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The proprietor of Landamark Beach Resort, Paul Onwuanibe, has lamented the proposed demolition of the Beach Resort valued at $200 million, as a huge threat to inward investment into the state.
“People who bring in money to make cities like this effective will be very concerned (with the proposed demolition of the beach resort). It will pose a huge threat to inward investment into the state and, most importantly, pose a threat to people who are already in the state trying to do things.
“We’ve spent between $80 and $90 million developing this ecosystem and one-third of that was spent on the beach. So, all that, which we are still paying loans on, will disappear,” he said.
In a statement following the notice of demolition by the Lagos State Government for the construction of a 700-kilometer coastal road to connect the state with Calabar,
Onwuanibe said that he was given a notice to vacate the beach resort within seven days for its impending demolition.
He said the Landmark property accommodates more than 80 businesses and sustains over 4,000 jobs directly.
He added that the company contributes more than N2 billion in taxes each year.
"The beach resort is one of the top tier tourism spots in Nigeria, received about a million local and foreign visitors last year," said.
Onwuanibe.
He said that he purchased the land in 2007, well before the coastal highway plans were formulated, and was left with mixed feelings after the demolition notice arrived, also prompting him to claim compensation.
Onwuanibe said that both international and domestic investors in the Landmark Group are considering withdrawing their investments if the beach resort, which features a mini golf course, beach soccer field, volleyball, and basketball court, is demolished.
“Without the beach, the entire ecosystem is at risk and is severely damaged.
