Bua International Limited, Which Recently Formally Took Over Lafiaji Sugar Company in Kwara State, Has Promised to Immediately Commence Rehabilitation of the Sugar Plantation to Boost Economic Activities in the Area.

At the handing over of the sugar company recently in Kwara State, Chief Operating Officer (COO) of BUA International Limited, Chimaobi Madukwe, said BUA would justify the confidence reposed in it by the Federal Government by making the sugar company one of the best in the world and also pledged that the company would maintain cordial working relationship with its host community. He said the company would commence rehabilitation of the sugar plantation to boost economic activities in the area and to also achieve the purpose for which the plantation was set up. In her remarks at the handover ceremony held at Kwara Hotels, Ilorin, the Director-General of the Bureau of Public Enterprises (BPE), Ms. Bolanle Onagoruwa, regretted that the Federal Government had used considerable earnings from other sources to set up the plant only for it to appreciate in decadence.

She, however, expressed confidence in the technical ability and competence of the new owners to turn around the enterprise and also realise the idea for which the federal government set up the sugar company. The Director-General, who was represented by the Director of Industry & Services, Allwell Ibeh, noted that as investors, the new owners would be compelled by the demanding economic imperative to succeed, adding that the challenge lies more in the altruistic service to the nation, which is helping to develop the Nigerian economy and also provide jobs for the citizens.Onagoruwa promised the Bureau's preparedness to offer statutory assistance to BUA to succeed and also pledged to encourage the company to achieve full implementation of the Post Acquisition Plan (PAP) for the company to realise its economic benefits for the country, particularly in the areas of employment, revenue for the government, foreign exchange and availability of sugar in the Nigerian markets.She commended the host community, the liquidator, Kwara State Government and ex-staff of the company for their resilience and patience, which has made the hand over possible.LASUCO was established on April 6, 1971 as a joint venture between the Federal Government and Mehta Group of India, which eventually pulled out of the technical agreement in 1985.

Prior to its liquidation, the company with a fully paid up share capital of N1,067,000.00 was 100 per cent owned by the Federal Government. At inception, it was designed to have 7,750 hectares of sugar cane plantation and a processing refinery/factory capable of producing 72,000 metric tonnes of refined white granulated sugar annually. Other facilities earmarked for the sugar complex included irrigation and drainage facilities, a bridge across River Egwa, 180 kilometers of farm roads and a large housing estate.

The factory is an open pan mini-sugar plant with production capacity of 60 tonnes per day.