Following its threat by the the Kogi state House of Assembly to revoke 50,000 Hectares of land allocated to it for development in 2012 over non-payment of compensation, BUA Group has reacted.
Telscope.ng gathered that the company has opted to have the Certificate of Occupancy revoked by the state in view of the fact that not only did the lack of infrastructure to provide access to the land a hindrance but there have also been recurring security challenges around the area in the years after the initial indication of interest and granting of the C of O.
It added that the terrain of the land in question after feasibility was done revealed that it would not able to serve the purpose for which BUA intended.
The company stated that it conducted feasibility on the land and found out that only about 30% of the entire land mass is suitable for investment, with the rest consisting of rocks, hilly and undulating areas which is not suitable for its intended purpose.
In the statement issued by the BUA Group on Tuesday, October 18 and made available to Telescope.ng, they disclosed that ‘since their invitation by the State Government in 2012 to invest in the State through the land, no visible effort by the State Government and its successors to address issues of access to the land. As an investor, BUA also claimed that issues of security of its investment as well as staff is also paramount hence the company had to think twice given the deteriorating security situation in the area.
The company further revealed that it has a record of being one of the best when it comes to paying of dues and entitlements to States and local indigenes anywhere it operates and this is verifiable in all the states where it has investments.
The BUA group also said, “As a responsible organisation, we believe in the principle of equity sustainable business practices and fairness’ and this has been the hallmark of their activities and operations everywhere they do business either with communities or governments.”
Regretting that the land cannot be used for its intended purposes, the company, therefore, says the State Government can go ahead and revoke the Certificate of Occupancy.