BUA has withdrawn its interest in the 50,000 hectares of land in Kogi State over the failure of the land to meet its intended purposes.
The group said it was no longer interested in the 50,000 hectares of land allocated to it in 2012 due its inaccessibility and unviability for business.
This comes after the Kogi 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.
A statement by the company made available to newsmen disclosed that “since the Kogi State invited BUA to invest in 2012, there has been no visible effort by the state and successive governments to address the issues of access to the land that will enable BUA to utilise the land for its intended purpose. It said the land is only accessible by water without any enabling infrastructure.”
The statement also disclosed that there have been recurring security challenges around the area over the years after the initial indication of interest and granting of the Certificate of Occupancy (CofO), noting that the security of its investment as well as staff is paramount.
The statement noted the feasibility study conducted on the land revealed that only about 30 per cent of the entire land mass was suitable for investment while the rest consisted of rocky, hilly, and undiluted areas which are not suitable for its intended purpose.
The company however stated that “the Kogi government may revoke the CofO of the land if it so wishes. If BUA had decided 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 line 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.”
Recall that the acting surveyor general of the state, Mr Salihu Mustapha, had on Monday, while addressing the Kogi Assembly’s Ad-hoc committee probing operations of 157 companies in the state, expressed shock that BUA Group had failed to pay for the said land.
“We are having problem with the Bua Group over 50,000 hectares of land it acquired in 2012 and even obtained a Certificate of Occupancy (C of O) but has not paid a kobo for the land.
“We have written to the group several times but it has not responded to any of the letters.
“No compensation has been paid to the communities that own the expanse of land,” he had asserted.
The house then gave the group Wednesday Oct. 19 to appear before it.
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