The Legal 500

Nigeria > Legal market overview

Editorial sections

Other

All countries

The Central Bank of Nigeria’s recapitalisation deadline for failing banks passed on 30 September 2010. With five of the nine banks that failed the CBN’s ‘stress-test’ being sold, M&A has been a fruitful area but there are fears that the nationalisation of three of the banks, and injection of capital by the Asset Management Corporation of Nigeria, may have an adverse effect on lending in the economy.

Oil and gas remained the market’s primary driver, accounting for 85-95% of the country’s exports. However, the privatisation of the government’s power assets, and the ensuing development of Nigeria’s power infrastructure by multinationals, promises to create a substantial market for law firms with the capability to act in this relatively new area.

In litigation there was a rise in multi-party claims testing the boundaries of mass torts. There was also an increase in arbitration, indicating a level of frustration with the courts. Numerous firms provide specialised dispute resolution services.

The full effects of the Nigerian Local Content Act and the long-awaited Petroleum Industry Bill remain to be seen. Firms are hopeful that they will attract instructions from global corporate investors..

International firms active in the region included Milbank, Tweed, Hadley & McCloy LLP, which is particularly prominent in project finance; Cleary Gottlieb Steen & Hamilton LLP; Norton Rose LLP; and Stephenson Harwood.

Search News and Articles

Press releases

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to

Legal Developments worldwide

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to

Press Releases worldwide

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to
© 2012 www.legal500.com