Paul Onwuanibe, CEO of Landmark Africa, has broken his silence on the controversial demolition of the renowned Landmark Beach in Lagos, detailing the devastating impact on his company and thousands of employees in an interview with KK Show podcast.

The demolition, which occurred with just seven days’ notice, wiped out what Onwuanibe describes as his “life’s work” and resulted in losses exceeding $30 million.

The beachfront property, purchased in 2006 for $17 million, had grown to become West Africa’s premier tourist destination, attracting 4.5 million visitors annually and employing 4,000 people. “We spent $30 million developing the infrastructure on that beach,” Onwuanibe revealed. “Half of that money you couldn’t see with your eyes – it was underground infrastructure, water reticulation systems, five optic cables, and a 1.2 km broadwalk.”

The demolition, carried out to make way for the Lagos-Calabar Coastal Road project, occurred with such haste that businesses couldn’t salvage their equipment. “We had a beach hotel, and people were sleeping in the hotel when the demolishing started,” Onwuanibe recounted. “We didn’t have time to take the fridges from the rooms, the TVs from the walls, the mattresses from the beds… there were guests in the pool.”

The impact extends far beyond physical assets. Landmark Beach had over 160,000 members and held 9.2 billion naira in membership funds. The company maintained over 200 service contracts, from maintenance to lifeguard services, all prepaid and now unfulfilled.

To date, Onwuanibe reports that no compensation has been offered, and more troublingly, there was no direct communication from authorities. “Till today, nobody picked up the phone, called me, or wrote to me personally and said, ‘Here’s the issue you have, here’s what’s going to happen,'” he stated.

Despite the setback, Onwuanibe remains optimistic about Nigeria’s potential as an investment destination. He’s already planning “Landmark 2.0,” which will involve geographic diversification across West Africa. The company is currently raising funds to establish a tourism and leisure platform spanning multiple countries.

“$10 in Lagos can be $20 tomorrow,” Onwuanibe noted, highlighting the market’s potential despite its risks. “But you have to be smart, be bright, be wise, keep your eyes open.”

Onwuanibe advocated for better handling of infrastructure projects, emphasizing the importance of proper consultation and timing. “In developed nations, such transitions take at least five years of planning and communication,” he explained. “Time is a friend, not an enemy, when you’re doing major infrastructure projects for the greater good.”

The demolition of Landmark Beach serves as a crucial case study in the balance between infrastructure development and protecting private investment in emerging markets. While Onwuanibe supports infrastructure development, including coastal roads, he emphasizes that implementation should enhance rather than destroy existing socio-economic activity.

“The opportunity of a lifetime can only be realized in the lifetime of that opportunity,” Onwuanibe concluded, maintaining his commitment to investment in Nigeria despite the setback. His company is now focusing on diversification, including investments in healthcare and entertainment sectors, while working to rebuild its leisure and tourism platform.

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