BUA Group has disclosed why the company is withdrawing its interest in the 50,000 hectares of land in Kogi State.
According to The PUNCH, the company said it made the decision over the failure of the land to meet its intended purposes.
It would also be recalled that the state Assembly threatened to revoke the Certificate of Occupancy on the land allocated to the company for investment purposes in 2012 for non-payment of compensation.
The company claimed in a statement that no attempt had been made since the state asked BUA to invest in 2012 by the state or any succeeding governments to fix the challenges with access to the site that would have allowed BUA to use the land for its intended purpose.
It stated that there was no supporting infrastructure and the land could only be reached by boat.
The statement noted that the security of its investment and personnel was of utmost importance and further revealed that there had been persistent security issues in the region over the years following the first expression of interest and issuance of the Certificate of Occupancy.
It highlighted that just around 30% of the overall land mass was eligible for investment, according to a feasibility analysis, and that the remainder was made up of steep, rocky, and barren areas that weren’t appropriate for the land’s planned use.
However, the company stated that the Kogi Government may revoke the CofO of the land if it so desires, and that if BUA “decides to proceed with the proposed project, BUA would be very happy to pay all dues and necessary compensation to the state and other stakeholders in accordance with our obligation.”
“This is because as a responsible organisation, we believe in the principles of equity, sustainable business practices, and fairness. That has been the hallmark of our operations and engagement with communities and governments everywhere we operate.”
On Monday, the Kogi House of Assembly summoned the cement manufacturing corporation, BUA, over a 50,000-hectare site it purchased ten years ago but had yet to pay for.
The summons was issued during a public meeting of one of the legislature’s ad hoc committees in Lokoja.
