Nigeria's Dangote Group has revealed it invested a total of more than N12 billion (US$81 million) in the Savannah Sugar Company in the four years after acquiring it through a privatisation exercise by the Bureau of Public Enterprises.

According to The Guardian, the federal government sold 95% of its stake in Savannah Sugar to Dangote Industries for N1.35 billion (US$9 million) in 2003.

Dr Mahesh Gupta, managing director of Savannah says over the past years Dangote spent the money on rehabilitating the factory and estate, purchasing new vehicles and equipment, farm inputs and power.

He also revealed that the company plans to build another plant which should be operational by October 2012. Savannah will then be able to produce between 100,000 and 150,000 tonnes of sugar a year.

Gupta added the company is also looking at establishing a 65,000 kilolitre a day ethanol plant by 2011.