Landmark Africa, the company behind the renowned Landmark Beach Resort in Lagos, has unveiled plans to relocate its Nigerian headquarters and expand its operations across Africa and within Nigeria.
Strategic Diversification and Expansion
CEO and founder Paul Onwuanibe disclosed that the company will extend its footprint into two African countries, establish operations in three Nigerian states, 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 financial and operational setback, with losses estimated at $80 million.
Speaking on The KK Show – Key to Keys podcast, hosted on Eden Oasis’ YouTube channel, Onwuanibe emphasized the importance of geographical diversification to mitigate risks associated with concentrated investments.
“We’re going to diversify into two other African countries, expand to three Nigerian states, relocate our Nigerian HQ out of Lagos, and shift our entire events and tourism platform outside of Nigeria,” Onwuanibe revealed.
New Opportunities in Nigeria and Beyond
Onwuanibe shared that Landmark Africa received interest from governors in 12 Nigerian states. Following a six-month evaluation, three states were selected for the company’s new ventures. However, the specific states and African countries targeted for expansion remain undisclosed.
Fallout from the Demolition
The April 2024 demolition of the Landmark Beach Resort continues to weigh heavily on the company. Onwuanibe noted that Landmark Africa was given only seven days’ notice before the demolition, which was eventually delayed by two to three months.
Despite the financial losses and disruption, Landmark Africa has yet to receive compensation, although other affected properties have been reimbursed.
Onwuanibe expressed frustration over changes to the planned route of the Coastal Road, which was initially supposed to run in front of the resort but was later rerouted behind it.
Economic Contributions
Highlighting the company’s impact, Onwuanibe revealed that Landmark Africa paid over ₦10 billion in taxes last year and was the only private business featured on the government’s tourism website.
Financial and Emotional Toll
Onwuanibe recounted the chaotic nature of the demolition, with hotel guests still present and no time to remove assets such as furniture, appliances, or supplies.
The losses, initially estimated at $30 million, are now believed to range between $60 million and $80 million, with the ripple effects on surrounding investments potentially reaching $200 million to $300 million.
Looking Ahead
Despite these challenges, Landmark Africa remains focused on its expansion plans, aiming to rebuild and grow in new locations while reducing vulnerabilities from concentrated investments in any single region.
