Lagos-Calabar coastal highway project: Landmark to relocate headquarters out of Lagos, eyes 2 African countries

Landmark Africa, the parent company of Landmark Beach Resort in Lagos State, has outlined plans to relocate its Nigerian headquarters while expanding operations across Africa and within Nigeria.

Paul Onwuanibe, the CEO and founder, announced the company’s strategy to establish its presence in three other Nigerian states, venture into two additional African countries, and move its headquarters out of Lagos.

The decision follows the April 2024 demolition of the Landmark Beach Resort, which Onwuanibe described as a significant loss, amounting to an estimated $80 million.

“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 headquarters location out of Lagos. And we’re going to move our entire sort of events and tourism platform out of Nigeria,” Onwuanibe stated.

He shared that the company had been approached by governors from 12 Nigerian states. After a six-month evaluation, three states were chosen for new projects, though the specific locations remain undisclosed. Onwuanibe also withheld details about the African countries where Landmark Africa plans to expand.

Reflecting on the resort’s demolition, Onwuanibe highlighted the financial and operational strain it caused. Despite a delayed timeline of two to three months, the company received no compensation, even as other affected properties were reportedly paid.

Adding to the confusion, Onwuanibe questioned changes made to the Coastal Road’s original route, stating, “It was meant to be in front of us, not behind.”

He also emphasized Landmark Africa’s economic contributions, revealing that the company paid over 10 billion naira in taxes the previous year and was the only private business featured on the government’s tourism website.

The demolition, according to Onwuanibe, caused chaos, with guests still occupying the hotel and no opportunity to salvage items like fridges, TVs, and kitchen equipment.

“It sounds like a $30 million loss, but it’s more like $60 million to $80 million,” he said, highlighting the broader ripple effects on nearby investments, which he estimated could total $200 million to $300 million.