Landmark Africa To Relocate Head Office From Lagos

Landmark Africa, the company behind the renowned Landmark Beach Resort in Lagos, has announced plans to relocate its head office from Lagos and expand its presence to two other African countries and three Nigerian states.

This decision follows the controversial demolition of the Landmark Beach Resort in April 2024, which resulted in an estimated financial loss of $80 million.

Mr. Paul Onwuanibe, Chief Executive Officer (CEO) and founder of Landmark Africa, revealed these plans during an appearance on The KK Show – Key to Keys podcast. He emphasised that the demolition highlighted the urgent need for geographical diversification to reduce the risks associated with concentrated investments.

“We are going to diversify into two other African countries, expand into three different Nigerian states, and move our headquarters out of Lagos. Additionally, our events and tourism platform will be relocated outside Nigeria,” Mr. Onwuanibe said.

While he did not disclose the specific states or countries targeted for expansion, he noted that Landmark Africa had received invitations from governors across 12 Nigerian states. After a six-month evaluation process, three states were selected for new ventures.

Reflecting on the events surrounding the demolition, Mr. Onwuanibe described it as a chaotic and financially crippling ordeal. Despite being issued a seven-day demolition notice, the process was delayed by two to three months. However, Landmark Africa has yet to receive any compensation, even though other affected properties have reportedly been compensated.

Mr. Onwuanibe also questioned the rerouting of the planned Coastal Road project, stating that it was initially designed to run in front of the Landmark Beach Resort, not behind it.

He highlighted Landmark Africa’s significant contribution to the local economy, including over ₦10 billion in taxes paid in the previous year, and noted that the resort was the only private business featured on the government’s official tourism website.

The CEO recounted the harrowing demolition experience, mentioning that hotel guests were still on-site when the process began. There was no time to salvage valuable assets, including fridges, TVs, mattresses, or kitchen equipment.

While initial estimates put the financial loss at $30 million, Mr. Onwuanibe clarified that the true figure is closer to $60 million to $80 million. He stated that the broader economic impact, including losses to surrounding businesses and investments, could reach $200 million to $300 million.