Once upon a time, only fellow entrepreneurs or young startup founders knew Paul Onwuanibe. But now, the once taciturn billionaire is at the centre of weekly news owing to the decision of the Nigerian government to demolish part of his N42 billion Landmark Beach investment.
Onwuanibe founded Landmark Group in 1997 and has remained its chief executive officer till today. The Landmark Group is the parent company of Landmark Leisure Beach Resort, which owns the Landmark Event Centre, Shiro Restaurant, Hardrock Café, among other recreational centres.
The 59-year-old entrepreneur was born in Paddington, London, but he returned to Nigeria for his university studies. He started his tertiary education at University of Nigeria, Nsukka, where he studied Architecture.
The studies prepared him for a life in the built sector, which later catapulted him to the billionaires’ group. He moved back to England for his master’s degree in South Bank University, the UK, where he studied Construction Project Management. He did another master’s degree in Environmental Design and Property Development thereafter.
Onwuanibe understood that Nigeria was a land of opportunities for him than the United Kingdom. With a growing population and an acute infrastructural challenge, he was prepared to seize the opportunity presented by Nigeria to make wealth.
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“There is currently a significant undersupply of housing and an extremely low rate of home ownership,” he told Oxford Business Group in a recent interview.
“The second-hand sales market is also very weak, due to the lack of an adequate mortgage system. This has resulted in a situation where a very small percentage of the population can afford to own a house or buy homes as assets. With a viable mortgage system, a new group of people will drive second-hand sales in particular. This will activate a value chain which will boost the entire real estate economy, involving agents, bankers, consultants, advisers and other professions.”
It was this understanding that brought him to where he is. He grew Landmark Beach from nowhere to where it is today, exceeding N40 billion investment.
Support for young entrepreneurs
Onwuanibe is a member of the Lion’s Den, which is a platform through which he, alongside other entrepreneurs, invest in startups.
Other members of the now popular Lion’s Den are: Co-Founder of Trans Sahara Investment Corporation, a Lagos-based private equity firm, Mr Kyari Abba Bukar; Founder and Creative Director of Ruff ‘N’ Tumble, Ms Adenike Ogunlesi; Chief Executive Officer of Chapel Hill Denham, Mr Bolaji Balogun; and Deputy Managing Director at Fakcon Corporation, Audrey Joe-Ezeigbo.
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Through this group, Mr Onwuanibe has invested in several startups after inviting their founders to present business ideas to the group via a well-televised programme.
Spat with Nigerian government
Mr Onwuanibe did his business without interruptions until Mr Bola Tinubu became president and appointed Engr Dave Umahi as works minister. Mr Umahi announced the commencement of Lagos-Calabar Coastal Highway project in the first quarter of 2024.
The contract was awarded to Hi Tech Construction Company owned by a Lebanese and long-time friend of Mr Tinubu named Mr Gilbert Chagoury.
On awarding the contract, the minister announced that all those affected by the project would be compensated. This included those whose properties would be demolished.
However, on May 1, Mr Umahi announced that Landmark Group and its CEO were only playing to the gallery, stating that the company’s infrastructure was not impacted by the coastal development.
“Mr President says that this development must have two factors. One is the fear of God, the second one is human face, and that’s what we have tried to do. We’ve taken hard decisions. In some cases, we have followed the gazetted routes. In other cases, we have realigned to the coastal line, majorly. And the coastal line from the shore, 250 metres by the Supreme Court judgement, belongs to the Federal Government.
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“I talk in particular about Landmark. There is none of his infrastructure that is affected. I agree that there are some people he sublet the place to, but the shoreline was never given to him by the Oniru family. So, these people he sublet to, erected some caravans, makeshifts, so on and so forth within the shoreline. And if you go to the shoreline, you will see a demarcation of what was given to him and you will see a different colour of the sand and you see by reason of the sand filling, the point that the sand is different colour. So, we are dealing with these people that he sublet the shoreline to illegally.”
However, Mr Onwuanibe does not believe that story. In fact, through his Landmark Group, he has issued a statement, demanding compensation from the Nigerian Government over the demolition of his N42 billion investment.
“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,'” he said, though the management of Landmark Group on Friday.
“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.
Will Onwuanibe exit Lagos?
On Thursday, Landmark Group announced plans on its X (formerly Twitter) to seek opportunities in other states and African markets.
The company said it was in advanced talks with other states in Nigeria to expand its investments beyond the borders of Lagos.
“We are presently in discussions with a collection of investors who have shown keen interest in jointly rebuilding the greatest tourism platform in West Africa thereby not only recreating jobs which have now been lost but increasing them,” the company said.
“We have identified a couple of attractive waterfront sites for purchase and are determined to move on from the pain and devastation to not just survive as a business but thrive.
“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 Africa’s stature in the global tourism industry,” the group further said.
However, given the opportunities in Lagos, analysts say the company will not exit Lagos but may be willing to reduce its exposure in the state by expanding to other states and African markets.
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“I do not think the company is leaving Lagos as a result of the demolition of its Landmark Beach,” said a Lagos-based investment analyst, Osita Odita.
“However, if they were reluctant to expand beyond Lagos, they may take it more seriously now,” he noted.
