Landmark Loses N42bn From Demolitions to Relaunch in Two States, West Africa

Landmark Africa a tourism development company is set to rebound from the recent demolition of its Lagos beachfront property which cost it N42 billion in losses and half its revenues by investing new beachfront projects in two Nigerian states and three West African nations.

“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. 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,” Landmark Africa said in a statement released today.

“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.”

Landmark saw parts of its beachfront property recently demolished for a 700-kilometer (434 miles) $13 billion, Atlantic coastal road linking the commercial hub of Lagos to Calabar in the oil-rich Niger Delta.

The 27-year-old Landmark Group has been in business in Nigeria for over 20 years and in this period has attracted over $100m in foreign and domestic investment .

Landmark says it identified its current beachfront property in 2005, made payments for it in 2006 and had unhindered access to the shoreline ever since.

“We registered our title to our property and secured formal rights from our lessor to develop the beachfront into what is now known as the Landmark Beach,” Landmark Group said.

The firm also spent millions of dollars to shore up its beachfront shoreline against ocean surges between 2012 and 2016.

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