and compliant business, but their trust in Nigeria as a veritable investment destination.
“To be clear, we identified this beachfront property in 2005, we made payments for it in 2006 and have had unhindered access to the shoreline ever since.
“We registered our title to our property and secured formal rights from our lessor to develop the beachfront into what is now known as the Landmark Beach.
“At various points between 2012 and 2016, we spent many millions of dollars shoring up the same shoreline against ocean surges that were progressively eroding it and threatening infrastructure further inland.
“We understand and accept the government has the overall right to take over any property in Nigeria for overriding public purpose i.e. for reasons which it believes will be of benefit to Nigerians at large and we respect the government’s decision as a law-abiding corporate citizen.
“This will be our last public statement on this specific issue as we wish to focus our collective resolve and undivided attention on reinforcing our relationships with all stakeholders and finalising our regeneration and financial plans to rebuild and thrive once again.”
Ogianyo further stated that despite the tragic demolition of the property, the company continues to believe in the potential of Nigeria and remains committed to playing its part with the support of friends, well-wishers, partner businesses, employees and both its federal and state governments.
“It is our sincere hope that this unfortunate incident would not discourage other members of the diaspora or foreign investors from returning or investing in Nigeria as our over 20-year foray into this country leaves us convinced of the immense opportunities to be harnessed for the good of all; and particularly the resourceful Nigerian youth who form the backbone of the Landmark Group,” Ogianyo said.
Ogianyo added, “We are currently picking up the pieces following the demolition of almost N42 billion worth of supporting infrastructure and buildings, and the loss of nearly half our company revenue.
“We are focused on working with the government to receive adequate compensation required to jumpstart the rest of the once thriving landside part of the Landmark Ecosystem and a new family centric beach in a different waterfront location.
“This will help to preserve the sustenance of the thousands of families whose livelihood have been threatened by the demolition as well as recreate a platform for many of the small and micro businesses that were incubated on the Landmark Beach and adjoining beach resorts that were recently demolished.” (SaharaReporters)
