Lagos-Calabar High Way: Landmark Group To Lose $100m Investment As FG Set Up Compensation Committee

The Minister of Works David Umahi on Thursday commissioned a committee to compensate property owners within the right of way of the Lagos-Calabar Coastal highway.

Umahi noted that the property within 250 meters of the shores belongs to the federal government and, thus, won’t be compensated.

Recall that THE WHISTLER earlier reported that Nigerian billionaire businessman and the Chief Executive Officer of Landmark Group, Paul Onwuanibe, has decried that he will be stuck in debt of over $20m and may lose his $100m investment if the Lagos State Government proceeds with the demolition of a section of his Landmark Hotel and Beach Resort.

The Lagos State Government said the property falls by the Right of Way by 50 meters including the beach resort, kids and bay, members area, Lagos Beach Club, and Hang-out among others.

However Umahi while inaugurating the committee in Abuja said, “We are committed to transparency, and that is why we are inaugurating this committee today. We have had our alignment on both sections of phase one of the coastal road, which is 47.7 km, and the second section, which is about 55km.

“Hence the need to set up a review committee to look at the work done by the Environmental assessment team and the works to be reviewed by this committee is very simple.

“It is just to interact with property owners that are going to be affected and then in the process, look at the compensation as enumerated to be paid and when possible, you visit the site and at the moment we are using the federal rate to do our renumeration.

“I know very well that no amount given will satisfy those affected, but we are bound by the law, so we are using federal rates which are higher than Lagos State compensation rate in paying compensation. The moment the property owners sign after filing the necessary documents and bank accounts, and within 72 hours, we will authorise payment.

“The contractor is going to be paying directly to all those who are affected. This, we are committed to doing, this verification exercise starts in Lagos on Wednesday”.

Emphasizing the payment model, Umahi noted that property owners sitting within the 250-meter aftershore may get waivers on exceptions of President Bola Tinubu’s authorization.

“We have to make it very clear that 250 metres of the road legally belongs to the federal government.

“So if you have a title within these 250 metres and it is not a title from the federal government, then it is incumbent, and only the President will give a waiver if he so feels for payment. So I will work within the confines of the law,” Umahi said.

He also tasked the committee to be diligent in the dictates of the law, he said, “The committee is not in charge of ramp or anything but just to verify those who are going to be paid compensation, the authenticity of those filling for compensation, verify the dimensions, where possible, the amount and in their presence where the property owner signed, once these are authenticated, we direct the contractor to go ahead and pay”.