Interview with: 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.