Olaniwun Ajayi (UK) LLP

Senior Partner, London office

Howard is a senior partner of Olaniwun Ajayi’s London office. With over 40 years post-qualification experience as a solicitor specialising in cross-border finance, he has headed the project finance group at Dentons as well as its Africa practice. He has advised national governments, multilateral and national development finance institutions, export credit agencies, project developers and commercial banks on projects and their financings in many infrastructure and energy sectors and in many parts of the world, including public-private partnerships. Africa has been a particular focus and he has worked on transactions in over 16 African countries. He has spoken at many conferences, given training to many institutions, written articles and contributed to books in these areas.

Law Society of England and Wales

University of Exeter​ 1980 Law Society Final Examination 1981

Legal 500 Private Practice Powerlist 2019: recognised as an African Specialist based in the UK. Chambers Global 2017, 2018, 2019 guides: Ranked for Projects & Energy Africa-wide. Financial Times 2012: Shortlisted for Legal Innovator of the Year. Financial Times 2012: (team) Highly commended at the Legal Innovator of the Year (finance section) awards. The Banker 2012: Advised on the Africa Infrastructure and Project Finance Deal of the Year. Project Finance International 2011: Advised on the Renewables Deal of the Year (Middle East and Africa).

1980s

Admitted as a solicitor England and Wales

Joined the then Norton, Rose, Botterell & Roche (now Norton Rose Fulbright), Shipping and International Department focussing on international finance

Cloves for bicycles bartering transaction

Developed early interest rate and currency swap documentation for transactions (pre-ISDA)

Developed “Kaganuke” transactions for Japanese leasing companies

Authored “Selling Loan Assets” (Norton Rose publication)

Developed CIRBUC (Cosmetic interest rate buyer credit) transactions for financing UK exports to Russia

Negotiated financings to Vneshekonombank in Russia

Seconded to Morgan Grenfell & Co Limited (acquired by Deutsche Bank), work included early stage work for the financial structuring of the North-South Expressway in Malaysia

Co-authored “The Second Banking Directive – An Update” (Norton Rose publication)

1990s

Authored “Banking in the European Economic Community, 1992 and After” (Norton Rose publication)

Joined Wilde Sapte (now Dentons), partner from 1992

Advised Capital One on its successful application for its UK banking licence and follow-up work

Advised the Karnaphuli Fertiliser Company Limited on its complex financing comprising 6 loan agreements, Bangladesh’s first private fertiliser plant

Edited “The Guide to Financing Build Operate Transfer Projects” (1997) (Euromoney Books)

2000s

Worked on many UK Private Finance initiative transactions, including Barnet Hospital and North Swindon Schools, part of the team that advised on the financing of the £267 million financing of the UCLH PFI transaction and finally the financing of the £93 million North West schools PFI project (12 schools) under the Priority Schools Building Programme (2014)

Worked on many mine development financings, in Spain and elsewhere

Head of Project Finance group

Chair of the firm’s Africa group (2005-2010), expanded the number of African law firms Wilde Sapte was affiliated with

Head of Denton Wilde Sapte’s Paris English law financing team

One of the “Hot 100” (The Lawyer) (2008)

Authored « Financement de Project Les accords directs » (Revue Banque April 2009) and «Financement de projet  L’intérêt des accords directs pour les banques » (Banquestratégie March 2009)

Developed an innovative structured trade financing for and established a model template extensively used by Societe Generale

Worked for Raiffeisen Bank International on the restructuring of its exposure to the Ukraine’s power utility

Editor and contributor “Public Private Partnerships BOT Techniques and Project Finance (Euromoney Books) (2006)

2010s

Joined Eversheds (now Eversheds Sutherland)

Advised the principle sponsors on the project financing of the Makeni bioethanol and power project in Sierra Leone (project value around €250 million) and its subsequent restructuring. Africa’s first biofuels project financing to achieve financial close. First Power Purchase Agreement in Sierra Leone. Developed a new model for land acquisition, connecting both national law and community land law

Clean Energy Project of the Year 2013/14 (Africa Utility Week awards)

Africa Renewables Project of the Year (both Project Finance and Project Finance International) (2011)

Africa Infrastructure and Project Finance Deal of the Year (The Banker) (2012)

Shortlisted Energy/Infrastructure team of the year (The Lawyer)(2012)

Transport and Infrastructure team of the year (Africa Legal awards) (2014)

Shortlisted Legal Innovator of the Year (Financial Times) (2012)

Highly commended, Innovative Lawyer of the Year (finance team)(Financial Times) (2012)

Presented “Winning International Trade” programme for HSBC in different global locations

Advised the project sponsors on the Kissy jetty PPP project. An early Sierra Leone public private partnership project.

Co-authored “Early stage setbacks and solutions in renewable projects” (published in Renewable Energy Focus July 2016)

Authored “The Namami Ganga Project Rejuvenating the Ganges -structuring viable PPP solutions” (jointly published by the Centre for Ganga River Basin Management & Studies and Eversheds)(2016)

Authored “Common Mistakes in PPPs and how to avoid them” (2016)

Advised the Bangladesh PPP Authority on PPP policy development

Began advising East African Development Bank (since 2011). Have since then advised it on more than 100 financings in the East African Community member countries. This includes its participations in the 2015 US$350 million financing facility to the Kenya Pipeline Company Limited

Listed in Private Practice Powerlist of leading lawyers with a specialist focus on Africa (2019)

Advised InfraCo Africa on various early stage financings of projects in Africa

Authored “Electrifying Africa – the hunt for off-grid solutions” published as “Helping Africa leapfrog the grid” (Modern Power Systems October 2015)

Part of the team that advised the Government of Cameroon on its investment in and credit enhancement of the Nachtigal hydropower PPP project (Project value €1.2 billion), adding nearly 30% of the country’s installed energy capacity. Awarded Global Multilateral deal of the Year 2018 (Project Finance International)

Advised Raiffeisen Bank International as arranging bank for the first eurocurrency loan to the Republic of Belarus

Advised Rwanda Development Board on its concession for its new Bugesera International Airport (project value estimated at USD2bn)

Appointed non-executive director of ILFA (International Lawyers for Africa) (since 2018)

2020s

Advised HSBC on a series of asset transfer transactions which established the precedent for and culminated in the ITFA Master Accounts Receivable Agreement for Open Account trade finance market standard document

Part of teams that advised different African governments and national power utilities and assessing  power purchase agreements with a view to their restructuring

Developed innovative structures for stocking finance for multinational clients

Advised Ghana Cocoa Board on its first long term eurocurrency finance facility (US$600 million)

Advised Ghana Cocoa Board on various of its annual jumbo pre-export financing facilities up to US$1.5billion

Co-authored “Project Finance in emerging markets: Four pertinent issues that affect the success of a project” (“International Comparative Law Guide to Project Finance 2020)

Senior Partner and founder of Olaniwun Ajayi (UK) LLP, the London office of Olaniwun Ajayi

Part of the team that advised on the US$3.3bn oil-backed prepayment facility involving NNPC Limited

Advising Ropeways on its urban cable car project in Kigali, Rwanda, Africa’s first cable car project (on-going)