The government of Lagos is in the process of demolishing a portion of Landmark Beach Resort in order to accommodate the development of the extensive Lagos-Calabar road project, which spans 700 kilometres. Paul Onwuanibe shared in a report that he was given a notice to demolish his expensive beach resort at the end of March. The notice stated that he needed to leave within one week. The Landmark site is a thriving hub, hosting many businesses and creating job opportunities for a large number of individuals.
With an impressive value exceeding $200 million, it also contributes over 2 billion Naira ($1.5 million) in annual tax revenue. Paul Onwuanibe, a Nigerian entrepreneur, revealed that he was given a notice of Demolition at the end of March, demanding him to leave his luxury beach resort worth millions of dollars within a week before it was torn down. In 2007, Onwuanibe acquired the land long before the idea of building a coastal highway was even considered.
Several areas of the property are set to be demolished.
Upon receiving the order for demolition, the CEO of the Landmark Group experienced a range of feelings that motivated him to pursue compensation claims. According to the notice, several areas of the property are set to be demolished due to their encroachment within the Right of Way of the upcoming road project of the state, including the Beach Resort, Kids and Bay Arena, Members Area, and Lagos Beach Club, with a violation of 50 metres.
Furthermore, the Landmark site, owned by Onwuanibe, is estimated to be worth over $200 million. With more than 80 businesses operating on the site, it creates employment for over 4,000 individuals. The site also contributes over 2 billion naira ($1.5 million) in annual Tax revenue. Onwuanibe informed that Landmark Group is currently facing pressure from both national and international Investors who are considering withdrawing their investments as a result of the potential removal of the beach resort.
International & local investors have threatened to withdraw their support.
More so, the resort features amenities such as a mini golf course, beach soccer field, and volleyball and basketball courts. He expressed concern about the detrimental effects on the ecosystem due to the absence of the beach, stating that both international and local investors, as well as debt providers, have contacted him in a state of panic. They have threatened to withdraw their support, believing that this issue is crucial to the survival of the business.
On February 27, 2024, the federal authorities granted permission for the Construction of the new coastal road, as confirmed by Chief Temitope Ajayi, an aide to the president. The construction of the initial section of the 1.06 trillion naira ($841 million-plus) highway is scheduled to take place on Victoria Island, Lagos. This route will extend across nine coastal states within Nigeria. The coastal road project is believed by environmentalists to offer economic advantages, however, they also warn of the considerable environmental obstacles it brings.
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Landmark Leisure Beach is a picturesque destination situated in the heart of Lagos, Nigeria. With its prime location at numbers 3 and 4, Water Corporation Road, Victoria Island in Lagos State, this beach offers a perfect escape for visitors looking to relax and unwind by the beautiful shores of Lagos. The Landmark Leisure Beach is a popular venue for hosting concerts, particularly in the month of December. Wizkid, a musician from Nigeria, graced the stage on December 30, 2021, for a performance that was put together by Toro Entertainment Company.