The management of Landmark Beach Resort announced that it is pursuing investment opportunities in states other than Lagos and other West African nations after the demolition of part of its properties in the southwest state.
This is contained in a circular signed by the Landmark Groups on Thursday and posted on its official X (formerly Twitter) account.
According to the statement, the company is in advanced discussions with other states in the country as part of its efforts to expand its investments beyond the borders of Lagos.
The company stated that the investment talks will elevate Nigeria’s and Africa’s tourism sectors to international standards.
“We are presently in discussions with a collection of investors who have shown keen interest in jointly rebuilding the greatest tourism platform in West Africa thereby not only recreating jobs which have now been lost but increasing them.
“We have identified a couple of attractive waterfront sites for purchase and are determined to move on from the pain and devastation to not just survive as a business but thrive.
“We are also pleased to announce that we are having in-depth discussions with three West African countries and 2 states in Nigeria regarding developing beachfront tourism in their localities and we very much look forward to these new and exciting opportunities which could help enhance Nigeria and Africa’s stature in the global tourism industry,” the firm said.
$100 million in Foreign Investment
Accordingly, Landmark also said it has attracted over $100 million in foreign investment since two decades of its establishment.
The company also said the demolished part of its properties affected thousands of families as well as over 50 micro beach businesses in Lagos.
“The 27-year-old Landmark Group has been in business in Nigeria for over 20 years and in this period has attracted over US$100 million in foreign and domestic investment for developing the Landmark Ecosystem.
“Whilst we accept the concept of the Government’s “Eminent Domain” rights for the greater public good and understand the immense value of a coastal road, as the first major development and pioneer business operating on the Water Corporation Road for almost 18 years, it is heart wrenching to see the destruction of our worldclass tourism platform that represented the hopes, dreams and aspirations of thousands of families and over 50 micro and small beach businesses,” the firm added.
Backstory
Nairametrics previously reported that on April 29, 2024, demolition activities commenced at Landmark Beach Resort on Victoria Island’s Oniru area due to its encroachment on the Right-of-Way designated for the Lagos-Calabar Coastal Highway.
- The partial demolition at Landmark Beach Resort occurred two weeks following the sand filling of certain areas within the resort.
- Furthermore, the management of Landmark Beach Resort has disclosed that they had not been officially approached for consultations regarding the coastal highway’s alignment, nor involved in discussions about the Environmental Impact Assessment (EIA) concerning the project’s effects on the resort.
- On Saturday, April 27, 2024, consistent with the demolition notice issued by the Federal Government, several beach areas in Lagos, including the Mami Chula Beach Lifestyle section, were demolished.