Landmark Was Acquired for $17m, Developed with $30m Loan – Onwuanibe

Paul Onwuanibe, the founder of Landmark Africa Group, has revealed that Landmark Leisure Beach, whose infrastructure was severely impacted by the federal government’s coastal road construction, was originally acquired in 2006 for $17 million and developed with an additional $30 million loan. He made this known during an appearance on The KK Show on YouTube on Sunday.

Speaking about the emotional and financial fallout of the demolition, Onwuanibe noted, “Let’s put this into perspective; Landmark consists of three parts—our business, our leisure, and our lifestyle. What was demolished was our leisure business, a significant part of both our revenue and our physical infrastructure. The initial reaction was shock, and then anger. You go through the five stages of grief—shock, anger, bargaining, concern, and finally acceptance.”

The Landmark Beach-Federal Government Conflict

The demolition of Landmark Beach was ordered in April 2024 by Nigeria’s Minister of Works, David Umahi, who stated that the structure was on the federal government’s Right-of-Way for a coastal road project. This sudden action, which came with just a week’s notice, wiped out the leisure business, leaving in its wake economic devastation and displaced livelihoods.

Also Read: What You Should Know About ₦15.6 Trillion Lagos-Calabar Coastal Road

Onwuanibe recounted how the beach had been painstakingly developed over six years with significant investment in infrastructure, much of which was invisible but essential.

“We borrowed $30 million to develop that beach,” he said. “Half of that money was spent on infrastructure you couldn’t even see, like underground drainage, water reticulation systems, and fiber-optic cables. The demolition wiped out six years of investment in six hours.”

Economic and Emotional Impact

The destruction of Landmark Beach affected not just the company but also an entire ecosystem of businesses and individuals. Onwuanibe painted a vivid picture of the ripple effects, stating that over 4,000 people directly or indirectly lost their means of livelihood.

“We had over 1,000 employees and 50 small and medium enterprises directly impacted,” he explained.

“With Nigeria’s dependency factor of 16, the ripple effects are unimaginable. The guy parking cars on the streets lost his job. The person selling sweets at the gate had no customers. Hotels built outside Landmark that thrived on the four and a half million annual visitors were affected.”

The financial toll extended beyond physical losses, as Landmark faced contractual chaos in the wake of the demolition.

“We had 9.2 billion Naira of members’ money in our accounts. There were over 200 contracts—supply of water, fumigation, lifeguard services—all of which had to be renegotiated,” Onwuanibe lamented.

A Scene of Chaos

Describing the chaos during the demolition, Onwuanibe revealed that many businesses operating within Landmark Beach had little time to salvage their equipment.

“Many businesses didn’t have time to remove their equipment—TVs, fridges, even furniture. There were guests in the pool when Breeze was being demolished. It was tragic,” he recounted.

Despite the enormity of the loss, Onwuanibe remains determined to rebuild and move forward.

“At some stage, you have to accept it and move on. You either lie down and cry or get up and go,” he said, emphasizing resilience in the face of adversity.

Moving Forward

For Onwuanibe, Landmark Beach was not just a business but a culmination of nearly three decades of dedication.

“It was my life’s work—27 years of hunting, farming, and working,” he said. While the federal government’s actions have left a lasting impact, he remains committed to rebuilding and learning from the experience.