Landmark Africa, the firm behind Landmark Beach Resort in Lagos, plans to relocate its Nigerian headquarters and expand operations.
The Chief Executive Officer, Paul Onwuanibe disclosed this during his appearance on The KK Show – Key to Keys podcast on Eden Oasis’ YouTube channel.
Onwuanibe announced the company’s intent to enter two more African countries, establish a presence in three Nigerian states, and move its headquarters out of Lagos.
This follows the April 2024 demolition of Landmark Beach Resort, which he called a devastating setback, leading to an estimated $80 million loss.
The Landmark CEO noted that the demolition emphasized the need for geographical diversification to reduce the risks associated with concentrated investments.
He also revealed plans to move Landmark Africa’s entire events and tourism platform outside Nigeria.
“We’re going to have some diversification. 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,” Onwuanibe stated.
He revealed that Landmark Africa received interest from governors in 12 Nigerian states.
After a six-month evaluation, three states were chosen for new ventures, although he did not disclose the names of the states or the new African countries for expansion.
Onwuanibe however discussed the impact of the April 2024 Landmark Beach Resort demolition, revealing the short notice and the continuing financial strain it caused.
“We were issued a seven-day notice,” he said, adding that the demolition was delayed by two to three months.
Despite this, Landmark Africa has not received any compensation, while other affected properties have been paid.
He also raised concerns about changes to the Coastal Road’s planned route, which was originally intended to run in front of the resort.
“It was meant to be in front of us, not behind,” he said, adding to the confusion surrounding the demolition.
He emphasized Landmark Africa’s contribution to the local economy, highlighting the payment of over 10 billion naira in taxes the previous year. (Punch)
