Landmark Africa shifts base from Lagos, eyes global expansion


Key Points

  • Landmark Africa plans to move its Nigerian headquarters out of Lagos, expanding into three Nigerian states and two African countries.
  • The April 2024 demolition caused up to $300 million in losses, sparking a strategic shift in the company’s operations and focus.
  • Landmark Africa’s 130,000 sqm mixed-use portfolio and unique projects, like West Africa's first upside-down house, define its ambitious real estate vision.

Landmark Africa, a leading real estate and property development company led by Nigerian businessman Paul Onwuanibe, is charting a bold new path as it plans to relocate its headquarters from Lagos and expand its footprint across Africa. This decision comes in the wake of the controversial demolition of its flagship Landmark Beach Resort in April 2024, which dealt a severe blow to the company’s operations and sparked widespread debate.

In a recent interview, Onwuanibe shared the company’s forward-looking vision, emphasizing its ambition to establish a presence in three additional Nigerian states while also expanding into two other African countries. This marks a turning point for Landmark Africa as it seeks to redefine its growth and operational focus.

Global vision amid local challenges

The demolition of Landmark Beach Resort earlier this year caused financial losses estimated between $60 million and $80 million and disrupted the company’s operational momentum. Onwuanibe described the incident as a wake-up call that has compelled the company to reconsider its long-term strategy.

“We’re moving our Nigerian HQ out of Lagos and diversifying into other African countries and states within Nigeria,” Onwuanibe said. This strategic shift has drawn interest from 12 state governors, with three states chosen after an extensive six-month evaluation process. While the specific locations remain under wraps, the move underscores Landmark Africa’s resolve to reshape its business model and mitigate future risks.

Economic fallout from Landmark beach demolition

The sudden demolition of the Landmark Beach Resort, widely criticized as chaotic and poorly managed, left the company scrambling. A seven-day notice provided little time to salvage valuable assets, such as hotel furnishings, equipment, and fixtures. Onwuanibe revealed that extended losses, including indirect impacts on surrounding investments, could total between $200 million and $300 million.

“The planned Coastal Road was supposed to run in front of us, not behind. The lack of clarity around this decision raises serious questions,” Onwuanibe said, pointing to broader implications of the government’s actions.

Despite contributing over 10 billion naira in taxes to Nigeria’s economy last year, Landmark Africa has yet to receive compensation for the losses incurred. Its flagship resort, once a vibrant hub for tourism and economic activity, played a critical role in generating employment and attracting international visitors.

Legacy of excellence and ambition

Founded over two decades ago by Paul Onwuanibe, Landmark Africa has built a portfolio of over 130,000 square meters of mixed-use developments. Serving more than 5,000 organizations, including multinational corporations, its offerings span residential, leisure, and office spaces.

In December, the company marked a milestone with the completion of West Africa’s first upside-down house—a unique tourist attraction showcasing Landmark’s innovative approach to property development. As the company rebuilds and expands, its unwavering focus on resilience and growth continues to shape its role as a key player in Africa’s real estate and tourism sectors.