Paul Onwuanibe, the founder of Landmark Africa Group, recently shared the significant impact of the sudden demolition of Landmark Leisure Beach, resulting in the loss of over $30 million in investments and disrupting the lives of many. In a recent interview, Onwuanibe expressed the emotional and financial toll caused by the demolition, which happened with just a week’s notice.
The beach site, acquired in 2006 for $17 million, had undergone further development with a $30 million loan secured from overseas. Onwuanibe explained that the demolition not only erased years of investment but also affected the livelihoods of thousands of individuals, including over 1,000 employees and 50 small and medium enterprises.
The demolition not only impacted Landmark’s ecosystem but also led to chaos and losses for businesses within the beach’s vicinity. Services for the beach’s 160,000 members were disrupted, and existing contracts were violated, requiring renegotiation.
Despite the challenges faced, Onwuanibe emphasized the need for resilience in the face of adversity. He stated the importance of accepting the situation and moving forward, highlighting the determination to rebuild and learn from the experience.
The closure of Landmark Beach for demolition purposes was ordered by the Minister of Works in April 2024, citing the location being on the federal government’s Right-of-way as the reason for the demolition.