Banking, finance and capital markets in Nigeria

Aluko & Oyebode

Aluko & Oyebode advises financial institutions, multinational businesses and investors on cutting-edge finance transactions across various industries; the firm also guides Nigerian financial institutions on their day-to-day business operations. Kofo Dosekun leads the practice; she advises on a broad range of lending and commercial transactions, such as large local and foreign currency loan syndications and leases, M&A, project finance and restructuring. Oludare Senbore and Reginald Udom are active in financings in the oil and gas, energy and infrastructure space. Olubunmi Fayokun heads the capital markets and M&A practices while Oghogho Makinde heads the business advisory unit.

Practice head(s):

Kofo Dosekun; Olubunmi Fayokun; Oghogho Makinde; Sumbo Akintola

Other key lawyers:

Oludare Senbore; Reginald Udom; Ayodeji Oyetunde; Funmilayo Otsemobor


‘Aluko & Oyebode is one of the top law firms in Nigeria – they provide international experience using local expertise.’

‘The level of professionalism is commendable. Each team member does well in providing adequate and relevant information required.’

‘Excellent, responsive, knowledgeable’

‘They are highly responsive and committed – on a deal we worked with them on, the senior partner drove herself to a client’s office just to make sure that documents arrived on time.’

‘Aluko & Oyebode has, without a doubt, one of the best banking and finance practices in Nigeria. The team is competent, technically sound and have in-depth knowledge of the market, which makes for a very pragmatic approach to advising. ’

‘The accessibility of the partners is one of things that makes the practice stand out. Reginald Udom and Funmilayo Otsemobor are two partners who particularly stand out in this regard. They are integrally involved in the transactions, providing oversight and expertise.’

Key clients

Access Bank Plc

Africa Finance Corporation

Allianz SE Group

Alitheia Capital

CFAO Nigeria Plc

Eterna Plc

ICICI Bank Limited (DFIC Branch) Dubai, UAE

International Flavors & Fragrances (IFF)


Skyway Aviation Handling Company Plc

Standard Chartered Plc

The Nigerian Stock Exchange

Verod Capital Management

Visa Incorporated

Work highlights

  • Represented Access Bank in its landmark merger with Diamond Bank.
  • Advising Standard Chartered on the Nigerian aspects of the sale of its private equity investment portfolio to Intermediate Capital Group.
  • Acted as legal adviser in respect of the divestment of Lafarge Africa Plc from Lafarge South Africa Holdings Limited.

Banwo & Ighodalo

Banwo & Ighodalo has 'excellent market profile and knowledge' coupled with robust experience and expertise in corporate and project finance, as well as capital markets transactions. It is also increasing active in fintech, handling matters relating to tech start-ups and digital financial applications. Founding partners Femi Olubanwo and Asue Ighodalo act alongside Ayotunde Owoigbe, who recently advised MTN Nigeria on its landmark listing on the premium board of the Nigerian Stock Exchange. Isa Alade frequently advises private equity houses, investors and players in the fintech sector. Azeezah Muse-Sadiq and Seyi Bella are recommended for structured notes programmes, secured lending and asset finance.

Practice head(s):

Asue Ighodalo; Femi Olubanwo; Ayotunde Owoigbe; Isa Alade; Azeezah Muse-Sadiq; Seyi Bella


‘Excellent market profile and knowledge.’

‘One of the very few firms in Nigeria that will always be on a client’s short-list.’

Key clients

African Export-Import Bank

Interswitch Limited

Stanbic IBTC PLC

UACN Property Development Company PLC

Dangote Cement PLC

Dangote Industries Limited

Lagos State Government

Avanti Communications Group Plc

Ecobank Development Company Limited and Ecobank Nigeria Limited

Mauritian Commercial Bank Limited

Rand Merchant Bank Nigeria Limited

Africa Plus Partners Nigeria Limited

TAK Logistics Limited

Air Liquide Nigeria Plc

Fidelity Bank Plc

Debt Management Office

FBNQuest Merchant Bank Limited; FBNQuest Trustees Limited; ARM Trustees Limited; UTL Trust Management Services Limited; and United Capital Trustees Limited (as Trustees)

United Capital Plc; United Capital Trustees Limited; STL Trustees Limited; and UTL Trust Management Services Limited

Work highlights

  • Acted as joint solicitors to the issue in relation to the Lagos State Government’s N100bn 10-year fixed rate bonds due 2030 being the third series of bonds under the N500bn debt programme.
  • Acted as transaction counsel in relation to the establishment of a N30bn bond issuance programme by Interswitch Africa One PLC and the issuance of series one bonds thereunder in the sum of N23bn. The bonds were issued via Interswitch Africa One Plc, to raise finance for Interswitch Limited.
  • Acted as borrower’s Nigerian counsel to Dangote Industries in connection with a $250m facility advanced by African Export-Import Bank to the borrower for the purpose of making intercompany loans to Dangote Oil Refining Co. Ltd.

Olaniwun Ajayi LP

Olaniwun Ajayi LP has decades of experience of acting on high-value cross-border transactions across the full spectrum of finance and capital market matters; from domestic corporate deals to complex financial regulatory matters and first-of-a-kind multi-party transactions and listings, such as assisting Airtel Africa Plc on its $750m dual listing in the UK and Nigeria. Yewande Senbore is highlighted for her experience supporting the Development Bank of Nigeria and the World Bank on the establishment of a credit guarantee company specifically targeted at guaranteeing loans granted by banks to micro, small &and medium enterprises (MSMEs). Konyin Ajayi and Tominiyi Owolabi make up the other key partners.

Practice head(s):

Yewande Senbore

Other key lawyers:

Konyin Ajayi; Tominiyi Owolabi

Key clients

Citigroup Global Markets Ltd

Dangote Cement Plc

Infrastructure Credit Guarantee Company Limited

International Finance Corporation

Lagos State Government

Work highlights

  • Advised Seplat Petroleum Development Company Plc. on its acquisition of the 100% equity of Eland Oil and Gas Plc, as well as the revolving credit facility of up to $350m advanced to Seplat by a syndicate of lenders, a portion of which was utilised in financing Seplat’s acquisition of Eland.
  • Acted as Nigerian counsel to the investor in relation to the provision of up to $3.15bn financing for the development of an oil and gas asset in Nigeria held by Nigeria Petroleum Development Company Limited.
  • Acted as Nigerian counsel to the Nigeria Liquefied Natural Gas Limited on the $3bn financing (by a syndicate of lenders including export credit agencies and commercial banks) of its development of a complete and independent natural gas liquefaction train, a common liquefaction unit and associated facilities (Train 7), in addition to its existing Trains 1-6.

Udo Udoma & Belo-Osagie

Udo Udoma & Belo-Osagie 'constantly reinvents itself to meet market needs and provide spot-on advice' on financial sector matters. The sizeable group is led by Daniel Agbor, Aniekan Ukpanah and Yinka Edu, and has extensive experience acting for lenders with a strong capital debt and equity markets offering. Onyinye Okafor is a key contact for derivatives and structured finance. Nicholas Okafor and Adeola Sunmola are recommended for project financing and syndicated lending transactions.

Practice head(s):

Daniel Agbor; Aniekan Ukpanah; Yinka Edu

Other key lawyers:

Onyinye Okafor; Nicholas Okafor; Adeola Sunmola


‘The practice constantly reinvents itself to meet market needs and provide spot-on advice on issues. The partners are ready available/accessible and the associates are versed in providing both legal and business solutions to client needs’

‘The team is knowledgeable and solutions-oriented. They are always looking for ways to make the deal work from a legal point of view. The projects are appropriately staffed with senior resources available as needed, including the senior partners.’

‘The banking and finance team in Udo Udoma & Belo-Osagie is easily the most commercially astute team that I have ever worked with in Nigeria. The team understand the market, the pitfalls to avoid and work with an eye to details when advising on transactions. The partners are a phon call away and very accessible, and its billing is reasonable and commercially affordable. The quality control in the practice is noteworthy, and relationship-building and networking practices endear me to the firm.’

Work highlights

  • Advised lenders, FMO and Proparco as Nigerian Counsel in connection with a tier II capital loan in the sum of $93.8m which the lenders proposes to provide to Access Bank PLC.
  • Advised Union Bank of Nigeria Plc in relation to a credit facility of up to $200m from United States Development Finance Corporation (formerly Overseas Private Investment Corporation).
  • Advised the Nigerian Infrastructure Debt Fund and Chapel Hill Denham on a proposed facility to Pan African Towers B2S Limited, a special purpose vehicle established by Pan African Towers Limited.


AELEX is a top choice for both lenders and borrowers requiring advice on structured finance, bond issuances and derivatives transactions; the team is also well versed in negotiating local and international credit facilities. Lawrence Fubara Anga is a well-reputed figure for acquisitions and leasing of aviation and maritime assets. Sina Sipasi regularly advises sponsors and lenders on the acquisition and divestment of interest in petroleum assets in West Africa, while Chinyerugo Ugoji is recommended for capital markets transactions.

Practice head(s):

Lawrence Fubara Anga

Other key lawyers:

Sina Sipasi; Chinyerugo Ugoji


‘Good industry knowledge – a longstanding practice with experienced partners’

Work highlights

  • Advising the syndicate of lenders, including AFREXIM Bank, on various structuring options to bring in new investment into the operation of the asset, including a $50m Prepayment Facility which is to be given by the offtaker of the asset.
  • Advising lenders including AFREXIM Bank on the refinancing and restructuring of a $141m facility for the acquisition of a power plant.
  • Selected as official Value Added Service provider to the Growth Board of the Nigerian Stock Exchange.

Bloomfield Law Practice

Bloomfield Law Practice undertakes the full gamut of banking, finance and capital markets transactions, with breadth and depth in project and asset finance in its key sectors of oil and gas, utilities, shipping and real estate. Adedoyin Afun has a strong track record of work on international secured and syndicated loan transactions and trade finance, as well as equity and debt securities offerings. Ayodele Oni is a key figure for transactions in the energy space.

Practice head(s):

Adedoyin Afun; Ayodele Oni

Key clients

Maryland Mall Limited

Sea Trucks Group

Telford Offshore Nigerian Limited

Telford Offshore Limited

Northstar Europe S.A.

Grace Lake Partners

Milhouse International

Geogrid Lightec Limited

Cmes-Oms Petroleum Development Company Limited

Aramex Delivery Services Limited

Capital Trust Investments & Asset Management Limited

Purple Real Income Limited

First World Communities Limited

Work highlights

  • Advising Purple Capital Partners Limited and its subsidiary, Maryland Mall Limited on the refinancing of credit facility provided by a mezzanine lender, Vantage Capital, one of Africa’s largest mezzanine fund managers, through its subsidiary, Vantage Mezzanine FundIII USD (Pty) Limited.
  • Advising on the issue of Capital Trust Investments & Asset Management Limited N2bn Halal Fixed Income Fund.
  • Counsel to the lender on the financial restructuring of the US$2.9m facility provided to Prima Preforms and Closures Limited (a company incorporated under the laws of Ghana) and guaranteed by the borrower’s parent company Prima Corporation Limited (a company incorporated under the laws of Nigeria).

G. Elias & Co

A consistently active player in the Nigerian market, G. Elias & Co has notable strength handling high-value lending, project finance and capital markets transactions, as well as increasing volumes of matters in the areas of insolvency, derivatives and fintech. Loan financing, debt capital raising and fund reorganisations are other key areas of specialisation. Project finance specialist and managing partner Fred Onuobia routinely advises leading banks such as Goldman Sachs and Citibank on complex securities lending and cross-currency swap transactions. Segun Omoregie is sought after for capital markets work, as is name partner Gbolahan Elias.

Practice head(s):

Fred Onuobia; Gbolahan Elias

Other key lawyers:

Segun Omoregie


‘The team’s experience is impressive and it shows in the quality of the work that they do. ’

Key clients

Credit Suisse

Lagos State Government

Sterling Bank Plc

FBNQuest Merchant Bank Limited

AMNI International Petroleum Development Company Limited

African Export-Import Bank

Standard Chartered Bank

Work highlights

  • Advised a syndicate of lenders on a €1bn term loan facility to the Bank of Industry, the nation’s leading development finance institution. The facility was on-lent by BOI to eligible borrowers for use towards a variety of projects.
  • Advised AMNI on two sequential deals: (i) a $214m Senior Reserve Based Lending Facility (for the purpose of financing the development of OML 52 Asset) from African Export-Import Bank and Shell Western Supply and Trading Limited and (ii) a $122m Senior Short Term Facility from Guaranty Trust Bank Plc.


Templars is instructed by lenders and borrowers, financial institutions, advisers and service regulators across a range of sectors, advising on bond issuances, credit facilities and acquisition financing. Practice head Chike Obianwu is experienced in equity and debt capital raising, and the structuring, financing and development of projects in the energy and maritime industries. Desmond Ogba and senior associate Modupe Dabiri are also of note.

Practice head(s):

Chike Obianwu

Other key lawyers:

Desmond Ogba; Modupe Dabiri

Abdulai, Taiwo & Co

Regularly instructed by borrowers and lenders on financial transactions involving infrastructure developments, PPP/PFI and utilities, Abdulai, Taiwo & Co has carved out a niche specialisation in the project finance space. Alayo Ogunbiyi advises lenders on mortgages and securities, as well as all manner of capital market transactions.

Practice head(s):

Alayo Ogunbiyi

Key clients

Stanbic IBTC Bank

Shelter Afrique

FBN Quest merchant Bank

Federal Mortgage Bank

African Development Bank

Work highlights

  • Advising Ibadan Inland Dry Port SPV Ltd on NGN19.5bn project investments and non-recourse Project Finance Facilities for the Ibadan Inland Dry Port Project.
  • Serving as Joint Transaction Counsel to the borrower, African Refinery Port Harcourt, for facility Lead-arranged by an International Bank and governed by English law.
  • Advising Mutual Benefits Assurance Plc on a Private Placement of 10 billion shares to meet the new regulatory capital requirements.

Duale, Ovia & Alex-Adedipe

Full-service firm Duale, Ovia & Alex-Adedipe demonstrates adeptness across all classes of financial transactions, and boasts a varied client portfolio ranging from international and local start-ups, banks to private and public companies. Adeleke Alex-Adedipe is the key figure for all fundraising work and lending transactions, often with a fintech, telecoms or technology angle. Name partner Adeniyi Duale is also highly recommended.

Practice head(s):

Adeleke Alex-Adedipe; Adeniyi Duale; Seye Ayinla


‘The lawyers at DOA are very knowledgeable, they are very easy to work with. They take our legal burdens off our shoulders.’

‘A young, ambitious, knowledgeable and highly professional team. They are competing in niche industry verticals, acquiring knowledge, while setting the legal standards and boundaries for these sectors. They are legal pioneers.’

‘The rigour they put into the briefs and assignment, their depth of knowledge and expertise, and the resilience to find solutions to often thorny issues makes them stand out.’

Key clients

Data Verification Technology Solutions Limited

Plentywaka Limited

Terragon Group

TeamApt Limited

Arca Payments Limited

Clane Company Nigeria Limited

Drosk Company Limited

Arca Payments Company Nigeria Limited

Open Banking Nigeria

Fintech Advisory Group

Zrosk Investment Management Limited

Work highlights

  • Advised Connected Analytics, a multi-merchant rewards company, on its bridge fundraising round from Global Accelerex Limited, a Payment Terminal Service Provider and a provider of financial technology solutions in Nigeria and other third-parties.
  • Advised the Trove – a fintech company which owns and operates the “Trove App” on the equity investment by Asset & Resource Management Holding Company Limited.
  • Advised Drosk Company Limited in the Series A financing of Metro Access Xpress Inc. an international transportation and logistics company which operates in Nigeria and is present in East Africa and the US.

Jackson, Etti & Edu

Jackson, Etti & Edu's finance lawyers specialise in syndicated and bilateral lending, leveraged finance, acquisition and asset finance, with extensive experience acting for a wide range of international and local borrowers and lenders. Kunle Soyibo has advised on several debt and equity issuance transactions having actively participated in diverse private placements, bond issuances and regulatory and compliance matters relating to debt issuances.

Practice head(s):

Kunle Soyibo

Odujinrin & Adefulu

At Odujinrin & Adefulu, department head Damilola Adetunji advises banks on an array of finance transactions, most notably working with the African Export-Import Bank on financing developments in the oil and gas sector. She is supported by senior associate Jide Babalola in working with borrowers in negotiating lending transactions and loan restructurings, adeptly dealing with the challenges presented by the Covid-19 pandemic and falling oil prices.

Practice head(s):

Damilola Adetunji

Other key lawyers:

Jide Babalola

Key clients

African Export-Import Bank

Morgan Stanley & Co. International Plc

Citigroup Global Markets Limited

FBN Trustees Limited

First Exploration and Petroleum Development Company Limited

Rand Merchant Bank Nigeria Limited

Lafarge Africa Plc

Work highlights

  • Advised Morgan Stanley & Co International, Citigroup Global Markets, Alpha Bank, Ambrosia Capital, Eurobank Ergasias, National Bank of Greece and Piraeus Bank in connection with €260m 6.875% Senior Secured Notes issued by Frigoglass Finance, a subsidiary of Frigoglass S.A.I.C
  • Advising the African Export-Import Bank on a number of facilities valued at over US$500million out of its US$3bn pandemic trade impact mitigation fund set aside to support African financial institutions/businesses.
  • Advised African Export-Import Bank in connection with the refinancing of a facility granted to Oando Oil Limited by a syndicate of other lenders as well as in connection with a US$424m Reserve Based Lending to Oando Oil Limited.

Olajide Oyewole LLP

Olajide Oyewole LLP, a member of the DLA Piper Africa Group, is a prominent brand in corporate and project finance in the oil and gas, energy and infrastructure sectors. The firm has a solid client portfolio of domestic and international lenders and borrowers, and is also adept at advising new market players on new and established financial transactions and structures, including acquisition financings, asset-based lending and cross-border investments. Dayo Idowu and Solape Peters specialise in energy and transportation infrastructure projects.

Practice head(s):

Dayo Idowu; Solape Peters

Key clients

Norwegian Investment Fund for Developing Countries

Finnish Fund For Industrial Cooperation Limited

Cummins Power Generation Nigeria Limited

Sapio Utilities Limited

Oando Energy Services

Oando Plc

Lagos State Government

Mitsubishi Hitachi Power Systems Europe Ltd.


Samsung Heavy Industries

Mainstream Energy Solutions

First Modular Gas Systems

Lekki Concession Company

Warner Music Group

Work highlights

  • Advised the Finnish Fund For Industrial Cooperation and Norwegian Investment Fund for Developing Countries on the provision of a $10m long-term debt financing of StarsightPower Utility Limited.
  • Advised EDP Renováveis, on Nigerian law aspects of its $3m investment in Rensource Holdings Inc.

Sefton Fross

The 'highly professional and innovative' team at Sefton Fross is led by Olayemi Anyanechi, who has a 'first-class mind and is peerless in the market'. Her busy practice includes advising lenders, borrowers and multilateral development agencies on the full range of Nigerian and English law governed financial lending transactions, as well as in loan restructuring and equity and debt capital markets.

Practice head(s):

Olayemi Anyanechi


‘The uniqueness of the Sefton Fross team is their responsiveness to our needs and ability to operate within our preferred timelines whilst still producing quality work and remaining accurate with their advice. We were very impressed with the quality of the advice and turnaround time’

‘The team are both highly professional and innovative. The billing was reasonable and within acceptable boundaries to us. They were happy to address certain aspects of the transaction post-closing without charging additional fees’

‘Olayemi Anyanechi has extensive experience in financing and capital markets and was able to come up quickly with innovative and effective solutions to otherwise complex issues.’

‘Olayemi Anyanechi has a deep knowledge of the market. I am always impressed by her availability and responsiveness.’

‘Olayemi Anyanechi has a first-class mind and is peerless in banking, finance and capital markets. Super reliable and never disappoints.’

Key clients

MPS Technologies Limited

Sunfunder Inc

ABSA Securities Limited

Guaranty Trust Bank Plc

Zenith Bank Plc

Leadway Assurance Company Limited

Leadway Asset Management Limited

Nova Merchant Bank Limited

Prudent Energy and Services Limited

TLG Credit Opportunities Fund

Aiteo Eastern E&P Company Limited

Quest Oil and Engineering Services Limited

Annan Capital Partners Limited

Duport Midstream

Nibra Designs Limited

Work highlights

  • Advised the Debt Management Office of the Federal Republic of Nigeria in respect of the N150bn  Series III Sukuk Issuance by the Debt Management Office (DMO) of the Federal Government of Nigeria. .
  • Served as transaction Counsel to Guiness Nigeria in connection with the establishment of the N10bn Commercial Paper Issuance Programme by Guinness Nigeria Plc.
  • Advised Sunfunder Inc on its $4m Secured Facility to Daystar power a Commercial and Industrial solar developer.

The New Practice (TNP)

With a strong focus on equity and debt capital markets, corporate finance and private equity, Baba Alokolaro at The New Practice (TNP) is sought after by investor and investee companies for his advice on capital raising transactions. Bukola Bankole advises both publicly listed and private companies on corporate and project finance, capital-raising through private equity investments, M&A and divestments. Babajimi Ayorinde is also noted as a prominent adviser on corporate finance and debt capital issuance.

Practice head(s):

Baba Alokolaro; Bukola Bankole

Other key lawyers:

Babajimi Ayorinde


‘The team has a strong banking, finance and capital markets practice. ’

‘Babajimi Ayorinde is deeply knowledgeable about diverse areas of law, which makes his advice useful. ’

‘A young, dynamic team with talented female representation at partner level.’

‘Bukola Bankole is measured, thoughtful and knowledgeable.’

‘Baba Alokolaro offers a skilful blend of deep local knowledge of doing business in turbulent emerging markets, balanced with global best practices.’

Key clients

Flour Mills of Nigeria Plc

ARM Trustees Limited

Ministry of Justice, Lagos State

Axxela Limited

Gasco Marine Limited

Persianas Group

The Lagos State Government

Viathan Engineering Limited

Oando Plc

Office of Public Private Partnerships

Emprego Holdings

Greenwich Trust Limited

Interswitch Limited

Akute Power Limited

FBN Quest Merchant Bank

Stanbic IBTC

Made in Africa Inc.

Coronation Merchant Bank

Julius Berger Plc

Ellah Lakes Plc

Akin Gump, Strass Hauer & Feld

Transport Services Limited

Mandilas Nigeria Group

Chapel Hill Denham

Work highlights

  • Advised the Lagos State Government in the restructuring of a N155bn debt acquired for social and economic infrastructure projects.
  • Advised Flour Mills of Nigeria Plc in the establishment of its N70bn Bond Issuance Programme and advised on the issuance of its Series 3 N20bn Bonds which was oversubscribed.
  • Acted as Solicitors to the Trustee in respect of the establishment of Interswitch Africa One’s N30bn Bond Issuance Programme under which it issued its Series 1 N23bn Bonds.