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News > Private Equity > Deals

Kuramo backs Nigerian low-coster

Anna Lyudvig
July 2, 2018, 9:22 p.m.
452

Word count: 395

Kuramo Capital, a Pan-African independent investment management group, has completed a Series A financing round in Green Africa Airways, a value airline headquartered in Lagos, Nigeria. 

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Kuramo Capital, a Pan-African independent investment management group, has completed a Series A financing round in Green Africa Airways, a value airline headquartered in Lagos, Nigeria. 

Walé Adeosun, Founder & CEO of Kuramo Capital, said: "The aviation sector is a critical industry that can create meaningful value for shareholders while also contributing significantly to the economic development of a nation.” 

“Green Africa Airways presents a legacy opportunity for Kuramo Capital to generate attractive risk-adjusted return for our investors and build a world-class business that will serve as catalyst for economic growth on the African continent,” he said.

Through safe, quality and affordable air travel, Green Africa Airways seeks to be a significant contributor to the economic development of Nigeria and the African continent.

As part of the new investment, Green Africa Airways has also formed an advisory board of senior industry leaders led by Tom Horton, former CEO & Chairman of American Airlines and former Chairman of oneworld Alliance, William Shaw, Founder & former CEO of VivaColombia, and Virasb Vahidi, former CCO of American Airlines.

The new airline has received an Air Transport License (ATL) from the Nigerian Government, commenced its Air Operating Certificate (AOC) process and is in conversations with leading aircraft manufacturers. 

Green Africa Airways also recently appointed Captain Jag Singh, VP of Flight Operations and former Acting CEO of Caribbean Airlines, as Chief Operating Officer, and Captain Bart Roberts, former VP of Flight Operations at JetBlue and ex-Chief Pilot at American Airlines, as Chairman of the Safety Review Board.

Horton said: "Nigeria is uniquely positioned to be the home of the next major value airline in the industry that will bring air travel to a much broader group of people. Alongside William, Virasb and Babawande, I am very happy to join hands with Kuramo Capital to launch and shape Green Africa Airways into a preeminent customer-focused brand.”

Babawande Afolabi, Founder & CEO of Green Africa Airways, said: "We are incredibly fortunate and honored to have reputable leaders back Green Africa Airways. The consortium brings seasoned experience, extensive global networks and value-based leadership to Green Africa Airways.” 

“This pivotal Series A round of financing and outstanding advisory board will strengthen our journey to build Green Africa Airways into a top-notch carrier that will help create a better future for several millions of customers in Nigeria and Africa at large."

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