Landmark Africa announces its decision to relocate its Nigerian headquarters and expand operations into three Nigerian states and two additional African countries. This move follows the April 2024 demolition of its Landmark Beach Resort in Lagos, which caused financial losses estimated at $80 million.
Paul Onwuanibe, the CEO of Landmark Africa, confirms the company’s intention to diversify its operations geographically to mitigate future risks. He emphasizes that the abrupt demolition highlights the need for less centralized investments. “We are moving our headquarters out of Lagos and shifting our events and tourism platform outside Nigeria. Additionally, we are entering three Nigerian states and two other African countries to secure our growth,” Onwuanibe explains.
The company evaluates proposals from 12 Nigerian states, eventually selecting three based on strategic suitability. Landmark Africa is also planning to establish a foothold in untapped African markets, though specific locations remain undisclosed.
The demolition of the Landmark Beach Resort occurred with only a week’s notice and disrupted operations significantly. Onwuanibe reveals that the destruction went ahead despite delays, leaving the company unable to retrieve property and equipment.
“We couldn’t remove essential items like fridges, TVs, or mattresses from the resort before the demolition began,” he says. The losses extend far beyond the physical assets, with the financial impact potentially reaching up to $300 million when including surrounding investments.
Despite the setback, Landmark Africa underscores its longstanding contribution to Nigeria’s economy, citing over 10 billion naira paid in taxes in a year. Onwuanibe questions the changes made to the Coastal Road project that led to the demolition, which he describes as inconsistent with the original plans.
“The road was supposed to pass in front of the property, not behind it,” he states, adding that these changes exacerbated the confusion surrounding the incident.
Looking ahead, Landmark Africa plans to deepen its footprint across Africa, positioning itself as a leader in regional events, tourism, and hospitality. The company remains committed to rebuilding stronger and minimizing exposure to similar risks in the future.
This strategic pivot signals Landmark Africa’s resilience and determination to thrive despite challenges.
