Landmark Group Eyes Expansion with $20 Million Funding for Eight West African Cities Including Nigeria and Gambia

The Landmark Group, renowned as a hub for business, leisure, and lifestyle, is securing $20 million (over N30 billion) through private placement to drive the development and promotion of tourism across eight West African cities, including Nigeria.

As reported by BusinessDay, this strategic move follows the demolition of the group’s multi-million-dollar Beach Resort in Lagos by the federal government to make way for the Lagos-Calabar coastal highway construction.

“We are geographically diversifying to reduce dependence on any single economy, expanding into eight West African cities with the most efficient, cash-generating, and impactful parts of our business,” said Paul Onwuanibe, Landmark’s Group CEO, in an exclusive interview with BusinessDay.

Onwuanibe identified these key areas as the events and leisure/hospitality businesses, explaining that they will be rolled out across the region. “To achieve this, we are raising funds through private placement. While our businesses continue generating cash, we are also partnering with Afrexim Bank for debt funding to support our Africa expansion.”

Over the next three months, the group will launch operations in these cities, including The Gambia, Enugu, and Port Harcourt. Onwuanibe highlighted The Gambia as a key destination, revealing a 20-hectare waterfront agreement with a 10-year tax break and other favorable conditions. He praised the Gambian government and its investment environment, describing the nation as a tourism-driven country with unmatched hospitality.

In Nigeria, Landmark has partnered with the Enugu State Government to revamp the 150-hectare Nike Lake Resort, transforming it into the tourism hub of the South East. Onwuanibe noted Enugu’s limitless potential, supported by its international airport and infrastructure.

Author: Nwankwo Nnamdi