11/08/2017 NNDC TO PARTNER SUR INVESTMENT LIMITED OF TURKEY TO RESUSCITATE KADUNA TEXTILES LIMITED (KTL)

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In an effort to revitalise Kaduna Textiles Limited (KTL), the New Nigeria Development Company (NNDC) Limited and a Turkish Company, SUR Investment have on Friday 11th August, 2017 pledged to commit $15m in partnership for the restructuring of KTL.

In his opening remark, the Group Managing Director of NNDC, Dr Ahmed Musa Muhammed FCA hinted that SUR have indicated their willingness to enter into partnership with NNDC by investing in KTL. It is expected that when the agreement is accomplished, the KTL will start producing military and para-military uniforms for Nigeria and other West African countries.

Fielding questions from journalists shortly after an extensive discussion with top officials of SUR, led by the CEO of the Turkish firm, Mr Octay Ercan, the Executive Director, Investment Supervision Directorate of NNDC, Alhaji Abdullahi Ali Gombe (mni) who is the Chairman of the restructuring committee of KTL explained that in the long run, the KTL will also go into other garments production. He described the move to revitalise KTL as a laudable initiative which will turn around the fortunes of the Company as well as ensure the socio-economic development of northern Nigeria and the country as a whole. According to him SUR will provide 35% of the total funds, the federal government will shoulder 45% while the remaining 20% will be shared between NNDC and the government of the 19 Northern States. SUR’s delegation included officials of the Company among whom were the GM (Logistics and Special Duties) Mr Carabulut and their technical advisers.

Earlier on, the visiting delegation was taken round the KTL two factories at Kakuri Industrial Layout, Kaduna by the Managing Director of the Company, Alhaji M.B. Umar in company of its technical consultant. The Team later proceeded to the office of Gen. Wushishi (rtd), the Chairman of KTL along Rabah Road for a brief meeting.