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Cablegate: Nigeria: Application for Opic Finance: Pts Management

VZCZCXYZ0000
RR RUEHWEB

DE RUEHOS #0400 2821222
ZNR UUUUU ZZH
R 081222Z OCT 08
FM AMCONSUL LAGOS
TO RUEHC/SECSTATE WASHDC 0220
INFO RUEHUJA/AMEMBASSY ABUJA 9868

UNCLAS LAGOS 000400

SIPDIS

STATE PASS OPIC FOR DHOWARD, ZHAN, MSTUCKART, JEDWARDS

E.O. 12958: N/A
TAGS: EIND EINV ECON NI
SUBJECT: NIGERIA: APPLICATION FOR OPIC FINANCE: PTS MANAGEMENT

Ref: A. State 94640

1. (U) PTS Equipment Ltd told EconOff recently that the company is
targeting its business operations in Lagos and its neighboring
states, including Ogun, Osun, and Ondo. EconOff viewed eight pieces
of construction machinery at the company's equipment yard in Lekki,
all of which appeared to be in good operating condition. The
company says it keeps additional equipment at another location on
the Lagos mainland. The operation appears to be at the start-up
phase.

2. (U) Lagos State, Nigeria's economic center, is in the midst of a
construction boom. There is a high level of current and planned
public and private investment in infrastructure (including roads,
seaports, and industrial zones) and commercial and residential real
estate. The Lagos State government and the Federal Government are
publicly committed to additional infrastructure investment. The
Nigerian federal government is eager to attract investment in
construction of new power generation facilities. Dozens of new
power plants will be required over the next decade to supply Nigeria
with sufficient electrical power.

3. (U) Future investment in capital projects may be dependent on the
price of oil; the current high price of oil may be driving much of
the current infrastructure development, especially residential and
commercial real estate development. Lagos and Ogun States are free
of the militant violence that has plagued the oil producing regions.
Ondo State has seen some kidnappings in its small oil producing
region, but far fewer than neighboring Delta State. Due to specific
threats against the company the German construction firm Julius
Berger has considered pulling out of the core Niger Delta States of
Bayelsa, Rivers and Delta and focusing it business operation in
Lagos and Abuja. According to recent press report the company may
return to the Delta.

4. (U) Post has no information on possible ties to terrorism,
corruption, or money laundering, on the part of the company or its
management team.

BLAIR

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