- In a statement, Landmark Group noted that the demolished properties included key buildings and infrastructure, leading to nearly half of the company’s revenue loss
Landmark Beach management is seeking compensation from the Federal Government for the demolition of its properties, valued at N42 billion.
In a statement, Landmark Group noted that the demolished properties included key buildings and infrastructure, leading to nearly half of the company’s revenue loss.
This is the first public disclosure of the financial impact since the 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.