The management of Landmark Beach is seeking compensation from the Federal Government following the demolition of its properties, which are valued at an estimated N42 billion.
In a statement issued by the Landmark Group, the company highlighted that the demolished properties included essential buildings and infrastructure that support the Landmark ecosystem.
The demolition has significantly impacted the company, resulting in the loss of nearly half of its revenue.
READ ALSO: LANDMARK: Amid Demolitions, FG to Abandon Lagos-Calabar Highway Realignment Due to Submarine Cables
The statement also emphasized that the company is actively seeking appropriate compensation from the Federal Government.
This is the first time the resort center has publicly disclosed the financial value of its demolished properties since the incident 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.
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