Bacita Sugar Exits Receivership with Investor Support

Bacita Sugar Company has successfully exited receivership following a resolution of outstanding financing and redevelopment issues involving KIA Africa Group and Keystone Bank. This development allows Bacita to resume its long-term transformation program, with KIA Africa announcing that it has secured backing from an institutional investor to aid in the revival of this significant agro-industrial asset.

Full ownership and operational control have been restored to Bacita and its shareholders after a constructive conciliation process. KIA Africa expressed confidence that this resolution will benefit employees, host communities, creditors, investors, and the wider Nigerian economy.

The revitalization program will focus on modernizing processing facilities, rehabilitating infrastructure, expanding sugarcane cultivation, and introducing large-scale outgrower schemes. The investment is expected to increase production capacity and create thousands of jobs, contributing to Nigeria's goal for greater sugar self-sufficiency.

KIA Africa aims to develop Bacita into an integrated agro-industrial ecosystem, enhancing economic opportunities for Kwara State and supporting Nigeria's industrial development.