₦airaland Forum

That company killed my father.

Overtaken or taken over?

The Company said, “With the 30,000 hectares of land, inclusive of 5,600 hectares of developed farmland for sugarcane production, installed milling capacity of 40,000 tons for refined sugar, an ethanol production plant, a new mill and power equipment that are on ground awaiting installation, a pool of skilled and experienced labour waiting to be hired back into action, and support government policy for sugar sufficiency and backward integration, the Bacita Sugar Company is poised to roar back to life as a major player in the industry. The Kia Africa Group will make this happen. “

This is impressive if true, why not give them a second chance or is someone within the banking system eyeing the next level by taking over assets and capitals?

Islie:
https://leadership.ng/n25-3bn-debt-keystone-bank-takes-over-bacita-sugar-company/#google_vignette

I thought Dangote acquired it long time ago

iwaeda:
I have been to this factory before. We used to eat the brown sugar. Dangote killed this one too, after the woman plane crash.

no be dangote be everything oga... If u knw d company then u must also be familiar with Nigerian paper mill jebba.... Na dangote kill dat one too?

Judolisco:
no be dangote be everything oga... If u knw d company then u must also be familiar with Nigerian paper mill jebba.... Na dangote kill dat one too?

It's a shame that we can't keep those two factories running. I don't know, but most Nigerians have this mentality of embezzlement at any given opportunity. Baba-ita ruined Paper Mill, Jebba within two years in his control. My Mom used to work there.

Musty112:
If you hear of the glory days of this company, you'll just marvel at what it could have turned out to be. I was sincerely rooting for them to make a strong comeback. The company was the life of the town when whites were running it. Give our people time, and they will ruin any beautiful thing.

NB= Sugar money can rival oil money at any given time.

exactly na our people spoil everything... I grew up around dis region.... I saw how d white built and maintained a particular camp and immediately they left, no more maintenance... We finished papermil, jebba hydropower dam was not running at full capacity for years.... Nigeria railway cooperation too, that made d area lively was finished.... Omo

RepoMan007:
This is impressive if true, why not give them a second chance or is someone within the banking system eyeing the next level by taking over assets and capitals?

The Problem With the Company and the Bank:
I doubt it the Company can recover,at all!
-Why did it take the Keystone Bank this long to know the Coy is not Working?
-This is a Company that should be monitored on yearly or half a Year basis- as a Cash- Cow( Sugar Company) So what happened to this Huge Accumulation of Debts and how will the Bank Recover it's Money 🤑?
It shows the Bank were sleeping 😴 because small •Criteria of Liquidity Ration,
•Returns on Investments and
•Profitability Ratios - would have been the Guiding Principle and Should Have Alarmed the Bank -Management on the Need to safeguard their Huge Financial -Interests.
-But Most Often, Many of the Bank Directors are used to Office Cool Air -Conditioner,so they are too lethargic.
•This Money 💰 cannot be recovered because the Company is already grounded!

DeOTR:
It's a shame that we can't keep those two factories running. I don't know, but most Nigerians have this mentality of embezzlement at any given opportunity. Baba-ita ruined Paper Mill, Jebba within two years in his control. My Mom used to work there.

u sabi

Jokerman:
All these business loans sef....

Sweet to borrow, tough and hard to repay until it accumulates

That is ehn.
Very risky way to do business.
Paying back loans for businesses is very difficult because any single factor or policy can just upend the business and before you know it one year to start repaying with the enormous interest has reached!
How businesses even make the repayment of these Nigerian bank loans with interest of at least 35% is astounding.

Curious345:
Who died in plane crash ?

An Ondo woman. It was an helicopter crash.

Judolisco:
no be dangote be everything oga... If u knw d company then u must also be familiar with Nigerian paper mill jebba.... Na dangote kill dat one too?

I know Jebba paper Mills too. I am talking about Sugar Bacita.

iwaeda:
I know Jebba paper Mills too. I am talking about Sugar Bacita.

Hw did dangote kill it?

iwaeda:
I have been to this factory before. We used to eat the brown sugar. Dangote killed this one too, after the woman plane crash.

Is the owner dead?

israelmao:
The operational cost is taking great toll on manufacturing sector making it impossible or difficult for industries to meet up with their
financial obligations.

..yes.. Tinubu harsh economic policies has made the environment unconducive for businesses, companies, industries to thrive and excel in Nigeria.. businesses, companies, industries are just struggling to survive the Tinubu renewed hard economy..it's a pity

What is a car company doing with a sugar company, the loans were definitely diverted.

Musty112:
If

NB= Sugar money can rival oil money at any given time.

And this Sugar is sourced from what? Which source(s) in nature?
Majorly what raw materials?

iwaeda:
I have been to this factory before. We used to eat the brown sugar. Dangote killed this one too, after the woman plane crash.

I lived in Bacita. It’s a memorable ppace

Rootprof:
Hmmmm... What left of the sugar company? I live around there. The company plus the pati tunku quarters plus the whole bacita no worth 25 billion. Please no forget to pay the then workers salaries. Peace.

I used to live in Bacita

Musty112:
If you hear of the glory days of this company, you'll just marvel at what it could have turned out to be. I was sincerely rooting for them to make a strong comeback. The company was the life of the town when whites were running it. Give our people time, and they will ruin any beautiful thing.

NB= Sugar money can rival oil money at any given time.

You are correct. I lived in the town

ufotunang:
..yes.. Tinubu harsh economic policies has made the environment unconducive for businesses, companies, industries to thrive and excel in Nigeria.. businesses, companies, industries are just struggling to survive the Tinubu renewed hard economy..it's a pity

Way before Tinubu, even Buhari.

thinkmoney:
I lived in Bacita. It’s a memorable ppace

There used to be this secondary school near railway line at Jebba, does life camp still exist and sugarcane plantation. I love Jebba sokora.

iwaeda:
I have been to this factory before. We used to eat the brown sugar. Dangote killed this one too, after the woman plane crash.

How is it Dangotes fault that the company wasn't able to manage it's affairs properly?
I don't understand you slowpokes.
Did Dangote stop them from selling the products anywhere?

iwaeda:
There used to be this secondary school near railway line at Jebba, does life camp still exist and sugarcane plantation. I love Jebba sokora.[/b]

Oh yes, I have visited that school before. Along the express road just before you get to Jebba. I had a friend there.
I left the area about 20years ago. Do not know much again too

thinkmoney:
Oh yes, I have visited that school before. Along the express road just before you get to Jebba. I had a friend there.
I left the area about 20years ago. Do not know much again too

Whao. I have not visited in decades too.

The headline said keystone has "taken over" but the heading of the post said "overtaken."

Which one are you saying OP?

ufotunang:
..yes.. Tinubu harsh economic policies has made the environment unconducive for businesses, companies, industries to thrive and excel in Nigeria.. businesses, companies, industries are just struggling to survive the Tinubu renewed hard economy..it's a pity

Since your moniker sounds either ibibio or efik, take time to ask your father whether it was Tinubu that killed OKU-IBOKU Paper mill.
Also ask him about IWOPIN that is if he himself ever heard of the name before.

There are some discussion that are onviously not within the range for some of you. When you see such, just read and pass by.

arsenal33:
Overtaken or taken over?

Just shows you how low journalism practice has sunk.
A major newspaper with reporters and editors can't detect such blatant grammatical error.
Many print media outlets now are more like glorified blogs, it's either they publish gossip as news without doing basic verification or are filled with grammatical errors.
From that same axis,it was Daily Trust that first posted the story of the former customs DG having gone to a bank,withdrew money then got kidnapped and killed!
Even a child would feel there was something off about the story and make some calls around the area where this took place.
No,they just hear a story and rush to publish,that is why there are grammatical errors because no fact checking,no editing.

iwaeda:
I have been to this factory before. We used to eat the brown sugar. Dangote killed this one too, after the woman plane crash.

You mean the woman that took company money to donate to her church?

Musty112:
If you hear of the glory days of this company, you'll just marvel at what it could have turned out to be. I was sincerely rooting for them to make a strong comeback. The company was the life of the town when whites were running it. Give our people time, and they will ruin any beautiful thing.

NB= Sugar money can rival oil money at any given time.

I also witness that between 1994 & 1995

DeOTR:
It's a shame that we can't keep those two factories running. I don't know, but most Nigerians have this mentality of embezzlement at any given opportunity. Baba-ita ruined Paper Mill, Jebba within two years in his control. My Mom used to work there.

It very rare to find companies owned and managed 100 percent by Nigerians do well .

Go to all the companies owned by Dangote...they are all managed by Indians. ..from cement, sugar to refinery...you will wonder if Aliko Dangote is anti Nigerian..but he sincerely understands what works ..and Nigerians are rarely associated with what works

All that's left of bacita does not worth #500.000.000 talk less of #20billion

The bank is at great loss here