Power, Infrastructure and Projects

The team gained its initial power experience when it advised the defunct National Electric Power Authority (“NEPA”) in connection with re-negotiating its power purchase agreement with Enron. The team went on subsequently, to represent the regulator in its negotiations with prospective independent power producers. The team worked with NEPA for a period of four years, and in the course of that time advised in connection with a power purchase agreement with Agip and Shell. This experience provided us with a unique opportunity to acquire theoretical as well as practical knowledge of the industry and to develop strong contacts at various levels of the industry.

The team has been very active in advising on various aspects of the overhaul and privatisation of the Nigerian power sector. It regularly advises various clients on matters such as the regulatory framework for development, design, financing, ownership and construction of power projects in Nigeria; the processes and procedures for obtaining authorisations from the Nigerian Electricity Regulatory Commission; joint ventures; investments; technical service and management relationships with local companies; the viability of certain proposed power financing arrangements under Nigerian law, and on negotiating and drafting industry contracts like Power purchase agreements, Engineering, Procurement and Construction contracts, Long Term Service Agreements and Operation and Maintenance Contracts. The team also provides advice and dispute resolution representation and support to multinational and indigenous companies in connection with their day-to-day operations, projects and transactions.

More recently, the team represented a consortium of local and international lenders including international financial institutions in relation to the financing of an integrated power project that is being developed by a local operator. The team represents lenders in transactions relating to the proposed financing of a gas-fired power plant; being the first phase of a project that will result in an eventual capacity of over 550 MW. The team has also advised an international oil company that proposes to develop a power station of over 400 MW, and is advising a joint venture between a global and a local power company in connection with the design, development, financing and construction of a 500 MW power station.

The team routinely advises local and multinational pioneers and would-be participants in connection with their various investments in the power sector, including generation and distribution and with various gas and pipeline projects that connect gas to power stations. It also advises corporates offering captive power generation and other power project services and their offshore principals in connection with their projects in Nigeria. In addition to its transactional experience, the team has also provided support to the National Electricity Regulatory Commission in the drafting of its regulations.

INFRASTRUCTURE AND PROJECTS

Our project finance experience covers the broad spectrum of structuring, documenting and negotiating in relation to national, international and multi-national projects. The team offers the experience and capability that has evolved from regularly working on some of the most important, innovative and complex projects in Nigeria. Its solution-orientated approach focuses on delivering practical solutions. We have advised and continue to provide advice to clients with respect to the financing of projects in diverse sectors such as:

Infrastructure (including gas pipelines);
Transportation (including airports, roads and railways);
Power and energy (including power generation and distribution);
Manufacturing (including cement production), oil and gas (including pipelines); and
Telecommunications (including towers); and public private partnerships (PPPs including tolls roads etc).

We understand the underlying business issues and risks and work constructively with project parties to allocate risks efficiently. With the skills and substantial experience of our project development and finance group, clients have come to rely on us to provide the in-depth industry knowledge, local market expertise, practical solutions and clear strategies to make a deal ‘bankable’.

The firm has often been required to advise on structures and devices such as limited recourse project financings, off-shore escrow accounts, dedicated accounts and dedicated revenue streams from product sales, and on the effect of the negative pledge and other restrictive covenants that arise from existing Nigerian sovereign obligations. Recent assignments have included advising a wholly-owned subsidiary of an international oil and gas company in connection with a foreign currency-denominated facility for refinancing existing debt constructing a gas processing facility and development and construction of various pipeline projects in Nigeria.

The team has earned its reputation for providing expert advice to local and international banks and project developers in relation to credit enhancements like the World Bank Partial Risk Guarantee programme for gas and power in Nigeria, various equity instruments to assist with equity contribution of the sponsors, the provision of acquisition finance facilities to local, regional and international finance institutions in relation to the financing of projects in various sectors including the power sector in Nigeria.

Team Partners

Dan Agbor Senior Partner

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Aniekan Ukpanah Managing Partner

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Nicholas Okafor Partner

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Adeola Sunmola Partner

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Onyinye Okafor Partner

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News & Insights

Recognition

“Well-regarded firm that harbours expertise in project development matters and transactions in the space. Working with prestigious clients based both in and outside of Nigeria, the practice is also adept in mergers and acquisitions, private equity transactions and regulatory matters.” – Chambers Global, 2019

“Market commentators consider the team to be “very precise”. They were always a few steps ahead because they understood the terrain better – they guided us through a lot of sharp corners.” – Chambers Global, 2019

“Udo Udoma & Belo-Osagie provided commercial advice, in the sense that they are always mindful of the fact that we are a business seeking economic results.” – Chambers Global, 2019

“Responsive, supportive (going above and beyond) and well qualified.” – IFLR1000, 2019/2020

“Detailed knowledge of Nigerian law, full service and responsive partners.” – IFLR1000, 2019/2020

“They are very thorough, able to identify commercial issues and offer practical solutions.” – IFLR1000, 2019/2020

“Most cross-border activities and foreign investors require a one stop point that will provide efficient and cost-effective solutions to countless hurdles. These solutions will require professional counselling for result-yielding direction. We ventured into Nigeria and Udo Udoma & Belo-Osagie provided that leverage from a very high professional threshold.” – IFLR1000, 2019/2020

“They have good experience and expertise in local laws and application thereof.”- “IFLR1000,2020/2021

“They are extremely competent and hardworking professionals. They work diligently and exceptionally on all our transactions and always give extra time which is hardly reflected on the bill. They always exhibit commitment towards our matters and we are impressed with their expertise and will recommend the firm to prospective clients.”- “IFLR1000,2020/2021

“UUBO is a full service law firm with relevant experts in key areas, and capable of delivering tailored services for its client. I am also happy to use UUBO because of its relationship with similar law firms in other jurisdictions outside Nigeria. The key contact experts are quite experienced and have been with the firm long enough.” “IFLR1000,2020/2021

“The firm has an in-depth knowledge of the Nigerian debt market and the interagency of government regulations and additionally presented workable solutions during negotiations.””IFLR1000,2020/2021

“The firm was very responsive but also proactive and seemed able to foresee potential problems, or listen to any ‘doubts’ we may have had about concerns, developing into potential legal issues and propose robust legal solutions to them.””IFLR1000,2020/2021

“Responsive and highly competent.” – IFLR1000, 2019

“Strengths: subject matter expertise both industry and country specific. Deep bench of partners and associates. Well-connected and driving policy. Weaknesses: remaining in contact. Other firms do a better job of following up to confirm tasks have been completed.” – IFLR1000, 2019

Deals

Part of the team advising a leading tech-enabled healthcare investment company in Nigeria’s health sector that specialises in healthcare PPP infrastructure projects across Africa in its intended collaboration with the Ghanian government for the purpose of financing, procuring, and deploying diagnostic facilities for use in the essential areas of radiology and pathology across hospitals in Ghana under a public, private partnership and build, operate and transfer arrangement;

Part of the team advising a consortium in its intended collaboration with one of the State Governments in Nigeria for the purpose of financing, construction, and development a 110 kilometers circular road in the State in order to improve traffic flow under a public, private partnership and build, operate and transfer arrangement;

Part of the team that is currently advising a multinational company in relation to its investment in a mining exploration licence;

Part of the team that advised and assisted two multinational companies on a foreign-to-foreign merger application to the Federal Competition and Consumers Protection Commission;

Advising OCP Africa in connection with a joint venture project with the Nigeria Sovereign Investment Authority (NSIA) for the construction of a fertilizer production plant in Akwa-Ibom State, Nigeria;

Advising a leading energy company in connection with the restructuring of its US$2 billion acquisition term loan and reserve based lending from a consortium and syndicate of seven Nigerian banks and one non – banking international oil trading entity;

Advised Geometric Power on the restructuring of the construction finance facility provided for the development of the Geometric IPP project in Aba, Abia State. His role involved negotiating the completion EPC contract in respect of the power plant being constructed by the project developer;

Part of the team that conducted a due diligence review of Ladol Services FX Enterprise, in connection with Infracredit’s proposed guarantee to support LADOL’s bid to refinance its debt deployed towards the development of a 24MW power plant that generates and distributes power within the LADOL Free Zone;

Part of the team that conducted a due diligence review of Fidesic Nigeria Limited in connection with Transnet Financial Nigeria’s proposed acquition of 51% of the company;

Advises various companies on corporate compliance requirements in Nigeria and company secretarial needs; and

Advises various foreign companies on their proposed investments in Nigerian companies and is part of the team that conducts due diligence exercises on the various target companies.

Advising Geometric Power on the restructuring of the construction finance facility provided for the development of the Geometric IPP project in Aba, Abia State. His role involved negotiating the completion EPC contract in respect of the power plant being constructed by the project developer;

Advising Sahara Energy Group, a leading energy company in connection with the restructuring of loan facilities worth an aggregated US$723 million, aimed at mitigating the impact of the devaluation of the Naira on its business;

Member of the firm’s team that advised Kepco Energy Resources Limited in connection with a US$309.9 million facility that was provided by a syndicate of local banks in connection with Kepco Energy Resources Limited’s acquisition of a 70% equity interest in Egbin Power Plc;

Part of the team that advised Sahara Energy Group in connection with the Acquisition Finance Facility provided to its related company (New Electricity Distribution Company Limited) for the purpose of acquiring 60% of the equity share capital of Ikeja Electricity Distribution Plc;

Advising Sahara Energy Group on the phased project construction, financing, and development of a 530MW power infrastructure in an East African country;

Advising Daniel Power Consortium, represented by Daniel Power Plants in connection with raising finance for the acquisition of 80% equity interest in Ogorode Power Generation Company Limited which amounts to US$531,777,777;

Advised Lendable Inc. in connection with a credit facility to a Nigerian fintech company;

Member of the team that advised African Development Bank on their subordinated Loan of US$10 million to Infrastructure Credit Guarantee Company Limited;

Advised Seplat Energy Plc on its US$ 1.283 billion to 1.583 billion acquisition of Exxon Mobil’s offshore shallow water business in Nigeria. Advised on Nigerian acquisition, regulatory and financing elements of this landmark transaction;

Part of the team advising OCP Africa in connection with a joint venture project with the Nigeria Sovereign Investment Authority (NSIA) for the construction of a fertilizer production plant in Akwa-Ibom State, Nigeria;

Member of the team that advised Nedbank Limited on an Uncommitted Pre-export Finance Facility of US$20, 000,000.00 (twenty million United States Dollars) to Pajson Dubai Trading DMCC;

Part of the team that advised Jotna and Engee PET Manufacturing Company Nigeria Limited (as borrower and project developer) on a USD39 million facility (by the International Finance Corporation as lender) for the construction and development of a 150,000-metric tonne per annum continuous polymerization polyethylene terephthalate (PET) resin plant in Ogun State;

Key a member of the team that advised Capricorn Digital Limited, one of Nigeria’s largest digital solution providers on its proposed acquisition by MFS Africa Nigeria Holdings Limited in one of Nigeria’s largest Fintech deals; and

Key member of the team that advised on the consolidation of BUA Group’s sugar, flour, pasta, rice, and oil businesses into BUA Foods Plc.

Advising a leading power generation and distribution company on the debt restructuring of a facility provided by three Nigerian Lenders to the company’s affiliate;

Advising a leading energy company in connection with the restructuring of loan facilities worth an aggregated US$723,000,000.00, aimed at mitigating the impact of the devaluation of the Naira on its business;

Advising a leading oil and gas company on the debt restructuring of US$1.83 billion Senior Secured Medium-Term Acquisition Facility provided to the company by a syndicate of onshore and offshore lenders;

Part of the team advising on the formation of a private equity fund;

Part of the team advising on the establishment of a real estate fund;

Part of the team advising on the establishment of an investment holding company for an investment of USD 2.5 million;

Advising a leading Nigerian broadband communication solution integrator on the financing of fibre optic cables and the restructuring of existing debt;

Part of the team advising on the acquisition of a 20% equity in an insurance company;

Part of the team advising on the 100% acquisition of a communications company;

Part of the team that assisted several Nigerian and Non-Nigerian companies and organisations with the acquisition of properties;

Part of the team advising on the establishment of a housing scheme and capital raising exercise of USD 50 million;

Part of several teams that conducted high-level due diligence on several Nigerian companies;

Part of the team that advised on a proposed share sale of USD 26 million;

Part of several teams assisting Nigerian and Non-Nigerian companies and organizations with statutory registrations and fillings with the relevant regulators; and

Advises various foreign companies on their proposed investments in Nigerian companies and is part of the team that conducts due diligence exercises on the various target companies.

Led the team that advised Accugas Limited (a wholly owned subsidiary of Seven Energy International Limited) in relation to a US$70,000,000 (seventy million United States Dollars) facility comprised of a US$60,000,000 (sixty million United States Dollars) term loan facility and a US$10,000,000 (ten million United States Dollars) working capital facility, provided by Stanbic IBTC Bank Plc and United Bank for Africa Plc, to finance the development of a Central Gas Processing Facility and the construction of the Uquo-Ikot Abassi gas pipeline. The transaction was awarded the Euromoney “Deal of the Year” 2010;

Led the team that advised Seven Energy in connection with the financing, by a syndicate of banks, of its acquisition of East Horizon Gas Company Limited from Oando PLC;

Led the team that advised a consortium of local banks in connection with the medium term syndicated notes issuance facility of up to US$285,000,000 (two hundred and eighty-five million United States Dollars) provided to Spark-West Industries Limited for the construction and development of a 72,000 metric ton/annum steel fabrication and galvanisation plant and a 120,000 metric ton/annum induction furnace and 360,000 metric ton/annum steel rolling mill;

Led the team that advised the lender in relation to the financing of a 189 MW gas fired power plant which is being developed by Ibom power Limited at Ikot Abasi in Akwa Ibom State of Nigeria. He continues to provide legal advisory services to the lender in connection with the financing of on-going infrastructure projects;

Led the team that recently advised Accugas Limited, a subsidiary of Seven Energy International Limited, in connection with a syndicated loan in the sum of $170 million;

Led the team that advised KEPCO Energy Resources Limited in connection with its acquisition of a 70% equity interest in Egbin Power Plc, a 1,320MW power plant, the biggest in Sub-Saharan Africa. The deal was valued at $414,900,000;

Led the team that advised New Electricity Development Company Limited (KEPCO/NEDC Consortium) in connection with its successful bid for, and acquisition of a 60% equity interest in Ikeja Electricity Distribution Plc for $105,000,000;

Led the firm’s team that advised KEPCO Energy Resources Limited in connection with a US$309,900,000 facility that was provided by a syndicate of local banks in connection with KEPCO Energy Resources Limited’s acquisition of a 70% equity interest in Egbin Power Plc, a 1,320MW power plant, the biggest in Sub-Saharan Africa;

Advised NG Power-HPS Limited in connection with the acquisition of majority shares in First Independent Power Limited. The transaction, with a value of US$311,200,000, involved the sale of a group of five power stations by a state government and is part of the privatisation of the Nigerian Electric Power Sector;

Led the team that provided advice to a syndicate of lenders on a medium term syndicated notes issuance facility of up to US$285 million provided to Spark-West Steel Industries Limited in connection with the construction and development of a steel fabrication and galvanisation plant and a steel rolling mill;

Led the team that advised African Foundries Limited in relation to a US$85 million financing package consisting of US$75 million term loan facility and US$10 million working capital loan facility, provided by a group of international financial institutions led by Citibank NA; and by a number of Development Financing Institutions, including Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V., to finance the construction a 225,000 MT steel rolling mill in Ogijo, Ogun State;

Led the team that acted as legal adviser to a syndicate of local lenders in respect of US$205 million term financing of United Cement Company of Nigeria Limited for the construction of a greenfield cement plant in the Cross-River State of Nigeria;

Advised Emerging Capital Partners with respect to a proposed investment in relation to a concession agreement with the state government for the construction of a coastal road and the fourth mainland bridge;

Leads the firm’s team advising the company awarded the concession to operate the Blue Line of the proposed Lagos State Mass Transit Light Rail System;

Led the firm’s team that advised a major international bank in connection with a possible investment in the Lekki toll road project;

Co-led the team that acted as legal advisers to the Afrinord Hotel Investments A/S in respect of the €5 million term loan facility to Anchorage Leisure Limited for working capital requirements for the construction of the Radisson Hotel in Victoria Island;

Led the team that acted as Nigerian counsel to Standard Chartered Bank, London in connection with a guarantee given by Dangote Industries Limited in favour of the bank in respect of a US$60 million loan facility to Ceminvest S.A;

Advised Lenders in respect of a US$100 million financing that was provided to Wempco Steel Mill Company Limited in connection with the development and operation of its cold rolling mill in Ogun State, Nigeria;

Advised Citibank N.A and First City Merchant Bank PLC (as Mandated Lead Arrangers) in connection with a senior debt and equity-linked loan facility to Helios Towers Nigeria;

Advised a consortium of international arrangers and Nigerian banks in connection with a US$170 million (Naira Equivalent) Syndicated Commercial Paper Facility financing for MTN Nigeria Communications Limited and had primary responsibility for drafting all local transaction documentation;

Co-led the team that advised a consortium of local and international banks (including Citibank) that provided US$395 million in medium term financing to MTN Nigeria Communications Limited;

Advised Septa Energy Nigeria Limited in connection with a US$150,000,000 (one hundred and fifty million United States Dollars) Reserve-Based Senior Secured Amortising Term Facility for the development of three oil and gas fields in the Federal Republic of Nigeria; and

Advised the African Capital Alliance Consortium in connection with its acquisition (estimated value of US$750 million) of a controlling stake in Union Bank Plc, one of Nigeria’s oldest listed banks.

Part of the team that conducted due diligence on the Project Company in respect of a proposed financing by IFC in the Project Company;

Lead Associate on the team that advised a syndicate of lenders in connection with a revolving credit facility of US$225 million to an international telecommunication infrastructure holding company;

Lead Associate on the team advising Credit Suisse (as Agent) in connection with a proposed credit facility to a Nigerian telecommunications company;

Advised AFC and RMB in connection with a US$95 million loan facility to MTN Nigeria Communications PLC;

Advised Lendable Inc. in connection with a credit facility to a Nigerian fintech company;

Part of the team advising a Nigerian merchant bank on a proposed facility to an oil drilling company to refinance its existing loans;

Part of the team advising a property development company on the refinancing of its existing loans to Standard Chartered Bank;

Advising a Nigerian bank on a proposed N4.5billion facility to a telecommunications infrastructure company;

Lead Associate on the team that advised Barak Fund on a US$4 billion trade finance facility to a Nigerian company;

Part of the team that is advising a Nigerian manufacturing company on a US$39 million facility from the IFC; and

Lead Associate that advised an investment house in connection with its commercial paper issuance of N10 billion and bond issue of N10 billion; and a pharmaceutical company on its bond issue of N50 billion.

Advising Sahara Energy Group on the phased project construction, financing and development of a 530MW power infrastructure in an East African country;

Advised LADOL Integrated Logistics on the installation of a medium voltage and high voltage underground electricity distribution network on the company’s Free Trade Zone base;

Advised Daystar Power Group in connection with the USD 4 million debt financing from Sunfunder Inc. for the expansion of its solar power projects in Nigeria;

Advised Waltersmith Petroman Oil Limited on the development of its proposed 300 MW power project at Obigwe, Imo State;

Advising Sahara Energy Group, a leading energy company in connection with the restructuring of loan facilities worth an aggregated US$723,000,000.00, aimed at mitigating the impact of the devaluation of the Naira on its business;

Advising IFC on its proposed loan of the Naira equivalent of USD 50 million to the Lagos State Government (Borrower) for financing the development, construction, and rehabilitation of two Quality Bus Corridors to be implemented by Lagos Metropolitan Area Transport Authority;

Advised CrossBoundary Energy on its entry into the Nigerian energy market to finance, install, own and operate solar power projects across Nigeria;

Advised the International Finance Corporation in connection with a loan of up to US$100,000,000 to Zenith Bank PLC;  Advised the International Finance Corporation in connection with a loan of up to US$50,000,000 to Access Bank PLC;

Advised the Nigerian Energy Support Programme, commissioned by the German Government on the facilitation and implementation of mini-grid projects across various states in Nigeria;

Advised the International Finance Corporation on Nigerian law issues in connection with a loan of up to US$125,000,000 to First Bank of Nigeria Limited;

Advised Rand Merchant Bank and Africa Finance Corporation on Nigerian law issues in connection with a loan of US$95,000,000 to MTN Nigeria Communications PLC;

Advised Stanbic IBTC Bank PLC, as Lender’s counsel, with respect to an USD 11.3 million medium term loan facility advanced for the refinancing of a residential real estate development in Durunmi, Abuja;

Advised CEC Africa Investments Limited on project structures for its participation in the Eligible Customer sphere, under the Eligible Customers Regulations;

Advised Consolidated Infrastructure Group Ltd. on due diligence and project structuring for its investment in the development of an 8.5 MW dual fuel power project in Delta State;

Advised Falcon Kinetics Limited on the Construction of the Civil and Structural Works for the development of a 4,000MT LPG Bulk Gas Storage Facility and Jetty Project at Rumuolumeni, Saipem/Aker Base Road, Port Harcourt, Rivers State, Nigeria;

Advised LADOL Integrated Logistics on its development of a 24 MW gas power plant for the generation of power within the LADOL Free Zone through an isolated urban Independent Electricity Distribution Network;

Advising a leading tech-enabled healthcare investment company in Nigeria’s health sector that specialises in healthcare PPP infrastructure projects across Africa in its intended collaboration with the Ghanian government for the purpose of financing, procuring, and deploying diagnostic facilities for use in the essential areas of radiology and pathology across hospitals in Ghana under a public, private partnership and build, operate and transfer arrangement;

Advising a consortium in its intended collaboration with one of the State Governments in Nigeria for the purpose of financing, construction, and development a 110 kilometers circular road in the State in order to improve traffic flow under a public, private partnership and build, operate and transfer arrangement.

Led the team that conducted legal due diligence review in respect of an independent power plant with a net capacity of 428 MW at the Obite Site of OML 58, Rivers State, Nigeria and advised Total E&P Nigeria Limited in connection with the proposed design, construction, ownership, operation and maintenance of the independent power plant and legal issues arising in relation thereto;

Advised Diamond Bank Plc on the restructuring of the construction finance facility provided for the development of the Geometric IPP project in Aba, Abia State. His role involved advising on the construction of a 27-kilometer pipeline that will transport natural gas to the power plant, establishment of the power plant, transmission and distribution facilities, the gas supply agreement, as well as the distribution of the power to be generated within the ring-fenced Aba Distribution Zone;

Key member of the firm’s team that advised Kepco Energy Resources Limited in connection with a US$309.9 million facility that was provided by a syndicate of local banks in connection with Kepco Energy Resources Limited’s acquisition of a 70% equity interest in Egbin Power Plc;

Key member of the team that advised Emerging Capital Partners (“ECP”) in connection with a US$35 million investment by a fund, which ECP manages, in Ocean & Oil Investments Limited – the Nigerian investment holding company whose main asset is an approximately 32 percent equity stake in Oando Plc;

Led the team that advised Chapel Hill Denham’s Nigeria Infrastructure Development Fund on the financing of Pan African Towers Limited’s acquisition of base transmission stations and refinancing of its existing debt;

Co-leads the team currently advising a leading Nigerian broadband communication solution integrator on the financing of fibre optic cables and the restructuring of existing debt;

Part of the team that provided legal advisory work, including legal due diligence, to a consortium of local and international banks that include the IFC, the European Investment Bank, and Emerging Africa Infrastructure Fund in connection with a proposed investment in, and project financing of, Geometric Power Aba Limited’s green field 188 MW Power Project;

Advised Septa Energy Nigeria Limited (a member of the Energy Group) in connection with a US$150million Reserve-Based Senior Secured Amortising Term Facility for the development of three oil and gas fields in Nigeria;

Advised Accugas Limited (a wholly owned subsidiary of Seven Energy International Limited) in connection with a US$225 million facility for the re-financing of an existing debt, the construction of a 200 mmscf per day central gas processing facility and the construction of up to 100 KM of pipelines in Calabar and Akwa Ibom State;

Advised Seven Energy International Limited (“SEIL”) with respect to a US$170 million acquisition finance facility obtained from a syndicate of lenders in connection with SEIL’s acquisition of 100% of Oando Plc’s shares in East Horizon Gas Company Limited and the 128 km pipeline that supply natural gas to United Cement Company Limited;

Worked with the team that advised Vitol S.A and a syndicate of lenders in connection with the restructuring, amendments to, and increase in the size of a loan of approximately USD534 million to Shoreline Natural Energy Resources Limited, co-owners of OML 30, a Nigerian oil and gas exploration and production company;

Advised UPDC Hotels Limited, in connection with the construction, operation and maintenance of a captive power plant, by Cummins Power Generation Limited, at the location of its Golden Tulip Hotel and mixed-use development in FESTAC Town, Lagos State;

Led the team that advised Sahara Energy Group in connection with the Acquisition Finance Facility provided to its related company (New Electricity Distribution Company Limited) for the purpose of acquiring 60% of the equity share capital of Ikeja Electricity Distribution Plc;

Advising Sahara Energy Group on the phased project construction, financing and development of a 530MW power infrastructure in an East African country;

Advising Oma Power Generation Company Limited on the design, project development, construction, commissioning and operation and maintenance of a 500MW greenfield power plant to be located at Abia State, Nigeria;

Advising Actis LLP in the acquisition of significant interest in the 500 MW Azura IPP, being developed by Azura Power West Africa Limited;

Advising Sahara Energy Group, a leading energy company in connection with the restructuring of loan facilities in an aggregated amount of US$723,000,000.00, aimed at mitigating the impact of the devaluation of the Naira on its business;

Advising and also leading the team advising Aiteo Eastern E & P Co. Limited on the restructuring of its US$2 billion RBL facility from a consortium of foreign and Nigerian lenders;

Key member of the team that advised Citibank and Standard Chartered Bank, as the Joint Bookrunners, in connection with the US$4 billion Eurobond issued by the Federal Republic of Nigeria under the Global Medium Term Note Programme; and

Co-led the team that advised InfraCo Africa in connection with its US$1.25 million project development facility to Access Quaint Global Nigeria Limited, towards initial start-up costs and other pre-construction costs and fees for the development of a 50MW photovoltaic solar generation facility in Manchok, Kaduna State, Nigeria.

UUBO’s Energy and Projects team have advised Geometric Power Limited in connection with (1) the US$50 million new debt funding provided by African Export and Import Bank (“Afrexim Bank”), (2) the debt restructuring of a facility of more than USD 500 million provided by three Nigerian lenders to Geometric Power Aba Limited (an affiliate of Geometric Power Limited), (3) the Aba Integrated Power Project (“Aba IPP”), and (4) the investment in the Aba Power Plant Project by equity investors who provided an aggregate amount of USD 19 million in new equity funding.

The Aba IPP is the most impactful and significant power sector project closing following the conclusion of the Azura transaction in 2015 and the power sector privatization in 2013. It is an integrated power island that has its own generation assets and its own distribution assets to serve a population of approximately 2 million people within 9 Local Government Areas in Abia State.

The transaction will lead to the creation of the 12th electricity distribution company in Nigeria and the establishment of a fully integrated utility by Geometric Group, having its own distribution network, an embedded generation facility and a dedicated 27-kilometre pipeline that will supply natural gas to the power plant. The BPE handed over the Aba IPP to Geometric today, Wednesday, 16th February 2022.

The UUBO team was led by Energy and Projects Partners Nicholas Okafor and Onyinye Okafor, with support from Amina Ibrahim (Managing Associate), Victor Samuel (Senior Associate), as well as Chisom Okolie, Maryam Salami, Uchechukwu Ajala, Oluwatobi Akintayo, Godson Iwuozo and Opeyemi Adeshina (Associates).

For more information about UUBO, its teams and our full-service offerings, including in Power, Projects and Infrastructure, please contact us at uubo@uubo.org.

Our transaction team was led by private equity partner, Folake Elias-Adebowale, with specialist input from #power and #finance team partners, Adeola Sunmola and Onyinye Okafor, and principal support from Tobechi Nwokocha, Godson Iwuozo and Aanu Odunaike.

For more information about UUBO’s #Private Equity, #M&A, #Energy, and other market-leading practice area offerings, please visit our website on www.uubo.org.

Udo Udoma & Belo-Osagie is pleased to have advised LeapFrog Investments on its strategic investment, with Tana Africa Capital, in Interswitch, one of Africa’s leading technology-driven companies focused on the digitisation of payments. The investment is expected to assist in supporting Interswitch’s drive to advance the payment ecosystem across Africa.

A portion of the investment has been acquired from existing shareholders, with Ignite Holdco Limited, made up of Helios Investment Partners and TA Associates, remaining the largest shareholder in the business following the transaction. More information about the transaction is available to read here:

https://leapfroginvest.com/press-releases/leapfrog-tana-africa-capital-invest-interswitch-financial-inclusion-fintech-africa/.

Our transaction team was led by private equity and M&A team partner, Folake Elias-Adebowale, with principal support from associates Bond Eke-Okpara, Aanu Odunaike and Precious David and additional support from Babatunde Olayinka, Pamela Onah, Dami Adedoyin and Chigor Weli-Igwe.

For more information about UUBO’s Private Equity, M&A, Energy, and other market-leading practice area offerings, please visit our website at www.uubo.org.

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