Landmark Africa, the company behind the Landmark Beach Resort in Lagos, has announced plans to relocate its Nigerian headquarters and expand its operations.
CEO and founder Paul Onwuanibe revealed that the company will extend its reach into two other African countries, establish a presence in three Nigerian states, and move its headquarters out of Lagos.
This decision comes in the wake of the April 2024 demolition of the Landmark Beach Resort, which Onwuanibe described as a devastating setback, resulting in an estimated $80 million loss.
In an appearance on The KK Show – Key to Keys podcast, featured on Eden Oasis’ official YouTube channel, Onwuanibe explained that the demolition highlighted the need for geographical diversification to reduce the risks of concentrated investments.
He also shared plans to relocate Landmark Africa’s entire events and tourism platform 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 shared that Landmark Africa received interest from governors in 12 states across Nigeria, with three states selected for new ventures after a six-month evaluation. He did not disclose the names of the states or new African countries for expansion.
More insight
Onwuanibe detailed the impact of the April 2024 Landmark Beach Resort demolition, revealing the short notice and ongoing financial strain.
“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 yet to receive any compensation, although other affected properties have been paid.
- Onwuanibe also questioned the changes to the Coastal Road’s planned route, which was initially meant 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.
Onwuanibe stressed Landmark Africa’s contribution to the local economy, noting over 10 billion naira in taxes paid the previous year.
“We were the only private business listed on the government’s tourism website,” he said.
Describing the demolition’s chaotic nature, he recalled guests still in the hotel as it began:
“We didn’t have time to remove fridges, TVs, mattresses, or even plates from the kitchen.”
He highlighted that the financial losses are far higher than initially estimated.
“It sounds like a $30 million loss, but it’s more like $60 million to $80 million,” Onwuanibe explained, adding that the broader impact on surrounding investments could reach $200 million to $300 million.
