Landmark Africa to relocate headquarters from Lagos after seaside demolition, increase to 2 African international locations 

Landmark Africa, the corporate behind the Landmark Seaside Resort in Lagos, has introduced plans to relocate its Nigerian headquarters and increase its operations.

CEO and founder Paul Onwuanibe revealed that the corporate will prolong its attain into two different African international locations, set up a presence in three Nigerian states, and transfer its headquarters out of Lagos.

This choice comes within the wake of the April 2024 demolition of the Landmark Seaside Resort, which Onwuanibe described as a devastating setback, leading to an estimated $80 million loss.

In an look on The KK Present – Key to Keys podcast, featured on Eden Oasis’ official YouTube channel, Onwuanibe defined that the demolition highlighted the necessity for geographical diversification to scale back the dangers of concentrated investments.

He additionally shared plans to relocate Landmark Africa’s whole occasions and tourism platform outdoors of Nigeria.

“We’re going to have some diversification. We’re going to diversify to 2 different African international locations. We’re going to enter three completely different states. 

“We’re going to maneuver our Nigeria HQ location out of Lagos. And we’re going to maneuver our whole form of occasions and tourism platform out of Nigeria,” Onwuanibe stated.

Onwuanibe shared that Landmark Africa obtained curiosity from governors in 12 states throughout Nigeria, with three states chosen for brand new ventures after a six-month analysis. He didn’t disclose the names of the states or new African international locations for growth.

Extra perception  

Onwuanibe detailed the influence of the April 2024 Landmark Seaside Resort demolition, revealing the brief discover and ongoing monetary pressure.

“We have been issued a seven-day discover,” he stated, including that the demolition was delayed by two to 3 months.

• Regardless of this, Landmark Africa has but to obtain any compensation, though different affected properties have been paid.
• Onwuanibe additionally questioned the modifications to the Coastal Highway’s deliberate route, which was initially meant to run in entrance of the resort.

“It was meant to be in entrance of us, not behind,” he stated, including to the confusion surrounding the demolition.

Onwuanibe pressured Landmark Africa’s contribution to the native financial system, noting over 10 billion naira in taxes paid the earlier yr.

“We have been the one personal enterprise listed on the federal government’s tourism web site,” he stated.

Describing the demolition’s chaotic nature, he recalled company nonetheless within the lodge because it started:

“We didn’t have time to take away fridges, TVs, mattresses, and even plates from the kitchen.” 

He highlighted that the monetary losses are far larger than initially estimated.

“It seems like a $30 million loss, nevertheless it’s extra like $60 million to $80 million,” Onwuanibe defined, including that the broader influence on surrounding investments might attain $200 million to $300 million.