BUA Group has reacted to the Kogi State Assembly over the threat to revoke 50,000 hectares of land allocated to the company for development in 2012 over non-payment of compensation.
Africa Housing News earlier reported how the Kogi State House of Assembly summoned the company over the land which it said the company has not paid “a kobo since 2012”.
However, the company has opted to have the Certificate of Occupancy revoked by the state in view of recurring security challenges around the area in the years after the initial indication of interest and granting of the C of O.
Moreover, 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.
According to BUA: “We 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 are not suitable for its intended purpose.”
In the statement issued by the BUA Group, the organisation disclosed that since their invitation by the Kogi state government in 2012 to invest in the state through the land, there is no visible effort by successive governments 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 are also paramount hence the company had to think twice given the deteriorating security situation in the area.
Furthermore, the company revealed that it has a record of being one of the best when it comes to paying 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”.
Regretting that the land cannot be used for its intended purposes, the company therefore said the state government can go ahead and revoke the Certificate of Occupancy.
