The management of Landmark Beach has announced that it is seeking compensation from the Federal Government for the demolition of its properties, which are estimated to be worth N42 billion.
In a statement signed by the management of Landmark Group, the company revealed that the demolished properties included essential buildings and infrastructure integral to the Landmark ecosystem. The statement further disclosed that the demolition has resulted in a loss of nearly half of the company’s revenue.
“We are currently picking up the pieces following the demolition of almost N42 billion worth of supporting infrastructure and buildings, and the loss of nearly half our company revenue. We are focused on working with the government to receive adequate compensation required to jumpstart the rest of the once-thriving Landmark part of the Landmark Ecosystem and a new family-centric beach in a different waterfront location,” the statement read in part.
The management emphasized that this compensation is crucial to preserving the livelihoods of thousands of families and recreating a platform for many small and micro businesses that were previously operating at Landmark Beach and the adjoining resorts.
Background
The demolition of structures at Landmark Beach Resort in Oniru, Victoria Island, began on April 29, 2024, due to its encroachment on the Right-of-Way of the Lagos-Calabar Coastal Highway. Despite the management of Landmark Beach Resort stating that they had never been officially consulted about the coastal highway’s alignment or engaged in discussions regarding the Environmental Impact Assessment (EIA) of the project’s impact on Landmark, the demolition proceeded.
The Federal Government announced the commencement of compensation payments to property owners impacted by the demolitions required for the construction of the Lagos-Calabar Coastal Highway. However, Landmark Beach was not included in the first batch of compensation payments, which amounted to N2.75 billion.
READ ALSO: Lagos State Plans Demolition of $200 Million Landmark Beach Resort for Coastal Highway Project
Ongoing Efforts
The management of Landmark Beach has highlighted their active pursuit of appropriate compensation from the Federal Government, marking the first time the financial sum of their demolished properties has been publicly quantified since the demolition in April. They remain focused on collaborating with the government to secure the necessary funds to revive their operations and support the affected communities.
