KIA Africa Regains Control of Bacita Sugar Company

KIA Africa Group has successfully exited receivership and regained full ownership and operational control of Bacita Sugar Company Limited, following a resolution with Keystone Bank regarding the financing and redevelopment of the Kwara State-based firm. Engr. Wale Suleiman, chairman of KIA Africa, stated that the resolution was achieved through a “constructive conciliation process.” This outcome reflects a shared commitment to preserving and revitalizing Bacita, which is considered a key agro-industrial asset in Nigeria.

KIA emphasized the importance of stakeholder interests, including employees, host communities, creditors, and investors. The company has secured backing from an unnamed institutional investor, which has already made an initial capital injection, marking a significant vote of confidence in Bacita's commercial prospects.

With the dispute resolved, KIA plans to focus on rebuilding operations, attracting fresh investments, creating jobs, and restoring Bacita's role in Nigeria’s agricultural and industrial sectors.