Bacita Sugar Company Limited has exited receivership following the amicable resolution of a dispute between KIA Africa Group and Keystone Bank, paving the way for the restoration of the company’s ownership and operational control to KIA and its shareholders.
KIA Africa Group, in a statement issued yesterday by Engr. Wale Suleiman, said the development followed a constructive conciliation process focused on resolving outstanding issues surrounding the financing and redevelopment of the Kwara State-based agro-industrial company.
The resolution has opened a new chapter for Bacita Sugar, with KIA disclosing that it has secured the backing of a leading institutional investor.
According to the group, the investor’s initial capital injection has already enabled the company to meet key financial milestones and positioned it for renewed investment and expansion.
KIA said the agreement with Keystone Bank underscores the commitment of both parties to preserving and revitalising Bacita Sugar, while safeguarding the interests of employees, host communities, creditors, investors and other stakeholders.
“With the issues between all stakeholders now amicably resolved, attention can fully shift toward 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 group said.
KIA described the institutional investor’s support as a major vote of confidence in the commercial viability and long-term prospects of the company.
The group said it had developed an ambitious transformation programme to reposition Bacita Sugar as a major player in Nigeria’s sugar value chain.
The programme includes modernising processing facilities, rehabilitating critical estate infrastructure, expanding sugarcane cultivation, establishing large-scale outgrower schemes, upgrading irrigation systems and deploying modern agricultural technologies.
KIA projected that the redevelopment would significantly boost production capacity, create thousands of direct and indirect jobs and stimulate economic activity in communities around the Bacita estate.
It said the investment would also support Nigeria’s drive towards greater sugar self-sufficiency under the National Sugar Master Plan.
Beyond sugar production, the group disclosed plans for an integrated agro-industrial ecosystem around Bacita, including potential investments in ethanol production, renewable energy, agricultural support services, logistics infrastructure and community development.
According to KIA, the broader vision is to create sustainable economic opportunities and long-term value for Kwara State and Nigeria.
The company expressed confidence that the resolution of the dispute would provide renewed certainty for employees, business partners, investors, regulators and host communities as Bacita enters a new phase of development.
“KIA recognises the strategic importance of Bacita Sugar Company to Nigeria’s agricultural and industrial development agenda and reaffirms its commitment to initiatives that promote sustainable growth, job creation, food security and industrialisation,” the statement added.
KIA also commended all parties for the cooperation and professionalism demonstrated during the conciliation process.
The group said it remained committed to working with Keystone Bank and other partners to ensure the long-term success of Bacita Sugar and unlock the economic and social benefits of a fully revitalised agro-industrial project.
