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Nigerian Multi-Millionaire Kola Karim Signs Joint Venture With Portuguese Construction Giant

This article is more than 5 years old.

Shoreline Group, a Nigerian energy and industrial conglomerate controlled by Nigerian multi-millionaire Kola Karim, has formed a joint venture with Mota-Engil, a pubic listed Portuguese contractor with a strong presence in southern Africa.

According to a report by Global Construction Review, the new joint venture will be called Mota-Engil Nigeria, and will leverage on Shoreline’s clout in Nigerian business and political circles to access target large-ticket infrastructure construction projects in Nigeria.

Under the new venture, Mota-Engil will hold 51% of Mota-Engil Nigeria, while Shoreline will own the remaining 49%.

Mota-Engil is a Lisbon-stock exchange listed Portuguese group that is active in civil construction, public works, port operations, waste, water, and logistics. The company has a current market cap in excess of $800 million and has an order book in excess of $5 billion, of which $2 billion is in Africa. Among other significant projects, Mota-Engil is currently building the $820million Bugesera International Airport in Bugesera, a district on the southern outskirts of Kigali in Rwanda.

Kola Karim, 49, is one of Nigeria’s most successful businessmen. Shoreline Group, the conglomerate he founded and controls, has tentacles in oil exploration and production, power generation, construction, commodities trading and telecommunications. His principal asset, Shoreline Natural Resources, is the third largest indigenous oil producer in Nigeria behind listed Seplat Petroleum and Aiteo E & P Ltd., Nigeria’s largest independent, which is owned by tycoon Benedict Peters. Shoreline Natural Resources pumps 55,000 barrels of oil per day, and holds an estimated 1 billion barrels in crude reserves.

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