Paul Onwuanibe is an African business magnate; he is the managing director/chief executive officer, Landmark Africa Group, an Africa-focused real estate company. He holds a Master’s degree in Construction Project Management, and Master’s in Environmental Design and Property from Imperial College. He also a Master’s degree holder in Business Administration (MBA) from the London Business School. In this interview with KENNETH ATHEKAME, he spoke about the challenges facing the Nigerian real estate and the global economic trends affecting Nigeria’s business investment. Excerpts:
Can you walk us through your journey in real estate? What inspired your focus on creating innovative mixed-use destinations like those developed by Landmark?
I was born and raised in the UK into a middle-class family. My father, a diplomat, and my mother, a civil servant, instilled in me a deep sense of purpose and discipline. My father, being strongly connected to his Nigerian roots, decided to send me back to Nigeria for my education. I attended Federal Government College, Ijanikin, Lagos, where I gained invaluable experiences and connections.
I later pursued a degree in architecture in the university, but eventually practised for just three years before realising that I didn’t really want to be an architect. My journey led me to a property development company, where I gained hands-on experience in the industry. Over the next eight years, I transitioned to Regus International, which expanded my understanding of global real estate and serviced office solutions.
In 1997, with the support of my former boss, Mark Dixon, I established my first company, Landmark, in Europe. After successfully running the business, I sold it in 2001. The tragic events of 9/11 marked a turning point in my life. I decided then it was time for Africa; so, I went on to establish serviced offices in 17 locations across Africa. In 2015, after selling that business, I set my sights on a new vision: to develop the biggest and best mixed-use destination in Africa, headquartered in Lagos. Today, Landmark Lagos stands as a testament to that vision.
What is your overarching vision for Landmark as a brand, and how does it reflect in the developments you create?
My overarching vision is to provide in Africa, for Africans by Africans, the business, leisure and lifestyle experiences that many Africans travel abroad to enjoy.
Landmark is renowned for pioneering unique developments. How did the concept of the Landmark Upside-Down House come about, and what has the reception been like so far?
Our currency in Landmark is not money, its people. We want to get as many people here, offer them amazing experiences and we want them to tell others about us.
The Upside-Down House is one more in a pipe line of many firsts developments we have started in West Africa. It’s more than just a structure; it’s an immersive instagrammable experience. It complements our vision of making Landmark a must visit destination in Africa.
Since its opening in December, the response has been extraordinary, drawing thousands of visitors and exceeding our expectations. We’re thrilled to see the excitement it has generated and look forward to continuing to create immersive and memorable experiences across Africa.
Beyond the Upside-Down House, what other exciting developments are currently in the pipeline, and how do they align with Landmark’s long-term strategy?
We are accelerating through a whole series of new experiences in Landmark, and with the launch of Landmark 2.0, we are seeking to develop eight iconic leisure destinations across West Africa. Five of which are in Nigeria. Within Landmark Lagos, we are also currently building the Landmark Waterview Apartments (A 20-floor hotel apartment building with unique leisure and lifestyle services) and an entertainment marketplace, called POP Landmark, an e-sports centre, the first of its kind artificial beach with a Venice style canal, a kid-play hub and lots more.
Mixed-use developments have become increasingly popular. What do you think makes a successful mixed-use project, especially in a market like Nigeria?
Our idea of a successful mixed-use development is one that provides Business, Leisure, and Lifestyle all in one place. Such developments are not only highly efficient and effective but also designed to cater to the diverse needs of the community, creating spaces where people can live, work and play in one location.
Read also: Landmark Group and Enugu State to redevelop Nike Lake Resort with an initial N10b
Real estate development in Nigeria comes with its unique challenges, from land ownership issues to regulatory hurdles. Can you share a specific instance where you had to navigate these challenges and the strategies you used?
There are challenges in every commercial environment, more so, in developing countries, Nigeria has its own unique sets of challenges. But as they say, ‘When the going gets tough, the tough get going.’ Things that are challenges here may not be in other countries, but there are opportunities for every challenge. The biggest challenges we’ve had at Landmark are marrying the interests of the landmark team, the customers, the general public, and the tough regulatory environment.
Funding remains a critical issue in real estate. What innovative financing models or partnerships has Landmark employed to overcome these constraints?
It’s very difficult to fund things that people don’t want. It’s easier to fund things people want. Because we focus on creating things people want, we haven’t had challenges with funding so far.
What major trends do you see shaping the Nigerian built environment sector today, and how is Landmark leveraging these trends?
Trends in a country like Nigeria are deeply influenced by its demographics. The most prominent trends often revolve around:
Technology: Driving innovation and shaping how people live and work. Connectivity: Enhancing how individuals and communities interact in an increasingly digital world. Immersive Experiences: Creating engaging and memorable moments that resonate with diverse audiences.
Sustainability is becoming a key factor in real estate development globally. How is Landmark integrating sustainable practices into its projects, and why is this important for the Nigerian context?
One of the greatest challenges to sustainability today is the misconception that it’s someone else’s responsibility. At Landmark, we understand that sustainability is our responsibility, especially as leaders in the built environment. We are committed to ensuring that every project we undertake is designed and executed with sustainability at its core. From the materials we select to the energy solutions we implement; we prioritise eco-friendly products and systems to create a more sustainable future for everyone.
Real estate projects can significantly impact the communities around them. How does Landmark ensure its developments contribute positively to social and economic growth?
Like I said before, our philosophy is in Africa, for Africa, by Africa. Our entirely business philosophy is all about impact. Job creation, tax payment, SME Creation and support, basically anything that is an aggregator in the society.
How do you see global economic trends, such as inflation and interest rate fluctuations, affecting real estate investment in Nigeria?
The greatest challenge to the creation and effective utilisation of real estate lies in affordability. You might expect successful real estate entrepreneurs to prioritise solving the issue of providing affordable solutions for the general public. While rising costs remain a concern, the demand for real estate as a stable investment continues to thrive. By focusing on developing high-value, impactful projects, we can address these challenges, mitigate risks, and attract both local and international investors, ensuring a balance between accessibility and sustainability.
Are there plans for Landmark to expand beyond Nigeria or Africa? If so, what markets are you targeting, and why?
Yes, as I said earlier, we started off as a global organisation, became an African organisation, condensed it into a Nigerian organisation.
Now, we’re expanding and diversifying our interests again into Africa. Our goal being to showcase the best of Africa.
As a leader in the industry, how do you ensure Landmark remains at the forefront of mixed-use development in Africa?
Find out where the people are going and get there first. Everything we do is about creating amazing experiences for the amazing people of Africa.
What legacy do you hope to leave through Landmark’s developments, both in Nigeria and internationally?
At Landmark, we pride ourselves on being pioneers: The first to introduce the serviced office business to West Africa. The first to establish the event centre business in the region. The first to bring the mixed-use development philosophy to West Africa. The first to create a family-centric inner-city leisure beach in Nigeria. The first to introduce the Upside-Down House to West Africa.
We do this not just because we want to be different, but because we want to provide to others what is different. Our goal is to continue to provide amazing experiences in such a way that always moves the needle of impact.
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