BUA Lied, Kogi is Safe for Investment, Audacious Pronouncement of State as Unsafe is Fallacious, Outrageous »

BUA a Comfortable Debtor.

By KKelvin Oluseyi Eleta

Recall that the Kogi State Government through the State House of Assembly earlier summoned the management of BUA Group to appear before the house to clarify a pending land acquisition dispute entered into by the company with the state government in 2012. As stated in the report from the State Assembly, it was clearly stated that invitations had been sent across for the management of BUA Group to attend to issues surrounding the 50,000 hectares of land supposedly acquired in 2012 for commercial purposes, with no rental or any financial commitments made as to the purchase.

Was Kogi State Government wrong to have invited the company to clear a decade old land debt? No!

BUA Group on the other hand was wrong to have issued a sabotaging statement in a bid to ridicule and subsequently damage the image of Kogi State and in turn, the reputation of His Excellency Governor Yahaya Bello; as the statement aimed at degrading the success records of the state in fights against insecurity.

Kogi being a friendly and accommodating state where investment and businesses strives effortlessly, is known to be one of the safest states in the country, and the safest amongst the 19 northern states. Geregu Power Plant owned by Nigerian Billionaire, Femi Otedola, is a twin-reactor nuclear power plant located in Geregu, Kogi State. Startup for the project was estimated at US$10 billion and expected to generate approximately 2,400 MW of electricity once completed. In October 2022, Geregu became the first power company to list on Nigeria’s Stock Exchange.

Geregu nuclear power plant is a perfect example of a private investment doing absolutely well in Kogi State. A state labeled as ‘unsafe’ by the overzealous BUA Group of companies.

BUA claimed there has been a massive deterioration of security in and around the area where the grabbed 50,000 hectares of land is located, for the past few years making it practically impossible to start any project there as an investor in the state. This claimed further revealed the BUA Group to be nothing but a comfortable debtor not willing to yield.

How can one be comfortable to have stylishly grabbed a vast portion of land, retained same for a decade, and swiftly revealed same land isn’t suitable for business after 10 years. Let’s not forget that a Certificate of Occupancy (C of O) was issued to BUA Group by Kogi State Government under the leadership of Idris Wada as Governor. BUA crookedly claimed to had conducted a feasibility study on the land to determine usage but discovered only 30 percent of the land was suitable for use due to nonavailability of access roads and other infrastructures. A study they failed to carry out 10 years ago before purchasing the land and stylishly obtained a Certificate of Occupancy (C of O) for a land they paid zero kobo on.

We have private companies in Kogi State excelling and expanding in trade without claim of any forms of security threats or attacks on any of their infrastructures or investments in the state. Dangote Cement, Obajana became a force to reckon with on the floor of the Nigerian Stock Exchange, and as a privately owned company in Africa. Still on the soil of Kogi State.

Not for once has any investor in Kogi State records any forms of break down of law and order resulting to damages as per means of doing businesses in the state. It is then questionable for a company who is yet to invest in the state but only bought 50,000 hectares of land on credit, to labeled the state as ‘unsafe’. Absolutely unacceptable.

I therefore wishes to state categorically that the decision of BUA to halt plans of investment in Kogi State isn’t a loss. This is because, having a company who cannot pay for a land acquired for a decade after stylishly receiving a Certificate of Occupancy from the state government, won’t do any good for the economy of the state but would only metamorphosed into another possible tax debtor. Who will expect someone who could not pay for land acquired over ten years to pay taxes.

Lastly, while commending the efforts and approaches of Governor Yahaya Bello in maintaining glued law and order in the state, I want to admonish the Kogi State Government through the state’s House of Assembly to listen to the plea of BUA Group by revoking the Certificate of Occupancy issued to the company in 2012.

Kelvin Oluseyi Eleta,
Writer, Author, Public Analyst.
20th October, 2012.