WATCH THE VIDEO HERE 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. Backstory Naijaonpoint 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. 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.
Landmark Beach seeks compensation from FG for demolition of N42 billion properties
