close
close
blog

Landmark Beach Seeks Compensation From FG Over N42 Billion Property Demolition

Landmark Beach management said it is seeking compensation from the Federal Government for the demolition of its properties estimated at N42 billion in total.

In a statement signed by Landmark Group management, the company noted that the demolished properties included buildings and infrastructure supporting the Landmark ecosystem.

The statement also reveals that the demolition caused the loss of almost half of the company’s revenue.

He also highlighted that they are actively seeking adequate compensation from the Federal Government.

This is the first time the resort has quantified the financial sum of its demolished properties in a public statement since its demolition in April.

The news continues after this announcement.




“We are currently picking up the pieces following the demolition of almost N42 billion worth of infrastructure and supporting buildings, and the loss of almost half of our company’s revenue.

“We are focused on working with the Government to receive the appropriate compensation needed to boost the remainder of the once-thriving Landmark part of the Landmark Ecosystem and a new family-focused beach in a different beachfront location.

“This will help preserve the livelihoods of 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 at Landmark Beach and the adjacent beach resorts that They were recently demolished. “the statement read in part.

Background

Nairametrics previously had reported that the demolition of structures at Landmark Beach Resort in Oniru, Victoria Island, began on April 29, 2024, as a result of their encroachment on the right of way of the Lagos-Calabar Coastal Highway.

  • The demolition of part of the Landmark Beach Resort came two weeks after parts of the Landmark Beach Resort were filled with sand.
  • Additionally, Landmark Beach Resort management stated that they have never been officially consulted about the coastal highway alignment, nor have they participated in discussions regarding the Environmental Impact Assessment (EIA) of the project’s impact on Landmark.
  • However, on Saturday, April 27, 2024, in accordance with the demolition announcement made by the Federal Government, some beaches in Lagos, including the Mami Chula Beach Lifestyle section, were torn down.

FG Compensation

Meanwhile, the Federal Government said earlier this month that had begun the payment of the first batch of compensation to the owners affected by the demolitions required for the construction of the Lagos-Calabar Coastal Highway, spanning from Channel 0 to Channel 3.

  • David Umahi, Minister of Public 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 first payment to the owners affected by the demolition.
  • Umahi, who addressed the owners and stakeholders, said the payment is just a red flag and more compensation is expected to be paid in the coming days.
  • It’s worth noting that Landmark Beach was not among those compensated in the first batch by the Federal Government.

Related Articles

Back to top button