KIA Africa exits administration as Bacita Sugar company gets a new lifeline for investors

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 company.

The company made this known in a statement released over the weekend, signed by its president, Eng. Wale Suleiman, says the resolution follows a “constructive conciliation process” between both parties.

KIA said the achievement reflects its shared commitment with Keystone Bank to preserve and revitalize 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 has enabled the achievement of important financial milestones and strengthened the foundation for Bacita’s relaunch.”

He added that with the dispute now resolved, attention will shift to reconstruction operations, attracting new investment, creating jobs and restoring Bacita to its position as a major contributor to Nigeria’s agricultural and industrial base.

KIA said it has secured the support of an unnamed institutional investor, who has already made an initial capital injection into the company, describing the development as “an important vote of confidence” in Bacita’s business prospects.

Capitalizing on the momentum, the company said it has come up with a transformation program covering modernization of processing plants, rehabilitation of real estate infrastructure, expansion of sugarcane cultivation, large-scale cropping programs, improved irrigation and adoption of modern agricultural technologies.

KIA said the redevelopment plan is expected to increase production capacity, generate thousands of direct and indirect jobs and support Nigeria’s sugar self-sufficiency objectives under the National Sugar Master Plan.

In addition to sugar production, the company said its long-term vision for Bacita includes an integrated agro-industrial ecosystem encompassing ethanol production, renewable energy, logistics and community development programs.

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