Table of Contents
Key Points
- Mota-Engil plans to acquire DBN Energies, a key part of Kola Karim’s Shoreline Group, expanding its footprint in West Africa’s oil infrastructure.
- The acquisition enhances Mota-Engil’s position in Nigeria’s oil and gas market, leveraging Karim’s extensive expertise in energy infrastructure and business networks.
- Kola Karim’s Shoreline Group spans energy, infrastructure, and telecom, with Shoreline Natural Resources being Nigeria’s third-largest indigenous oil producer.
Nigerian businessman Kola Karim is set to cash out as he continues expanding his business empire. Mota-Engil, a leading Portuguese construction company, has revealed plans to acquire DBN Energies, a company that specializes in constructing oil infrastructure, from Karim.
Mota-Engil targets African oil expansion
DBN Energies, a key subsidiary of Kola Karim’s Shoreline Group, is a prominent player in the oil and gas sector, providing Engineering, Procurement, and Construction (EPC) services. Mota-Engil’s planned acquisition of DBN Energies is a strategic move to bolster its presence in Africa's energy infrastructure, as the company targets Nigeria's expanding oil and gas market.
This acquisition is more than just a business deal, it marks Mota-Engil’s entry into West Africa’s key onshore and offshore oil projects. Beyond acquiring an asset, Mota-Engil is gaining the wealth of knowledge and expertise Kola Karim has built over the years. Karim’s longstanding impact on the energy sector makes the deal a clear signal of growing interest from European firms in African companies with proven engineering and energy capabilities.
Karim’s Shoreline key to Mota-Engil's Nigeria success
At 56, Kola Karim has maintained a long-standing business relationship with Mota-Engil. In 2018, his energy and industrial conglomerate, Shoreline Group, partnered with the Portuguese construction giant to establish Mota-Engil Nigeria. This collaboration helped Mota-Engil tap into Karim’s deep understanding of Nigeria’s business landscape, leveraging Shoreline’s political and business connections to secure large infrastructure projects.
Mota-Engil owns 51 percent of Mota-Engil Nigeria, while Shoreline holds 49 percent. Mota-Engil is involved in a wide range of sectors, including civil construction, public works, port operations, waste management, water, and logistics. The company has a market cap of over $1 billion.
Kola Karim's diverse business empire
Through his broad ventures, Kola Karim has become one of Nigeria’s wealthiest individuals. His Shoreline Group spans multiple sectors, including power, energy, infrastructure, agriculture, and telecom. However, the group’s crown jewel is Shoreline Natural Resources, Nigeria’s third-largest indigenous oil producer, which produces an estimated 40,000 barrels of oil per day. The company is a joint venture between Shoreline (55 percent) and Heritage Oil (45 percent).
Karim’s influence extends well beyond Nigeria. He serves on the Africa Advisory Board of the London Stock Exchange and has been recognized internationally, including receiving the Young Global Leader Award in 2008. He was also a key member of the Global Agenda Council on Emerging Multinationals at the World Economic Forum, further cementing his global standing.
