Investment
BUA Group Earmarks $300m for Lafiagi Plantation
- BUA Group Earmarks $300m for Lafiagi Plantation
The Group Executive Director, BUA Group, Kabiru Rabiu, has said a total investment of over $300 million has been set aside to develop the Lafiagi Sugar Company. The fund will cover the plantation, sugar mill, refinery, ethanol and power plant as well as complete the agricultural aspects of the project.
Rabiu also added that on full completion, the sugar mill with refinery will have capacity to crush about 7,000 tons of cane per day and produce over 140,000 tons of pure refined white sugar, about 25 million litres of ethanol, generate 35 megawatts (Mw) of electricity as well as create jobs for over 10,000 people.
The Group also restated its commitment to the Backward Integrated Policy of the Nigerian Sugar MasterPlan with its increased investments in the 20,000ha Lafiagi Sugar and 50,000ha Bassa Sugar plantations.
Meanwhile, the Group has announced the appointment of Ibrahim Yaro as the new Managing Director, BUA Sugar Refinery, Lagos.
Until his appointment, Yaro was the Director of Sales at BUA Sugar, Flour & Pasta businesses. With this appointment, he will oversee the day to day management of BUA Sugar as well as drive the next growth phase of the business. BUA Sugar is currently the only sugar producer in Nigeria with refineries in Lagos and Port Harcourt and combined production capacity of 1.44million metric tonnes per annum.
A consummate professional with over 20 years experience in sales, marketing and business development spread across the financial and real sectors, Yaro is an alumnus of Bayero University, Kano (BUK). He has attended several professional and management courses in Nigeria, United Kingdom, United States and the United Arab Emirates (UAE).
He is a Fellow of the Institute of Credit Administration (ICA Nigeria), Member Chartered Institute of Bankers of Nigeria (CIBN), Member Chartered Institute of Management of Nigeria (CIMN), a Fellow of the National Institute of Marketing of Nigeria (NIMN) and also holds an MBA from BUK.