Real estate developer Paul Onwuanibe has called on the Lagos State Government and the Federal Government to rethink their strategies in building a coastal highway connecting Lagos and Calabar to ensure businesses do not suffer.
The state government wrote a letter dated March 19, 2024 to Mr Onwuanibe, 58, informing him of plans to demolish his property to make way for the construction of 103 kilometres stretch of the 700km Lagos-Calabar coastal highway by the Federal Ministry of Works, in collaboration with Lagos State Government.
The sections of the property billed for demolition are the Beach Resort, Kids and Bay Arena, Members Area, and Lagos Beach Club, which the State Government claims falls within the right of way of the proposed road project by 50 metres.
Approval for the new coastal road was given on February 27 by the Federal Government. When completed, it is expected to enter the world record books among iconic coastal routes like the Wild Atlantic Highway in Ireland and the Pacific Coastal Highway in the United States.
The first part of the N1.06 trillion highway will be built on Victoria Island. The super highway will run through a total of nine coastal states in Nigeria and will have five lanes on each side of the dual carriageway and a train track in the middle, as well as spurs linking up with northern Nigeria.
Onwuanibe told CNN that when he received a seven-day demolition notice he thought it was an April Fool’s joke that came early.
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The beach resort, which is valued at over $200 million, is home to over 80 businesses and provides more than 4,000 direct jobs. It also generates over N2 billion ($1.5 million) in annual tax revenue.
The businessman said he acquired the land in 2007 before the plans for the coastal highway were drawn up.
The Landmark Group CEO lauded the government for the coastal project for connecting vital regions of the country but feared it came at a steep cost for tourism in Lagos and posed a threat to foreign direct investment into the country if Landmark Beach is eventually torn down.
“We’ve spent between $80 and $90 million developing this ecosystem and one-third of that was spent on the beach. So, all that, which we are still paying loans on, will disappear,” he said.
Onwuanibe noted that 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.
“The first thing would be to do a proper study and proper consultation with the businesses that are most affected along it. It’s a long-term project, so it requires more in-depth analysis,” he said, adding that he was hopeful that discussions with the government can produce a “win-win solution.”
