Landmark Africa, renowned for its iconic Landmark Beach Resort in Lagos, has announced strategic plans to relocate its Nigerian headquarters and broaden its operations across Africa.
Founder and CEO Paul Onwuanibe revealed the company’s intentions to establish a presence in two additional African countries, expand into three Nigerian states, and move its headquarters out of Lagos. These decisions follow the April 2024 demolition of the Landmark Beach Resort, which Onwuanibe described as a catastrophic event, leading to losses estimated between $60 million and $80 million.
Speaking on The KK Show – Key to Keys podcast, Onwuanibe emphasized the importance of geographical diversification to mitigate the risks associated with concentrated investments. “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 events and tourism platform out of Nigeria,” he stated.
Onwuanibe shed light on the financial and operational impacts of the demolition, citing the sudden notice and lack of compensation despite other affected properties reportedly receiving payments. He also questioned the revised routing of the Coastal Road, which initially bypassed the resort.
While the immediate financial loss is substantial, Onwuanibe noted that the broader implications could affect surrounding investments, estimating a total potential impact of $200 million to $300 million.
As Landmark Africa embarks on this new chapter, the company is committed to reshaping its footprint and redefining its role in Africa’s events and tourism industry.
Source: Nairametrics
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