BUA Group, a manufacturing and infrastructure conglomerate, says it is no longer interested in a 50,000-hectare land it acquired from the Kogi government in 2012.
The company said it had never taken possession of the land.
BUA Group also said it could not utilise the land due to lack of infrastructure and security challenges present in the state.
“Since our invitation by the state in 2012 to invest through that land, there has been no visible effort by the state and successive governments till date, to address the issue of access (i.e. infrastructure, roads) that will enable us utilise the land for its intended purpose,” the letter reads
Currently, the land is only accessible by water and without the required investments and other enabling infrastructure, the venture will not be feasible.
There has been a massive deterioration of security in and around the area for the past few years making it practically impossible to start any project there as an investor.”
BUA Group said it had conducted feasibility studies on the land and found out that only about 30 percent of the entire land mass is suitable for its investment with the rest – 66 percent – consisting of rocky, hilly and undulating areas which is not suitable for its intended purpose.
The company, therefore, said it was no longer interested in investing in the property.