Paul Onwuanibe told CNN that he
received a demolition notice in late March, instructing him to vacate his
multimillion-dollar beach resort within seven days.
Valued at over $200 million,
the Landmark site is home to over 80 businesses and provides more than 4,000
direct jobs. It also generates over 2 billion naira ($1.5 million) in annual
tax revenue.
Nigerian Business mogul, Paul
Onwuanibe told CNN that he received a demolition notice in late March,
instructing him to vacate his multimillion-dollar beach resort within seven
days before it would be demolished.
Onwuanibe had obtained the land
in 2007 before the plans for the coastal highway were drawn up and felt a mix
of emotions after receiving the demolition order, which also urged him to file
compensation claims.
As per the notice, sections of
the property marked for demolition include the Beach Resort, Kids and Bay
Arena, Members Area, and Lagos Beach Club, as they encroach within the Right of
Way of the proposed road project by 50 meters.
Paul Onwuanibe, CEO of the
group
Landmark
site
Valued at over $200 million, according to Onwuanibe, the Landmark site is home to over 80 businesses and provides more than 4,000 direct jobs. It also generates over 2 billion naira ($1.5 million) in annual tax revenue.
Onwuanibe said foreign and
local investors in Landmark Group were now threatening to pull out if the beach
resort, which includes a mini golf course, a beach soccer field as well as a
volleyball and basketball court, is removed.
“Without the beach, the entire
ecosystem is at risk and is severely damaged,” he said, adding: “I have had
widespread panic calls from my international and local investors as well as
local debt providers threatening to pull the plug as they think this is material
to our survival as a business.”
The new coastal road
Approval for the new coastal
road was given on February 27 by the federal authorities, according to presidential
aide Temitope Ajayi.
The first part of the 1.06 trillion
naira ($841 million-plus) highway will be built on Victoria Island, and will
run through a total of nine coastal states in Nigeria,
Environmentalists argue that
while the coastal road project promises economic benefits, it also presents
significant environmental challenges.
[Business Insider]
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