Kola Karim Secures $500M for Shoreline Oil Expansion

Kola Karim, a billionaire businessman, has arranged a significant $500 million financing deal through Qatar Islamic Bank to support Shoreline Group's ambitions in the oil sector. This financing will fund an extensive drilling program at Oil Mining Lease 30 in the Niger Delta, with the goal of increasing production to over 100,000 barrels per day by the end of 2027.

Historically, production at this asset has fluctuated between 45,000 and 70,000 barrels per day. Shoreline Group, which acquired OML 30 from Shell in 2012, views this asset as central to its Nigerian oil strategy.

The QIB financing is notable for its Islamic finance structure, providing access to Gulf capital. Previous financing efforts included a $530 million package in 2018 and a $200 million facility from Afreximbank in June 2026.

Karim's business interests extend beyond oil, encompassing sectors such as engineering, infrastructure, and telecommunications, with a vision of establishing a prominent African-owned enterprise.