Nigerian Business mogul, Paul Onwuanibe told CNN that he received a demolition notice in late March, instructing him to vacate his multimillion-dollar beach resort within seven days before it would be demolished.

Onwuanibe had obtained the land in 2007 before the plans for the coastal highway were drawn up and felt a mix of emotions after receiving the demolition order, which also urged him to file compensation claims.

As per the notice, sections of the property marked for demolition include the Beach Resort, Kids and Bay Arena, Members Area, and Lagos Beach Club, as they encroach within the Right of Way of the proposed road project by 50 meters.

Valued at over $200 million, according to Onwuanibe, the Landmark site is home to over 80 businesses and provides more than 4,000 direct jobs. It also generates over 2 billion naira ($1.5 million) in annual tax revenue.

Onwuanibe said foreign and local investors in Landmark Group were now threatening to pull out if the beach resort, which includes a mini golf course, a beach soccer field as well as a volleyball and basketball court, is removed.

“Without the beach, the entire ecosystem is at risk and is severely damaged,” he said, adding: “I have had widespread panic calls from my international and local investors as well as local debt providers threatening to pull the plug as they think this is material to our survival as a business.”

Approval for the new coastal road was given on February 27 by the federal authorities, according to presidential aide Temitope Ajayi.

The first part of the 1.06 trillion naira ($841 million-plus) highway will be built on Victoria Island, and will run through a total of nine coastal states in Nigeria,

Environmentalists argue that while the coastal road project promises economic benefits, it also presents significant environmental challenges.

[Business Insider]