Landmark Africa, the firm behind the popular Landmark Beach Resort, has announced plans to relocate its Nigerian headquarters and expand operations to other African countries and states within Nigeria.
The decision, described as a strategic move, follows the April 2024 demolition of Landmark Beach Resort in Lagos, which caused an estimated $80 million loss.
Speaking on The KK Show – Key to Keys Podcast, Paul Onwuanibe, CEO of Landmark Africa, detailed the company’s plans to diversify its portfolio and reduce risks associated with concentrated investments.
“We’re going to have some diversification. We’re going to diversify to two other African countries. We’re going to go into three different states. We’re going to move our Nigeria HQ location out of Lagos. And we’re going to move our entire sort of events and tourism platform out of Nigeria,” Onwuanibe revealed during the interview.
The CEO said Landmark Africa had received interest from governors in 12 Nigerian states. After a six-month evaluation process, three states were selected for new ventures, though he declined to name them. Similarly, he did not disclose the names of the African countries targeted for expansion.
Reflecting on the impact of the demolition, Onwuanibe said, “We were issued a seven-day notice,” adding that the demolition was delayed by two to three months. “It emphasized the need for us to spread our investments to reduce the risks of being overly concentrated in one location.”
Despite the setback, Landmark Africa has not received any compensation, while other affected properties have reportedly been paid. Onwuanibe also raised concerns about changes to the planned route of the Coastal Road project, which initially was to run in front of the resort but was later moved.
“It was meant to be in front of us, not behind,” he said, expressing frustration over the situation.
