Business
Landmark Beach seeks compensation from FG for demolition of N42 billion properties
The management of Landmark Beach said it is seeking compensation from the Federal Government over the demolition of its properties estimated at N42 billion in total.
In a statement signed by the management of Landmark Group, the company noted that the demolished properties included supporting buildings and infrastructure to the Landmark ecosystem.
The statement also disclosed that the demolition resulted in the loss of nearly half of the company’s revenue.
It also highlighted that they are actively pursuing appropriate compensation from the Federal Government.
This marks the first time the resort centre has quantified the financial sum of its demolished properties in a public statement since its demolition in April.
“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.
“We are focused on working with the Government to receive adequate compensation required to jumpstart the rest of the once thriving Landmark part of the Landmark Ecosystem and a new family-centric beach in a different waterfront location.
“This will help to preserve the sustenance of the thousands of families whose livelihoods have been threatened by the demolition as well as recreate a platform for many of the small and micro businesses that were incubated on the Landmark Beach and adjoining beach resorts that were recently demolished,” the statement read in part.
Backstory
Nairametrics had earlier reported that the demolition of structures at Landmark Beach Resort in Oniru, Victoria Island, commenced on April 29, 2024, as a result of its encroachment on the Right-of-Way of the Lagos-Calabar Coastal Highway.
- The demolition of part of the Landmark Beach Resort occurred two weeks after sand filling was done on some portions of the Landmark Beach Resort.
- In addition, the management of Landmark Beach Resort stated that they have never been officially consulted about the coastal highway’s alignment, nor have they been engaged in discussions regarding the Environmental Impact Assessment (EIA) of the project’s impact on Landmark.
- On Saturday, April 27, 2024, however, in accordance with the demolition announcement made by the Federal Government, some beaches in Lagos, including the Mami Chula Beach Lifestyle section, were pulled down.
Compensation from FG
Meanwhile, the Federal Government said early this month that it had commenced the payment of the first batch of compensation to property owners impacted by demolitions required for the construction of the Lagos-Calabar Coastal Highway, covering from channel 0 to channel 3.
- David Umahi, the Minister of Works, made this disclosure in a statement during a stakeholders meeting held in Lagos State.
- The Federal Government disbursed the total amount of N2.75 billion as the first payment to property owners affected by the demolition.
- Umahi, who addressed the property owners and stakeholders, said the payment is only a flag-off, and more compensation is expected to be paid in the coming days.
- It is worthy of note that Landmark Beach was not among those compensated in the first batch by the Federal Government.
