In a high-stakes battle, Nigerian billionaire businessman Paul Onwuanibe, CEO of the Landmark Group, faces the grim prospect of losing his colossal $100 million investment.
The Lagos State Government’s plan to demolish a section of his Landmark Hotel and Beach Resort has sent shockwaves through the business community.
The saga began when the State issued a stern seven-day notice to vacate part of the Landmark Africa Lagos resort, situated in the vibrant Oniru area of Victoria Island. The reason? The construction of the ambitious Lagos-Calabar Coastal Way.
The official notice, titled “Removal Notice on Physical Development Within the Right of Ways of the Lagos-Calabar Coastal Highway Project in Lagos State,” was signed by Somolu O, Deputy Director of the Development Matters Department. According to the State, the affected property encroaches upon the designated right-of-way by a significant 50 meters. This includes areas like the beach resort, kids’ zone, bay, members’ area, and the popular Lagos Beach Club and Hang-out.
Onwuanibe, speaking candidly during an interview on CNBC Africa, expressed his frustration. “We have invested at least $100 million, both in local and foreign currency, on that site,” he lamented. The significance of the coastal road cannot be overstated, and the stakes are sky-high. As the “Tourism Man of the Year,” Onwuanibe finds himself caught in a complex web of negotiations with government officials at both the federal and Lagos State levels.
“Why,” he questions, “would the state jeopardize the most frequented business, leisure, and tourism hub on the West African coast right at the project’s inception? This is the first kilometer of a 700-kilometer road.” His plea is clear: a win-win solution must emerge from these deliberations. The options on the table include relocation, adjusting the road’s alignment, or even delaying the project. Anything less than a mutually beneficial outcome is unacceptable to him and the government alike.
As the Lagos-Calabar corridor’s first phase—a 47-kilometer dual carriageway with five lanes each and a train track—takes shape, businesses in the vicinity are counting their losses. For Landmark Group, the financial strain is palpable. Onwuanibe owes over $20 million to foreign investors, and the naira’s depreciation against the dollar means he must repay nearly twentyfold. The fate of over 3,500 workers within the Landmark ecosystem hangs in the balance.
In this high-stakes showdown, the billionaire fights not only for his investment but also for the promise of progress and prosperity along the Lagos-Calabar route. The battle lines are drawn, and the outcome will reverberate far beyond the first kilometer of asphalt and concrete. It’s a clash of interests, values, and visions—a test of resilience in the face of adversity
