- Seeks N42 billion FG compensation
- In talks with other countries, states for another beachfront hub
Sequel to the demolition of its properties valued at about N42 billion, the Landmark Beach group is seeking compensation from the Federal Government.
Revealing that the demolished structures included essential buildings and infrastructure, the management of Landmark Group said the demolition of their properties resulted in nearly a 50% revenue loss adding that they are actively pursuing appropriate compensation to rebuild and sustain the livelihoods of thousands affected.
The demolition, which began on April 29, 2024, was due to Landmark Beach Resort’s encroachment on the Lagos-Calabar Coastal Highway Right-of-Way.
Despite the federal government disbursing N2.75 billion as initial compensation to affected property owners, the group’s management said they have yet to receive any compensation.
Landmark Resort management highlighted the lack of consultation regarding the coastal highway’s alignment and the Environmental Impact Assessment’s impact.
They emphasize the need for government compensation to restart operations and support small businesses dependent on the resort.
Expressing deep disappointment over the demolition of its resort, a well-known tourism hub in Lagos, the group said they are in talks with three West African countries and two Nigerian states to develop another beachfront tourism in their locations.
In a press release on Thursday, the Landmark Group acknowledged the government’s right to exercise “Eminent Domain” for public benefit, understanding the importance of coastal road development. However, the company lamented the loss of a vital tourism platform that supported thousands of families and over 50 small businesses.
“Whilst we accept the concept of the Government’s “Eminent Domain” rights for the greater public good and understand the immense value of a coastal road, as the first major development and pioneer business operating on the Water Corporation Road for almost 18 years, it is heart wrenching to see the destruction of our worldclass tourism platform that represented the hopes, dreams and aspirations of thousands of families and over 50 micro and small beach businesses,” the statement said.
The group said despite hopes that their significant socio-economic contributions might influence a different outcome, the demolition proceeded. The company has pledged to rebuild, promising a new, larger, and enhanced entertainment, leisure, and tourism ecosystem.
Credits: Businessday/Nigerianbulletin
