Landmark CEO, Onwuanibe, speaks on Lagos demolition that shattered dreams (VIDEO)

For Paul Onwuanibe, the CEO of Landmark Africa Group, the story of his company’s shattered dreams begins with a seven-day notice that changed everything. On a fateful day, the multimillion-dollar enterprise watched helplessly as parts of its flagship premises were demolished to pave the way for the Lagos-Calabar Coastal Highway—a move that would shake the foundation of one of Nigeria’s premier business hubs.

Speaking on the KK Show via YouTube on Sunday, Onwuanibe laid bare the emotional and financial toll the demolition exacted, describing it as a tragedy not only for Landmark but for thousands of businesses and individuals whose livelihoods depended on the bustling ecosystem the company had built.

“We paid over N10 billion in taxes just the year before,” Onwuanibe revealed, his voice heavy with frustration. “We employed thousands of people and attracted millions of visitors annually. We were even the only private business listed on the government’s tourism website. Yet, all of that didn’t matter.”

Initially reassured that the road project would not affect them, Onwuanibe explained how the sudden change in plans left the company and its tenants blindsided. “The coastal road was designated for Water Corporation Road—this was meant to be in front of us, not behind us. But without any dialogue or notice, everything we had built began to crumble.”

The losses were staggering. Landmark’s renowned beachfront, which boasted 160,000 members and welcomed over 4.5 million visitors annually, was reduced to rubble. “There were guests in the pool at Breeze when the demolition started,” Onwuanibe recalled. “Many businesses didn’t even have time to remove basic things—televisions, kitchen fridges. It was devastating.”

Over 200 contracts for services like water supply, fumigation, and lifeguard operations had to be renegotiated, while informal businesses tied to the ecosystem—vendors, artisans, and gig workers—were left scrambling for survival.

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“We had N9.2 billion of members’ money in our accounts, but the demolition wiped out everything that these businesses had built over the years,” he said.

The pain of the demolition was compounded by the lack of compensation. Onwuanibe disclosed that neither he nor his company had received any reimbursement or even an official acknowledgment. “Not a penny. To date, nobody has written to me or promised any form of compensation,” he said.

The blow is a stark warning to foreign investors, according to the CEO. “This kind of uncertainty is enough to scare any serious investor away. How do you attract foreign direct investment when actions like this happen without accountability?”

The land, purchased for $17 million in 2006, had become a thriving hub of commerce, tourism, and entertainment after a $30 million development project. “The most painful part is knowing we spent 18 years building something remarkable only for it to be torn down without due process. Sometimes, you wish it were a natural disaster so you could at least invoke force majeure,” he said.

For Onwuanibe, the experience has been a harsh lesson in the importance of geographical diversification. “This tragedy highlights the risks of concentrated investments. We’ve learned the hard way that no matter how much you give back to society, stability isn’t guaranteed.”

As the dust settles, the emotional scars remain. For Landmark Africa, the demolition is more than just a story of financial loss—it’s a cautionary tale about governance, accountability, and the fragility of trust in the business environment.

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