KIA Africa exits receivership as Bacita Sugar firm gets fresh investor lifeline

Lagos-based KIA Africa Group has regained full ownership and operational control of Bacita Sugar Company Limited, following what it described as an amicable resolution of all outstanding issues with Keystone Bank over the financing and redevelopment of the Kwara State-based agro-industrial firm.

The company disclosed this in a statement issued at the weekend, signed by its chairman, Engr. Wale Suleiman, saying the resolution followed a “constructive conciliation process” between both parties.
KIA said the outcome reflected its shared commitment with Keystone Bank to preserving and revitalising one of Nigeria’s key agro-industrial assets, while protecting the interests of stakeholders, including employees, host communities, creditors and investors.

In the statement, the company said: “The successful conclusion of this conciliation process demonstrates the value of our constructive engagement and shared commitment to practical solutions.

“We are particularly encouraged by the confidence shown by institutional investors who have already provided capital support that enabled the achievement of important financial milestones and strengthened the foundation for Bacita’s revival.”

The statement added that with the dispute now resolved, focus would shift to rebuilding operations, attracting fresh investment, creating jobs and restoring Bacita to its position as a major contributor to Nigeria’s agricultural and industrial base.

KIA said it had secured the backing of an unnamed institutional investor, which has already made an initial capital injection into the company, describing the development as “a major vote of confidence” in Bacita’s commercial prospects.

Building on the momentum, the company said it had drawn up a transformation programme covering the modernisation of processing facilities, rehabilitation of estate infrastructure, expansion of sugarcane cultivation, large-scale outgrower schemes, improved irrigation and adoption of modern farming technology.
KIA said the redevelopment plan is expected to boost production capacity, generate thousands of direct and indirect jobs, and support Nigeria’s sugar self-sufficiency goals under the National Sugar Master Plan.

Beyond sugar production, the firm said its long-term vision for Bacita includes an integrated agro-industrial ecosystem spanning ethanol production, renewable energy, logistics and community development programmes.

KIA Africa Group is a diversified investment and operating group with interests in agriculture, manufacturing, infrastructure, energy and industrial development across Africa.