The Lagos state government’s decision to demolish Landmark Beach resort, a multimillion-dollar destination owned by businessman Paul Onwuanibe, has stirred controversy and raised concerns about the impact on investment and the environment.
In late March, Onwuanibe received a letter from Lagos authorities, giving him seven days to vacate the resort located in the affluent Victoria Island area. The resort is slated for demolition to make way for a planned 700-kilometer coastal highway linking the former capital city to Calabar.
Onwuanibe expressed disbelief upon receiving the demolition order, as the resort predates the coastal highway project. He described his emotions as a mix of amazement, concern, and incredulity, questioning whether it was an April Fools’ Day prank.
The Landmark site, valued at over $200 million, hosts over 80 businesses and provides more than 4,000 jobs. It also contributes significantly to annual tax revenue, making it a vital economic asset.
While the coastal highway project promises economic benefits, environmentalists have raised concerns about its potential impact on wetlands, forests, and habitats. Activities like sand filling and dredging could exacerbate environmental degradation, posing long-term challenges.
The decision to demolish the resort has sparked an outcry among investors, both foreign and local, who fear significant financial losses. Onwuanibe lamented the potential loss of millions of dollars invested in developing the resort, with loans still outstanding.
Foreign investment in Nigeria has been hampered by policy inconsistency and poor stakeholder consultation, limiting the country’s economic growth prospects. The demolition of Landmark Beach raises questions about the government’s commitment to attracting and retaining investment in Lagos, Nigeria’s economic hub.
The Lagos State Ministry of Physical Planning and Urban Development has been contacted for comment on the coastal right-of-way and the consultation process but has yet to respond.
As the controversy unfolds, stakeholders await further developments, hoping for a resolution that balances economic development with environmental sustainability and investor interests.
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