The Lagos State Government has announced the impending demolition of the $200 million Landmark Beach Resort.
The proprietor of Landmark Beach Resort, Paul Onwuanibe, in an interview with CNN, explained that its interference with the proposed path of a 700-kilometre coastal road linking the state to Calabar is the primary reason for the planned demolition.
Onwuanibe stated that he received a notice to evacuate his multimillion-dollar beach resort within a seven-day period in preparation for its imminent demolition.
He mentioned that the Landmark property, valued at over $200 million, hosts over 80 businesses and directly supports more than 4,000 jobs, with the company contributing over N2 billion in taxes each year.
With its status as a leading tourism destination in Nigeria, the beach resort welcomed roughly one million visitors, including both locals and foreigners, in the past year.
Onwuanibe clarified that he acquired the land in 2007, long before the plans for the coastal highway were devised, expressing mixed emotions upon receiving the demolition notice and indicating his intention to seek compensation.
Onwuanibe stated that international and domestic investors within the Landmark Group are contemplating withdrawing their investments should the beach resort, which includes amenities such as a mini golf course, beach soccer field, volleyball, and basketball court, be demolished.
He said, “People who bring in money to make cities like this effective will be very concerned (with the proposed demolition of the beach resort). It will pose a huge threat to inward investment into the state and, most importantly, pose a threat to people who are already in the state trying to do things.
“We’ve spent between $80 and $90 million developing this ecosystem and one-third of that was spent on the beach. So, all that, which we are still paying loans on, will disappear.
“Without the beach, the entire ecosystem is at risk and is severely damaged.
“I have had widespread panic calls from my international and local investors as well as local debt providers threatening to pull the plug as they think this is material to our survival as a business.”
Earlier, the Lagos State Government disclosed its intentions to commence the demolition of all “illegal” structures along the proposed route of the Lagos-Calabar coastal highway.
Owners of physical structures and properties falling within this category were notified of their removal by the State Government.
The notice disclosed that announcements were published on March 15 and 16, 2024, outlining the construction plans for the 103km segment of the 700km Lagos-Calabar Coastal Highway, a joint effort between the Federal Ministry of Works and the Lagos State Government.
The notice, signed by Somolu O., Deputy Director at the Development Matters Department, informed the recipient that their two-story property is located within the project’s right-of-way alignment, specifically by 10.4 meters.
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