Landmark Beach Seeks Compensation Over Demolition of Properties Worth N42 Billion

The management of Landmark Beach has announced its intention to seek compensation from the Federal Government following the demolition of its properties, estimated at N42 billion in total.

In a statement signed by the Landmark Group management, the company noted that the demolished properties included supporting buildings and infrastructure crucial to the Landmark ecosystem. This action has resulted in a significant loss, with nearly half of the company’s revenue affected.

“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,” the statement read.

The management emphasized that they are actively pursuing appropriate compensation from the Federal Government to recover from the impact of the demolition. They highlighted the importance of this compensation in revitalizing the once-thriving Landmark part of the ecosystem and supporting thousands of families whose livelihoods have been affected.

The statement further clarified the context of the demolition, explaining that it was due to the resort’s encroachment on the Right-of-Way of the Lagos-Calabar Coastal Highway. The management also expressed disappointment at not being consulted regarding the highway’s alignment or its Environmental Impact Assessment.

In response to the compensation issue, the Federal Government recently announced the commencement of payments to property owners impacted by demolitions for the highway project, covering from channel 0 to channel 3. However, Landmark Beach was not included in the first batch of compensations, despite the significant losses incurred.

The management’s statement concluded by expressing their commitment to working with the government to receive adequate compensation, which they believe is essential for preserving livelihoods and rebuilding the affected businesses incubated at Landmark Beach.

This announcement marks the first public quantification of the financial impact of the demolition on Landmark Beach since it occurred in April.