Landmark Beach has sought compensation from FG over N42 billion property demolition.
NewsOnline Nigeria reports that 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.
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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.
“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.
