Landmark Africa is set to move its headquarters from Lagos following the demolition of its beach property and will expand its operations into two additional African countries.
Landmark Africa, the organization responsible for the Landmark Beach Resort in Lagos, has announced its intention to move its Nigerian headquarters and broaden its operational scope.
Paul Onwuanibe, the CEO and founder, disclosed that the company aims to expand into two additional African nations, establish a presence in three Nigerian states, and relocate its headquarters from Lagos.
This strategic move follows the planned demolition of the Landmark Beach Resort in April 2024, which Onwuanibe characterized as a significant setback, leading to an estimated loss of $80 million.
During an interview on The KK Show – Key to Keys podcast, available on Eden Oasis’ official YouTube channel, Onwuanibe emphasized that the demolition underscored the necessity for geographical diversification to mitigate the risks associated with concentrated investments.
He also outlined plans to transfer Landmark Africa’s entire events and tourism operations outside of 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 said.
Onwuanibe reported that Landmark Africa has garnered interest from governors in 12 Nigerian states, with three states chosen for new projects following a six-month assessment. However, he refrained from naming the selected states or the new African countries targeted for expansion.
He elaborated on the repercussions of the April 2024 demolition of the Landmark Beach Resort, highlighting the short notice and the ongoing financial difficulties it has caused.
“We received a seven-day notice,” he stated, noting that the demolition was postponed by two to three months.
Despite this delay, Landmark Africa has not yet received any compensation, while other impacted properties have been compensated. Onwuanibe also raised concerns regarding alterations to the planned route of the Coastal Road, which was originally intended to be situated in front of the resort. “It was supposed to be in front of us, not behind,” he remarked, adding to the uncertainty surrounding the demolition.
He emphasized Landmark Africa’s significant role in the local economy, pointing out that the company paid over 10 billion naira in taxes the previous year. “We were the only private enterprise featured on the government’s tourism website,” he noted.
Describing the demolition as chaotic, he recounted that guests were still present in the hotel when it commenced: “We didn’t have time to remove fridges, TVs, mattresses, or even plates from the kitchen.”
He underscored that the financial losses are considerably greater than initially projected. “It appears to be a $30 million loss, but it’s more accurately between $60 million and $80 million,” Onwuanibe clarified, adding that the overall impact on nearby investments could amount to between $200 million and $300 million.