Landmark Africa, the developer behind the prestigious Landmark Beach Resort in Lagos, has announced plans to relocate its Nigerian headquarters and expand its operations.
This was revealed by Chief Executive Officer, Paul Onwuanibe, during an interview on the The KK Show – Key to Keys podcast, featured on the Eden Oasis YouTube channel.
Following the significant setback of the Landmark Beach Resort’s demolition in April 2024, resulting in an estimated $80 million in losses, Landmark Africa has announced a strategic shift in its operations.
The company intends to expand its reach across the African continent by entering two new markets while simultaneously establishing a presence within three additional Nigerian states. To facilitate this expansion, Landmark Africa will relocate its corporate headquarters from Lagos.
Mr. Onwuanibe emphasized that this strategic diversification is crucial to mitigate the risks associated with concentrating investments in a single location, as highlighted by the devastating impact of the resort’s demolition.
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 mentioned.
Following an evaluation period of six months, Landmark Africa has selected three Nigerian states for new ventures, amidst expressions of interest from governors in twelve states across the country.
While the specific states and the two target African countries for expansion remain undisclosed, Mr. Onwuanibe acknowledged the significant impact of the April 2024 Landmark Beach Resort demolition.
He highlighted the short notice provided for the demolition and the ongoing financial strain it continues to exert on the company.
“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.
Mr. Onwuanibe emphasized Landmark Africa’s significant contribution to the Nigerian economy, highlighting the company’s payment of over 10 billion naira in taxes during the preceding year.
