The Legal 500

A ‘professional and incredibly involved legal practice’, AELEX ‘really understands clients’ corporate needs’. It is also one of the largest firms in Nigeria, and is run along the lines of an international law firm. Highlights included acting as counsel to First Bund Investment, a Nigerian investment company, in relation to the purchase of 83,500 linked units from a leading African telecoms operator; representing Skipper Nigeria, a multinational manufacturing company, in its proposed acquisition of three distribution companies; and conducting the due diligence on behalf of a leading Nigerian commercial bank in its sale to another leading commercial bank. The practice also advised an international private equity firm on its acquisition of a stake in a Nigerian mining company. Practice head Lawrence Anga is ‘extremely experienced’, and Theophilus Emuwa and Funke Adekoya are also recommended.

Aluko & Oyebode has substantial experience in transaction structuring and the preparation of complex legal documents and agreements, including foreign currency loan agreements for companies in the energy sector; and structured trade finance agreements, foreign exchange contracts including forward contracts, options and swaps, securitised lending agreements, and local and foreign currency equipment lease agreements for multinational and local financial institutions. Gbenga Oyebode is the managing partner, and also heads the corporate and energy practice, spanning oil and gas and power projects, foreign investment and privatisation, telecoms, project finance, and aviation. Kofo Dosekun advised offshore lenders on the structuring of security packages and the extension of foreign currency facilities to oil exploration and production companies.

Banwo & Ighodalo’s representative experience includes advising Guinness Nigeria on a scrip/dividend issue; acting as Nigerian counsel in Accenture’s global restructuring; and assisting in IBM’s global acquisition of the consulting arm of PricewaterhouseCoopers. Asue Ighodalo has been active in capital markets, project finance and international finance transactions; and Kehinde Ojuawo advises Nigerian and international clients on corporate finance, foreign investments and divestments, project finance, and commercial law issues.

G. Elias & Co. ‘understands the time pressures that its clients are under’. The team’s highlights included representing First Bank of Nigeria on its $350m Eurobond issue; and advising United Bank for Africa on the second tranche of its N35bn subordinated fixed-rate bond issue. The practice also acted for Standard Chartered Bank, and other lenders to the NNPC, on a $1.5bn pre-export financing deal; assisted First Bank of Nigeria in the $280m acquisition financing of an interest in four oil-mining leases; advised Ecobank Nigeria on its merger with Oceanic Bank International, which created Nigeria’s fifth largest bank, in terms of asset size and branches; and assisted UBA on a group reorganisation. The firm also has a buoyant private equity practice. Principal partner Gbolahan Elias has ‘seen pretty much all there is to see in the Nigerian commercial world’; managing partner and ‘exemplary professional’ Fred Onuobia has advised on significant project finance transactions in the transport and energy sectors; and Segun Omoregie has assisted in a range of transactions, including facility deals, structured asset-backed financings, electricity project financings, and securitisation bond offerings.

Olaniwun Ajayi & Co’s banking and financing practice spans capital markets, syndicated lending, corporate finance, secured lending, corporate restructuring, leveraged finance work-outs, M&A and banking business, and regulation. The firm’s specialised transactions practice assists in the development and financing of special projects across oil and gas, power and utilities, telecoms, mining and metals, infrastructure development, public-private partnerships/public finance initiatives, construction and engineering, transportation, asset finance, and green technology. Konyin Ajayi is recommended.

A significant portion of Udo Udoma & Belo-Osagie’s corporate advisory work involves investments, acquisitions and corporate restructuring. The banking and finance team advises on matters as varied as syndicated and bilateral loans, structured finance, secured and unsecured facilities, acquisition finance, leasings, project finance, asset finance, development finance, global depositary receipts, escrow arrangements, debt restructurings, debt-to-equity conversions, Islamic banking, and swaps and other derivative transactions. Myma Belo-Osagie is the firm’s managing partner, and Dan Agbor and Aniekan Ukpanah are the banking and finance contacts. Udoma Udo Udoma is an experienced practitioner.

Abdulai Taiwo & Co stands out for its experience in cross-border M&A work. The practice recently acted as counsel to the trustees in relation to a hybrid real estate investment trust scheme. Nokia is a client. Ladi Taiwo is recommended.

At full-service commercial law firm Adepetun Caxton-Martins, Agbor & Segun, Afolabi Caxton-Martins is a noteworthy partner in the corporate and commercial group. Benedict Unaegbunam’s recent experience includes advising the largest provider of mobile telephone services in South Africa in its bid to acquire shares in a provider of GSM services in Nigeria; and representing an international lending institution in its financing of a hotel. Idowu Durosinmi-Etti specialises in the incorporation and establishment of foreign companies, company law and practise, the establishment and provision of logistics for foreign companies and expatriate employees, business advisory matters, and banking and commercial law.

Jackson, Etti & Edu’s principal partner Norma Jackson-Steele has advised in major transactions including joint ventures, M&A and corporate restructurings, and has considerable expertise in banking and finance transactions, having held retainers with leading banks including the Central Bank of Nigeria. Managing partner Koye Edu is highly regarded, and Folasade Olusanya’s experience includes advising a consortium of banks on a $500m syndicated bridging facility loan agreement.

Templars recently advised the African Development Bank in connection with a $200m line of credit financing provided to the Africa Finance Corporation (AFC) in relation to projects consistent with the economic development objectives of AFC member countries. Oghogho Akpata is the managing partner, while Olumide Akpata heads the corporate and commercial practice group.

Aina Blankson, LP’s corporate structuring department advises on M&A, the sale and purchase of assets and securities, and other forms of corporate restructuring, both domestic and cross border. The firm also acts in a range of international capital markets transactions, including new issues of bonds and other debt securities, convertible bonds and equity warrants, initial and other forms of public offers, securitisations and repackaging, and derivatives transactions. Kehinde Aina is recommended along with Abayomi Alabi, whose practice is focused on commercial and transactional advisory services.

Ajumogobia & Okeke acts in acquisitions, divestitures and the restructuring of private companies and businesses, shareholder and joint venture arrangements, banking and financial services matters, and equity offerings. Representative experience includes acting as lead counsel in the first sub-national floating rate redeemable revenue bond.

Babalakin & Co represents Nigerian and international lending institutions in relation to lending transactions. The practice has provided legal opinions on debt remittances outside Nigeria, currency/exchange issues, mortgage and debenture issues, and sovereign borrowings. The corporate, commercial and compliance group is experienced in the structuring of complex transactions.

F.O. Akinrele & Co’s team provides advice in corporate transactional matters, alongside the banking and capital markets group. The firm’s expertise includes M&A, corporate finance, corporate governance, restructurings and private equity investments, as well as securities law compliance, directorial duties, tax-managed investments and market listings.

Fidelis Oditah & Co’s recent key mandates include advising Quits Aviation Services in connection with its joint venture with South Africa’s ExecuJet Aviation Group for the development and management of an FBO facility for aircraft maintenance and servicing in Nigeria. It also acted for Starwood Hotels regarding the development of hotel assets in Nigeria, and advised Cadbury Nigeria on corporate and operational issues.

Matrix Solicitors advises financial institutions and borrowers on the structuring of funding transactions, loan documentation, asset finance, off-balance sheet and lease transactions, project financing and leasings, debt instruments and rescheduling.

Odujinrin & Adefulu’s Oladipo Odujinrin has expertise in corporate and commercial law, banking, capital and money markets, international trade, energy and solid minerals. Odujinrin recently advised an international trade bank on its investments in Nigeria, and Damilola Adetunji represented a financial institution in its proposed business combination with another entity. Adeoye Adefulu is also a key contact.

Paul Usoro & Co is a full-service firm providing comprehensive legal services to leading organisations in the telecoms, maritime, oil and gas, and power sectors. It also advises national and multinational companies; financial institutions; public agencies; and governments. Senior partner Paul Usoro is recommended for transactional matters.

Perchstone & Graeys’ corporate and commercial division, headed by Kunle Ajagbe, is divided into company secretarial, regulatory compliance and private client teams. The firm also advises on bilateral and syndicated lending, leveraged and acquisition finance, asset finance, project finance, capital markets, M&A, insolvency and restructuring, and structured finance. Ajagbe’s clients include Nigerian banks, foreign investors, and public and private sector entities, and he has acted on capital markets and private placement transactions, including two state government bonds, and project finance and PPP transactions.