The management of Landmark Beach is actively pursuing compensation from the Federal Government after the demolition of its properties, valued at approximately N42 billion.
The demolition of the Landmark structure resulted in the loss of nearly half of the company’s revenue and has profoundly impacted the livelihoods of numerous families and small businesses associated with the Landmark ecosystem.
In a recent statement, Landmark Group detailed the extensive damage caused by the demolition, which included key supporting buildings and infrastructure crucial to their operations. The demolition carried out on April 29, 2024, was part of the government’s efforts to construct the Lagos-Calabar Coastal Highway. However, Landmark Beach management claims they were not properly consulted about the project’s alignment or the Environmental Impact Assessment (EIA) concerning their property.
“We are currently picking up the pieces following the demolition of almost N42 billion worth of supporting infrastructure and buildings,” the statement read. “We are focused on working with the Government to receive adequate compensation required to jumpstart the rest of the once thriving Landmark ecosystem and a new family-centric beach in a different waterfront location.”
The demolition was prompted by the property’s encroachment on the Right-of-Way for the coastal highway project. Despite the company’s hopes that their significant socio-economic contributions might influence a different outcome, the demolition proceeded without their inclusion in initial compensation efforts. Federal Works Minister David Umahi announced an initial disbursement of N2.75 billion to affected property owners, but Landmark Beach was not included in this first round.
Despite this setback, Landmark Group remains optimistic and committed to rebuilding. They are in discussions with investors and are exploring new waterfront locations for a family-centric beach. Additionally, the company is negotiating with several West African countries and two Nigerian states to develop new beachfront tourism sites.
“Whilst we accept the concept of the Government’s ‘Eminent Domain’ rights for the greater public good, it is heart-wrenching to see the destruction of our world-class tourism platform,” the statement continued. Landmark Group has been a major player in Nigeria’s tourism sector for over 20 years, attracting more than $100 million in investment.
Landmark Group pledged to rebuild and continue contributing to Nigeria’s growth, ensuring the sustenance of thousands of families and businesses affected by the demolition.
“We are also pleased to announce that we are having in-depth discussions with three West African countries and two states in Nigeria regarding developing beachfront tourism in their localities,” the statement concluded.
