Gresyndale Legal > Lagos, Nigeria > Firm Profile

Oyinkan Alakija, Managing Partner

What do you see as the main points that differentiate Gresyndale Legal from your competitors?

Gresyndale, from inception set itself apart as a firm that is responsive, reactive and proactive to its client’s needs. Having identified that legal practice in Nigeria and most of Africa required firms that should ensure justice by working closely with her clients preempting their needs, responding speedily whilst ensuring accurate and decisive advise that management requires to meander through the commercial scope of the African market where the laws are numerous, bureaucracy high and opportunity rife.

We positioned ourselves to be the compendium to our clients by ensuring accuracy, powerful and effective advice and reaction to mainly prevent and to cure issues that may arise.

We also make use of a tailor-made software to keep our clients up to date regularly and also track efforts made on new activities.

Which practices do you see growing in the next 12 months? What are the drivers behind that?

1. Taxation Law

2. Foreign Entrants

3. Corporate Commercial Practice

2020 was quite a year for many of our clients. We dealt with many unique situations and have had to remain flexible and responsive to meet the various curveballs that have been thrown at them. For most of them, they have adequately managed this situation by strong and effective leadership and a pliant and adaptive team to which we provide sound effective legal advice and necessary protection to prevent their right being infringed and adequate interpretation of new laws constantly arising from the global pandemic.

In Nigeria, several changes also happened especially with the introduction of the Finance Act 2020 which made amendment to various tax laws in the country to a more tax efficient system. CAMA 2020 which updated the process and ease of doing business in Nigeria especially for foreign entrant. Despite the ravage of COVID with the devaluation of the naira and a world economy looking for more opportunities. Strong business acumen suggests Nigeria has a high risk, high reward economy for the right business and we expect these opportunities to rise. With Brexit and various trade treaties such as AFCTA in place, we expect an increase in foreign entries.

As the government looks for more ways to fund and drive her activities, it is clear that with the APC Federal government, taxation as implemented in Lagos will be a core focus to increase government revenue. Thus, we expect growing presence for higher levels of compliance and monitoring from the government.

However, it is important to note that the full effect of 2020 will continue to spill into 2021 and as such especially for the first half of the year; we expect our clients will continue to receive strong legal advise to not only keep their organization afloat but ensure they flourish.

What’s the main change you’ve made in the firm that will benefit clients?

1. We recently introduced Gresyndale Legal App. A fully innovative software that allows our clients full access to updates, hours split, documents, relevant offices, contact details etc on a constant basis. Amalgamating technology in our service provision allows us to up- scale our ability to meet our clients need for immediate and quick reaction and responsiveness.
2. We also separated lawyers into departments based on their area of specialisation and the review process for documents that go out to Clients. With this arrangement, Clients’ jobs are handled by lawyers with special knowledge of the area without leaving out the perspective which other lawyers may have on the subject thus presenting a wholesome approach on the subject to the Client.

Is technology changing the way you interact with your clients, and the services you can provide them?

Yes, as stated in 3(1) above

Can you give us a practical example of how you have helped a client to add value to their business?

We have helped a lot of our clients add value to their business in several ways and at different times. The following examples come to mind:

We advised a Client on the tax advantages given to a company that falls within the pioneer status industry as captured under the Pioneer Status Act, further successfully processed same for him, as a result of which our Client was able to massively expand his business within the period he was on his tax holiday equals restructuring to meet requirements in law.

We advised and then successfully assisted a Client on the setting up of a business within the Lekki Free Trade Zone and assisted in putting all the relevant documentation required for same. This enabled our Client commence production much earlier than expected and has enabled our Client launch two products within the space of 1 year. Furthermore, client is able to take full advantage of this area.

A client that operates in the Quick Service Restaurant (QSR) industry was constantly being exploited by local government authorities for payment of fines and levies. We were on several occasions able to challenge the validity of these fines and levies and same stopped the local government authorities from making arbitrary and illegal demands on the company.

A certain Client had suffered many short falls as a result of entering into leases or purchasing properties whose title was defective thus resulting in losses to the Client. We were able to highlight the different problems that our Client has run into as well as possible areas of problem and created a checklist of areas in which due diligence searches can be carried out to better protect our Client. We also introduced clauses into the agreements which aim to secure or Client’s interest. This has drastically reduced the number of problems which our Client experience on their leases while eliminating challenges to properties that have been purchased.

Are clients looking for stability and strategic direction from their law firms – where do you see the firm in three years’ time?

We are steadily expanding into other countries in Africa. Kenya and Ghana to be specific and expect to open a U.K. office shortly to allow our foreign clients have a European base and expand our service delivery. We are also adding more specialized lawyer to our team to ensure our ethos and culture continue to expand to a larger client base.

Oyinkan Alakija, Managing Partner

Managing partner Oyinkan Alakija explains how the firm co-operates/assists local and international organisations to enter into the local business terrain of Nigeria and other common law Africa countries successfully.

1) What do you see as the main points that differentiate [law firm name] from your competitors?

Our commitment to excellence and partnering with our clients for their success will immediately be the two key points I will raise.  For us, it is a success partnership. Clients are not regarded as a point of earnings but partners we work with to achieve organizational goals. Gresyndale prides itself in this distinguishing factor that allows it to go extra mile far above the call of duty. It is essential to further include our globally commended efficiency. We run an extremely effective and time conscious firm that can keep up with the speed and pace of business activity We have a varied team committed to protecting our clients fiercely whilst maintaining measures that ensure we remain efficient and provide quality services within set deadlines.  Our strong identity and culture reverberates in all we do and communicate hard-work, focus, diligence and commitment to our clients.

2) Which practices do you see growing in the next 12 months? What are the drivers behind that?

We expect most growth in our corporate commercial and transactional services, especially from the fourth quarter of 2023. This includes setting up new businesses, business expansion, multifaceted loans, international business transaction with a lot emanating from the power sector, FMCG, finance, fintech. In addition, we see in Nigeria, a growth in the Public private innovations.  Because historically, President Bola Ahmed Tinubu of the Federal Republic of Nigeria is known to be an industrialist that works with the private sector to drive expansion and with some of the policies made in his first few weeks of presidency, it is clear he means to open up the economy and encourage foreign participation.  Against the backdrop of Nigeria as a continental leader, it would be suggestive that similar practices will be adopted by other African Nations.  Tinubu’s policies aid foreign participation, by removing the double currency discrepancy, ending petrol subsidy, and a concentration on power with laws enacted to promote state participation in this sector, it is sure to make African investment more viable to foreign investors. With the requirement of foreign investors to set up within the country. It therefore makes sense that incorporation will increase over the next couple of months. President Bola Ahmed Tinubu is also known for using innovative taxing techniques to raise internally generated revenue for the state and has relied heavily on technology to carry out political and business needs over the years.
As a leader who is geared towards free trade, I expect laws and tax policies to encourage companies and individuals expand and he might sell off certain government apparatus better managed by the private sector. Power generation also is a major aspect and with recent laws allowing states to generate power. With this, we expect that there will be influx of investors offering power generation services to various states.
Those changes are exciting for us at Gresyndale as we have been strategic legal partners to some of the managing local partners and comply with local and international laws. We are also excited to partner with future clients. This is our forte.

3) What’s the main change you’ve made in the firm that will benefit clients?

1. Establishment of AML (Anti-money laundering) and investigation department. This helps clients to meet regulations made by FAFTA, international AML laws as well as implementing whistle blowing procedures with their organization. We have found out that having a law firm like ours provides seal of authenticity when working within African environment by ensuring that our team members are all practicing Lawyers and then expanding them to other international accreditation. We are able to provide global services that support our clients within or our clients pursuing an action within the jurisdiction.
2. Expansion into UK and Kenya. We believe that this multinational approach gives our European clients easy access to our local services and shows the growing need for our complimentary services in other common law African countries that are popular to foreign investors. Therefore, we can support our client growth within the continent.

4) Is technology changing the way you interact with your clients, and the services you can provide them?

Technology has become an integral part of service delivery especially after COVID and in response to an international community/ international client base.
Apart from using Technology to communicate and hold meetings, it has formed an integral part of external compliance and corporate practice, allowing us to provide our client services with a shorter turnaround time and with regular access to updated information.

5) Can you give us a practical example of how you have helped a client to add value to their business?

During the period of COVID 20 when countries were on lockdown including Nigeria, one of our clients, a quick service restaurant needed to keep operating at this time. Despite limited movement, we were able to process an exemption license for our client which enabled it to operate as an essential worker during this period and meet the needs of other essential workers and the community at large.

6) Are clients looking for stability and strategic direction from their law firms – where do you see the firm in three years’ time?

Definitely, stability and strategic direction are one of the core requirements of most clients. Coming into a terrain that many find friendly to clients, a lot require clear direction of goal achievement without running foul and a hand to provide necessary protection to drive the business forward. Working in a territory that is in some ways very different to the West, there is a need from our clients for us to support their vision with clear decisive and strategic advice, point out their options and at all times giving clear and concise legal advice. To achieve this effectively, we work with our clients closely and ensure we have a strong understanding of their business while leaning on our cumulative experience of well over 100 years to provide robust and clinical advice. In 3 years, we expect to have grown considerably, attracting the best legal clients in our local environ and partnering with most of our international clients in the local jurisdiction we work.