Kouros Capital Group Limited (KCG) of Iran is making “immediate arrangements” to participate in plans underway by the Nigerian government to sell the Nigerian Telecommunication Limited (NITEL), the pioneer national operator in the nation’s telecoms industry.
[blockquote right=”pull-right” cite=”Kouros Jahangiripoor, Chairman of KCG”]“We have been encouraged by the economic growth and fiscal management in Nigeria. KCG already has bases in Middle East and Europe, and we clearly see Nigeria as our entry point to the African continent.”[/blockquote]
The Iranian investors said that they are bringing into Nigeria, “substantial investment funding” for projects cutting across telecoms, agriculture, banking, oil & gas and aviation sectors.
Led by Kouros Jahangiripoor, Chairman of the group and Amir H. Amiri, its Executive Director, the KCG management team announced the plan in Lagos Wednesday and expressed strong support for closer Iran-Nigeria industry cooperation and development of more trade between the two countries.
“We have been encouraged by the economic growth and fiscal management in Nigeria. KCG already has bases in Middle East and Europe, and we clearly see Nigeria as our entry point to the African continent.” Jahangiripoor said.
According to him, “we are very impressed by the Federal Government’s privatisation programs. In this respect we are very interested in the sale process for NITEL and the bridge banks. KCG is joining the NigerPars telecom consortium to bid for NITEL, and in August we shall have a specialist technical team visiting Nigeria in relation to the AMCON sale of the bridge banks.”
The Iranian group is attracted by the fast-paced growth in the local economy as well as population growth that underscores huge market potentials.
According to Amiri, “the fast pace of Nigerian economic expansion and population growth will place a requirement to build substantial new, improved infrastructure. KCG has the resources, experience and expertise to achieve important projects in Nigeria backed by substantial investment capacity.”
KCG, through its primary locations in the Middle East and Gibraltar, has in several billions of Euros deployed in major investments, including hotels & resorts, aviation services, construction and civil engineering, as well as banking and finance. Nigeria will represent another major telecom sector investment for the Group, he added.
For the West African projects under consideration, KCG is working with Dextel Nigeria Limited, to actualize the initial project portfolio.
Don Etiebet of Dextel, and a former Minister of Petroleum said that after several discussions and planning meetings with the KCG team in Lagos this past week, “the trend for close Iran-Nigeria private sector cooperation is now witnessing practical implementation of serious investment projects in Nigeria that will benefit our local economy, and potentially bring benefits throughout the West African region”.
“We welcome the active presence and participation of Kouros Capital Group Limited to our shores and pledge our unalloyed support for their strategies and capital programs. The specialists that KCG is introducing will be able to undertake these potential projects in a systematic way, to world’s best standards”
Following the meetings of the partners with some top-tier Nigerian banks for commercial banking arrangements, KCG is poised to realise their investment objectives in Nigeria, according to a statement by the group made available to Technology Times.
Over the past six months, cooperation has been building between private sector organisations in Iran and Nigeria. The two countries, the largest in their respective regions, have much to share in technology, investment and business developments.