Investors Pulls Out Of Kogi Due To Lack Of Roads And Hositility

BUA Group has joined the league of investors withdrawing their interest in putting their resources to work in Kogi State. They all cited the fact that the Governor Yahaya Bello-led government has given room for hostility, such that it is almost impossible to profitably float a business in the state.

In a letter addressed to the Director-general of the state’s Bureau of Lands and Urban Development, BUA expressed its non-interest in a 50,000-hectare land it acquired from the Kogi government in 2012.

However, in what appeared to be a response to the summoning, BUA said it had never taken possession of the land, adding that the lack of infrastructure and security challenges present in the state is responsible for its non-interest.

“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.

“Due to the reasons enumerated above, and the fallout associated with it, we, hereby, wish to indicate through this letter, and inform you that we are no longer interested in continuing with our proposed investment,” the statement added.

Source revealed that this development came shortly after Kogi security outfit and vigilantes on the order of the state governor, invaded the Dangote Cement plant on Wednesday, October 5, 2022, unleashing mayhem on the facility.

Following the incident, industry stakeholders, including the Manufacturers Association of Nigeria (MAN) warned that such action would have consequences.

MAN’s President, Engr. Mansur Ahmed, at a press conference to herald its 50th Annual General Meeting (AGM) scheduled to hold on 17-19, October 2022, said the action by the Kogi government is of great concern, adding that it would drive away investors from the state.