KIA Africa Group and Keystone Bank have amicably resolved their long-standing financing dispute over Bacita Sugar Company Limited, officially terminating the debt-recovery receivership and restoring full operational control to KIA Africa.
KIA Africa Group and Keystone Bank have settled their disagreement regarding the financing and redevelopment of Bacita Sugar Company Limited. Reached through an out-of-court agreement, the settlement allows the Kwara State-based sugar company to officially exit receivership and resume its operational growth.
In a statement signed by representative Engr. Wale Suleiman, KIA Africa noted that the settlement paves the way for both parties to focus on rebuilding the company, securing new investments, creating employment and restoring Bacita Sugar’s role in Nigeria’s agricultural sector.
To support the company’s turnaround, KIA Africa secured the backing of a major institutional investor which has provided a substantial initial capital injection. The funds will be directed toward a transformation plan that includes modernizing sugar processing facilities, repairing estate infrastructure, expanding sugarcane fields and rolling out large-scale outgrower programs for local farmers.
The redevelopment plan aims to boost Bacita Sugar’s overall production capacity, generate thousands of direct and indirect jobs, and stimulate local business activity. The project also supports national goals for sugar self-sufficiency under Nigeria’s National Sugar Master Plan.
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Looking beyond traditional sugar production, KIA Africa’s long-term roadmap for the Edu Local Government Area facility includes expanding into ethanol production, developing renewable energy projects, establishing agricultural support services and building out logistics infrastructure.
KIA Africa stated that resolving the dispute has restored confidence among employees, business partners, investors, regulators and host communities. The group reaffirmed its commitment to collaborating with Keystone Bank and other partners to ensure the project delivers sustainable economic benefits for Kwara State and the broader Nigerian economy.
