Governor Bala Mohammed of Bauchi State has noted with delight that it is very rare for an investor worth a trillion naira to offer 10 percent equity share to stakeholders or owners of land for the investment.
Senator Bala Mohammed was speaking Tuesday in Gwana village project site of the official Drilling of 10 million metric tons of cement per annum capacity by the Resident Cement Factory Ltd.
“For all the communities at the proposed site of Resident Cement Factory at Gwana District in Alkaleri LGA of Bauchi state, 10 percent equity of the total investment of $1.5 billion has been allotted to them”, he said.
Governor Bala said, “Bauchi state is going to own 10 percent of this project. It is the first time this is happening, and all the business community for your information, the company has offered to them ten percent of this equity for them to take”.
The Governor said that the company as a good gesture reduce the price per share by half so as to reduce acquisition to a level of affordability, saying “Nobody can do you this except your son, or somebody who loves you”.
He explained that the state government would on behalf of the community rightly take over the payment of the equity share for the community to later conveniently take it to itself.
Speaking earlier, the Group Chairman of Resident Cement Factory Ltd, Dr. Abbas Waziri Junaid said that they have deployed all manners of geological investigations where it was proved that the deposit in Gwana is sustainable and enough to establish a cement plant.
“Why we are here today is to prove what geophysics has discovered and found huge deposit of limestone, and for us to be able to prove that is sustainable enough for the quantity of 10 million metric tons capacity for the next one hundred years”, Junaid said.
Junaid disclosed that the proposed project would attract thousands of people, and called on the people to invest in the provision of infrastructure that would accommodate people, revealing further that the company would at the start bring 1000 trucks with an employment of 3,000 drivers.
“We will build an air strip. The first project we are going to do here is that we will land our jet here, and we are going to come with a helicopter. We promise you that the next three months is a different thing for this place”, Junaid concluded.
