The Landmark Water View Scandal has revealed a troubling reality in Nigeria’s real estate market, uncovering a complex web of fraud, inadequate oversight, and shattered dreams.
Launched in 2019, the luxury waterfront project promised high-end living along prestigious Water Corporation Road in Oniru, Lagos.
But this lofty dream has turned into a nightmare for hundreds of buyers who invested their life savings into the project for positive development.
The controversy came into limelight in January 2025 when parts of Landmark Beach, a flourishing leisure hub owned by Paul Onwuanibe, were demolished to make way for the Lagos-Calabar coastal highway.
This demolition prompted public outcry, with Onwuanibe claiming that the Federal Government destroyed properties valued at about $200million.
But the Federal Government has countered his claims, saying that only makeshift structures were taken down and no compensation was provided to the affected parties.
Meanwhile, buyers of the Waterview Apartments have alleged that they have been left in limbo, with no apartments, no refunds, and no clear timeline for delivery.
The project, which was initially scheduled for completion in 2025, has faced numerous delays and accusations of financial mismanagement.
Buyers further assert that Landmark Africa has diverted their funds to other projects, including renovations at Nike Lake Resort in Enugu.
The scandal underscores the risks inherent in Nigeria’s booming off-plan property market, where developers frequently mix funds among various projects, leaving buyers vulnerable.
Incidentally, Consumer rights advocates are now calling for stronger regulations, including mandatory escrow accounts for off-plan payments.
While Landmark Africa has promoted Waterview on social media, the company has not released a detailed public statement addressing the allegations.
The company also cites the beach demolition as a major setback but buyers argue that it should not have impacted the Waterview project.
As affected buyers contemplate joint legal action, questions about governance, development, and property rights in Nigeria continue to emerge in public discourse
It is instructive to note that the controversy has sparked intense debates, with some accusing the government of targeting investors while others demand reforms to protect buyers’ interests.
When contacted over the matter, the Director of Corporate Affairs, Federal Competition Consumer Protection Commission (FCCPC), Ondaje Ijagwu, said the agency will swiftly look into the matter and address the contentious issues.
He said, “Consumers are encouraged to continue reporting violations through the FCCPC complaint portal: complaints.fccpc.gov.ng, or FCCPC zonal and state offices.
“Every report assists the Commission in identifying systemic issues and enforcing compliance.”
It is important to note that the Executive Vice Chairman/Chief Executive Officer of the FCCPC, Dr Tunji Bello, had while reacting to an updated data received on consumer complaints received and resolved by the agency across key sectors of the Nigerian economy, said: “These (numbers) are not just statistics; they tell the story of consumer frustration, and the daily challenges Nigerians face in essential services.
“However, the FCCPC is determined to hold businesses accountable, ensure compliance with the FCCPA, and promote fair market practices that protect the welfare of all consumers.”
The Landmark Waterview Scandal stands as a cautionary tale, revealing the darker side of Nigeria’s real estate industry and leaving thousands of Nigerians wondering if their investments will ever come to fruition.