The Landmark Group has expressed deep disappointment over the recent demolition of its Landmark Beach, a well-known tourism hub in Lagos, saying that they are in talks with three West African countries and two Nigerian states to develop another beachfront tourism in their locations.

The Landmark Beach and other properties along the right of way of the Lagos-Calabar coastal highway were recently demolished by the federal government.

In a press release on Thursday, the Landmark Group acknowledged the governments right to exercise Eminent Domain for public benefit, understanding the importance of coastal road development. However, the company lamented the loss of a vital tourism platform that supported thousands of families and over 50 small businesses.

Whilst we accept the concept of the Governments Eminent Domain rights for the greater public good and understand the immense value of a coastal road, as the first major development and pioneer business operating on the Water Corporation Road for almost 18 years, it is heart wrenching to see the destruction of our worldclass tourism platform that represented the hopes, dreams and aspirations of thousands of families and over 50 micro and small beach businesses, the statement said.

The group said despite hopes that their significant socio-economic contributions might influence a different outcome, the demolition proceeded. The company has pledged to rebuild, promising a new, larger, and enhanced entertainment, leisure, and tourism ecosystem.

The Landmark Group has operated in Nigeria for over 20 years, attracting more than $100 million in foreign and domestic investment. They emphasised their commitment to compliance and the importance of maintaining investor confidence in Nigeria as a viable investment destination.

Having legally acquired and developed the beachfront property since 2005, Landmark said it has invested heavily in infrastructure to protect against ocean surges. They respect the governments authority but hope for adequate compensation to help recover from the loss of nearly N42 billion in infrastructure and half their company revenue.

At various points between 2012 and 2016 we spent many millions of dollars shoring up the same shoreline against ocean surges that were progressively eroding it and threatening infrastructure further inland, the group said.

Landmark said it remains optimistic about Nigerias potential and is committed to contributing to its growth. They hope the incident wont deter foreign or diaspora investment, highlighting their long-standing belief in Nigerias opportunities.

The company said it is actively seeking compensation to rebuild and support the livelihoods of those affected. Plans are underway to establish a new family-centric beach and continue supporting small businesses.

We are currently picking up the pieces following the demolition of almost N42B 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 landside 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 livelihood 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 company said.

It noted that discussions with investors and potential new waterfront sites are in progress, aiming to recreate and expand the tourism platform.

The Landmark said It is also in talks with several West African countries and Nigerian states to develop beachfront tourism, promising new opportunities for growth and development.

We are also pleased to announce that we are having in-depth discussions with three West African countries and 2 states in Nigeria regarding developing beachfront tourism in their localities and we very much look forward to these new and exciting opportunities which could help enhance Nigeria and Africas stature in the global tourism industry, the statement reads.

The Landmark Group expressed gratitude for the global support received during this difficult time. They take pride in their achievements in developing a premier tourism destination and remain dedicated to contributing to Nigerias prosperity.

As they look to the future, Landmark reaffirmed its commitment to building world-class tourism establishments in Nigeria, fostering unity and showcasing the industrious spirit of Nigerians to the world. (BusinessDay: Text, Excluding Headline)