The Legal 500

AELEX regularly collaborates with the UK’s Magic Circle firms in finance matters. Highlights included working with Linklaters LLP for General Motors on a proposed debt-to-equity swap offering to its bondholders. The firm is also strong in aviation finance, where it advised Bank PHB plc and the Air Transport Leasing Corporation. Other recent work includes advising the European Investment Bank on a $600m facility for the financing of infrastructure projects in Nigeria. Theophilus I Emuwa is ‘very knowledgeable and effective in his area of expertise’.

Aluko & Oyebode is considered one of the leading players in this practice area, consistently acting on some of the most significant deals. Past work includes acting for the trustee on a N5bn unit trust scheme by a Nigerian bank; and advising a syndicate of local banks on a €225m loan for the expansion of the Lafarge Lakabatu cement plant. Kofo Dosekun has advised on some of the largest banking and project finance deals to emerge in the last few years.

Banwo & Ighodalo has a strong track record advising on a diverse range of matters. The firm is advising the Federal Government of Nigeria on a proposed high-value sovereign bond issuance, and regularly advises Nigeria’s leading banks, where work has included advising on a multibillion-naira debt issuance programme. In energy and infrastructure, the firm has advised on a multibillion-dollar facility under the Nigerian Gas Master Plan; and in M&A, notable work includes a deal to create one of the largest cement companies in Africa. Asue Ighodalo is highly recommended.

Olaniwun Ajayi & Co continues to build client relationships with key industry players and government organisations. Recent work includes acting for GT Bank on a $350m Eurobond; and advising Wapco on a $130m kiln engineering and procurement contract. In M&A, the team advised on the Dangote Cement merger, a transaction worth over N2.1trillion. The firm is praised for its ‘strong business acumen and industry knowledge’. Tominiyi Owolabi is recommended.

The corporate and banking group at Udo Udoma & Belo-Osagie is particularly prominent in telecommunications and energy. Work has included acting on a landmark deal involving facilities granted to a private sector financial institution in Africa for the development of African trade finance; and acting in connection with a $350m private placement involving Premium Telecommunications Holdings. The firm has also assisted on a number of groundbreaking project finance matters.

Abdulai Taiwo & Co ‘is one of the best practices in the Nigerian market’, with experience across a range of innovative projects. Recent work includes advising on all aspects of a landmark rail project; and acting for a fund manager on a high-value and novel revolving economic stimulus fund. Other work includes advising on a long-term PPP project for the establishment of multi-purpose automobile facilities in Nigeria. Ladi Taiwo is valued for his ability to ‘lead and advise financial/government institutions on all types of commercial transactions’.

A strong reputation in oil and gas has enabled Adepetun Caxton-Martins, Agbor & Segun to attract project finance and M&A deals. Past work includes advising a major international oil concessionaire in a reverse merger with an offshore oil company; and advising strategic investors in a multibillion-dollar LNG project in Nigeria. The firm also has experience in foreign investment work. Sola Adepetun, Afolabi Caxton-Martins and Felicia Segun are key contacts.

G. Elias & Co. has been acting on a range of complex transactions, such as advising Stanbic IBTC Bank plc in a number of jurisdictions on a $80m secured syndicated multi-currency facility to IHS Nigeria plc; and acting for the Central Bank of Nigeria on a N500bn quantitative easing programme (the largest transaction of its kind in Nigeria to date). Gbolahan Elias and Fred Onuobia ‘give wise and practical advice about how to structure complex transactions and resolve difficult legal issues’.

Templars Barristers and Solicitors has an increasingly active corporate and finance practice. The firm acted for Afren plc on an innovative $450m facility relating to the Ebok oil field; and Stanbic IBTC Bank plc in connection with its $42.7m syndicated refinancing facility for the development of the first shopping mall in the south-eastern region of Nigeria. It also advised BJ Services in relation to a multi-jurisdictional acquisition of its businesses by Baker Hughes. Google and Louis Vuitton are also clients.

The ‘quite brilliant’ Aina Blankson, LP prides itself on handling a wide range of cross-border issues for a broad client base. Recent work includes advising a US-based renewable energy company on investments in a Nigerian energy farm; advising an international healthcare provider on a debt management and restructuring programme; and handling a $66m convertible note issue for a leading West African leasing company. Abayomi Alabi and Kehinde Aina are recommended for their partner-led approach and ability to get to the heart of the matter.

Although Ajumogobia & Okeke has been less prominent in recent years, past work has included acting on the first N5bn Delta State floating rate redeemable revenue bond on the Nigerian Capital Market; and advising on the design and implementation of a Global Depository Receipt programme in Nigeria. In finance the firm offers expertise in the full range of services including securitisation, international capital markets, projects, and asset and trade finance.

Babalakin & Co has recently advised on some impressive deals, including acting for a Chinese oil conglomerate on the takeover of a Nigeria-based international oil company, involving a $7bn global asset base. The firm has ‘very fast response times’, and ‘gives clear communication and appropriate answers to queries’.

F.O. Akinrele & Co has a strong track record in project finance matters in the telecoms, energy and aviation sectors. In corporate, the firm has experience in major transactional work ranging from new corporate investments of publicly quoted companies to private placements and corporate restructuring. The firm has acted for local and international clients including the Securities and Exchange Commission of Nigeria, British Gas and Chiyoda Corporation (Japan).

Fidelis Oditah & Co was founded in 2004 by Fidelis Oditah, who has considerable knowledge and practical experience in Nigerian and English corporate and finance law; he is also a QC at 3-4 South Square in London. Oditah is well known and highly respected for his work in capital markets. Clients of the firm include Cadbury, Starwood Hotels, Bank PHB, Stanbic IBTC and The Federal Government of Nigeria.

Jackson, Etti & Edu is a ‘very professional firm with a dedicated workforce to deliver a top service at a reasonable price’. It advises on foreign investment, syndicated loans and other general finance matters. Recent work includes advising Standard Chartered Bank on a multimillion-dollar facility to First Bank plc; and acting for a primary mortgage company on Nigeria’s first-ever securitised bond. In M&A the firm advised a top-tier global oilfield services company on the Nigerian aspects of a multimillion-dollar global takeover. Fola Olusanya ‘is a reliable and trusted partner in closing transactions’.

Lanre Olaoluwa of Matrix Solicitors has a strong background in corporate finance advising a range of clients from multinationals to local start-ups on business establishment and regulatory issues, restructuring, refinancing and tax. Recent experience includes advising on the first major outsourcing in Nigeria.

The team at Odujinrin & Adefulu ‘is well versed on privatisation advisory, equity and debt financings, and M&A advisory work’, and continues to attract new clients and innovative deals. As private companies break into project financing (an area previously dominated by the public sector), the firm has won work from a major Nigerian company regarding financing for its $150m coal mining project. The firm also advised new client the Guaranty Trust Bank on its N200bn Debt Insurance Programme. Olaaipo Odujinrin and Adeoye Adefulu are highly recommended.

The ‘extremely pragmatic’ Mfon Ekong Usoro leads the corporate and finance group at Paul Usoro & Co. The group acted for the lenders on a $120m financing for the development of a submarine optic fibre cable; and advised the borrower on a £42m guaranteed bridge loan facility for the construction of three water schemes. It also acted for various lenders in aviation finance matters. Paul Usoro is valued for his ‘simplicity in communication of legal/commercial issues’, and Tola Ibironke for his ‘willingness to explore alternative options to ensure that results are delivered’.

Perchstone & Graeys has increased its profile with the arrival of new partner Olawale Adebambo and a consultant, and has a new office in Abuja. The firm has been particularly busy advising the Consumer Protection Council on oversight and enforcement matters; and the Central Bank of Nigeria (among others) on the drafting and presentation of a Private Bill on Securitisation to the Nigerian National Assembly. Working alongside Sidley Austin LLP, the firm is also sole local adviser in a pioneering project for the creation of a standardised set of documentation for one of Nigeria’s leading banks.

Based in Port Harcourt and Abuja, Solola & Akpana has solid capabilities in loan syndication and credit facility transactions, with past work including a N100m loan syndication on behalf of Michelin Nigeria Limited and a $25m Afrexim bank credit facility to a major indigenous oil exploration company. Foreign investment advice also features strongly.