KIA Africa Group has announced that Bacita Sugar Company Limited has exited receivership following an amicable resolution of outstanding issues surrounding the financing and redevelopment of the company.

The group, in a statement issued in Lagos on Sunday and signed by its representative, Engr. Wale Suleiman, said full ownership and operational control of Bacita Sugar Company had been restored to the company and its shareholders.

According to the statement, the resolution followed a conciliation process involving KIA Africa Group and Keystone Bank over issues relating to the financing and redevelopment of the sugar company.

KIA said the parties were committed to preserving and revitalising Bacita Sugar Company while protecting the interests of employees, host communities, creditors, investors and other stakeholders.

The group expressed confidence that the resolution would pave the way for renewed investment and the restoration of the company’s operations.

It said institutional investors had already provided capital support to the project, enabling the company to achieve key financial milestones and strengthen the foundation for its revival.

“With the issues between all stakeholders now amicably resolved, attention can fully shift towards rebuilding operations, attracting additional investment, creating employment opportunities, and restoring Bacita Sugar Company to its rightful position as a major contributor to Nigeria’s agricultural and industrial development,” the statement said.

KIA said it had also secured the backing of a leading institutional investor as part of its long-term strategy for the rehabilitation of the sugar company.

The proposed transformation programme includes the modernisation of processing facilities, rehabilitation of estate infrastructure, expansion of sugarcane cultivation, development of large-scale outgrower schemes, improvement of irrigation systems and deployment of modern agricultural technologies.

The group said the programme was expected to expand production capacity, create direct and indirect employment, stimulate economic activity in host communities and support Nigeria’s sugar self-sufficiency objectives under the National Sugar Master Plan.

It added that the long-term plan for Bacita included developing an integrated agro-industrial ecosystem covering ethanol production, renewable energy, agricultural support services, logistics and community development.

KIA said the successful resolution of the outstanding issues had provided renewed confidence for employees, business partners, investors, regulators and host communities as the company entered a new phase of development.
Bacita Sugar Company, located in Kwara State, is one of Nigeria’s established agro-industrial assets and has historically played a role in the country’s sugar industry.

KIA Africa Group said it remained committed to working with Keystone Bank and other partners to ensure the long-term success of the project and maximise its economic and social benefits for Kwara State and Nigeria.