Landmark Group Expands West African Footprint with $20 Million Investment
Landmark Group, a leading provider of business, leisure, and lifestyle solutions, is embarking on a significant expansion across West Africa. The company is raising $20 million (approximately N30 billion) through private placement to fuel the development of tourism businesses in eight key cities. This initiative follows the demolition of the company’s Lagos Beach Resort by the federal government to make way for the Lagos-Calabar coastal highway.
“We are geographically diversifying to mitigate our reliance on any single economy,” explained Paul Onwuanibe, Group CEO, in an exclusive interview with BusinessDay. “This expansion will focus on two of our most efficient and impactful business segments: events and leisure & hospitality.”
To support this ambitious growth, Landmark Group is securing funding through a private placement and a partnership with Afreximbank for debt financing.
Over the next three months, the company will establish a presence in eight West African cities, including The Gambia, Enugu, and Port Harcourt.
“We have signed an agreement with The Gambia government for a 20-hectare waterfront site, including 10 years of tax breaks,” Onwuanibe revealed. “The country’s commitment to tourism is evident in the warm reception we received from the president, ministers, and the investment promotion council.”
In Nigeria, Landmark Group has entered into a joint venture with the Enugu State government to revitalize the 150-hectare Nike Lake Resort. “This will become the tourism hub of the Southeast,” Onwuanibe stated. “Enugu, with its international airport and a dynamic governor, presents immense potential.”
In Port Harcourt, the company will redevelop an eight-hectare Tourist Beach. “We anticipate commencing work on phase one within the next few months, with the aim of having a portion operational by Easter,” Onwuanibe assured. “This beachfront location, surrounded by water, offers unique opportunities.”