Email adeola.sunmola@uubo.org

Phone +234 14622307-12; 2774921-2

AddressSt Nicholas House, (10th, 12th & 13th Floors), Catholic Mission Street, Lagos, Nigeria.

Adeola Sunmola

Partner

Profile

Adeola is a Partner in Udo Udoma and Belo-Osagie’s banking and finance, power, projects and infrastructure (including real estate development), and compliance and investigations teams. Her specialisations include syndicated lending transactions; debt restructuring; financing for power; manufacturing, real estate and infrastructure projects; Islamic finance, as well as anti-corruption compliance and corporate investigations in Nigeria.

She routinely advises local and international clients and banks in connection with financing transactions involving various sectors of the Nigerian economy, including transactions which have “cross-border” elements. She also advises lenders and borrowers on transaction structure, documentation negotiation and perfection of security.

In the power sector, Adeola advises clients on projects relating to the acquisition and refurbishment of brownfield power plants, and the construction and establishment of greenfield projects. She also assists investors with navigating regulatory hurdles, including obtaining permits and licenses, as well as on achieving compliance with anti-bribery and corruption rules and anti-money laundering controls.

Adeola’s strength lies in finding solutions to complex legal issues, and in providing legal support to her clients in a manner that enables them to successfully complete deals.

Adeola contributes to the World Bank’s annual ‘Doing Business in Nigeria’ surveys, and has delivered presentations on Nigerian contract law, real estate development and financing, cross-border lending, secured credit transactions, project finance and compliance with Nigerian laws and regulations on anti-corruption. She, together with a team of experts, collaborated with the Commercial Law Development Program of the United States Department of Commerce in workshops leading to the publication of the book titled “The Annotation of Power Purchase Agreements” for Power Africa, as part of President Obama’s Power Africa Initiative.

Adeola has been recognised as a “Next Generation Lawyer” and noted as a “key figure” in her team by The Legal 500 in its Energy and Natural Resources ranking (2018).

Career

2017
Partner, Udo Udoma & Belo-Osagie
2014
Managing Associate, Udo Udoma & Belo-Osagie
2012
Senior Associate, Udo Udoma & Belo-Osagie
2007
Associate, Udo Udoma & Belo-Osagie
2006
Counsel, Paul Usoro & Co
2005
Intern, Adeyinka Ajayi & Co

Qualifications

2005
Nigerian Law School, B.L
2004
Olabisi Onabanjo University (formerly Ogun State University), LLB

Professional Membership

Nigerian Bar Association

Bar Admissions

2005
Nigeria
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Recognition

UUBO is proud to announce that our Partner, Adeola Sunmola, has been ranked as “Highly Regarded” in the 30th edition of the IFLR1000 ’s jurisdiction rankings for Nigeria.
Adeola has been recognized for her work in Banking, Project development and Project finance.
To learn more about Adeola’s work at UUBO, please visit Uubo.org.

UUBO is proud to announce that our Partner, Adeola Sunmola, has been ranked as “Highly Regarded” in the 31st edition of the IFLR1000 ’s jurisdiction rankings for Nigeria.
Adeola has been recognised for her work in Banking, Project development and Project finance.
To learn more about Adeola’s work at UUBO, please visit Uubo.org.

We are pleased to announce that our Banking and Finance and Power, Infrastructure and Projects team partner, Adeola Sunmola has been:

– recommended for her Banking, Finance and Capital Markets work;

– recommended for her Energy and Natural Resources work; and

ranked as a “Next Generation Partner” for her energy and natural resources work in The Legal500 Europe, Middle East and Africa (EMEA) 2020 edition rankings research.

The rankings report is available to view here: https://lnkd.in/g5sup-K

Adeola Sunmola ranked as ”Highly Regarded” IFLR1000 ‘s latest 2020 Nigeria jurisdiction rankings.

“Adeola is an excellent solicitor and she has a vast knowledge of Islamic financing and other areas of commercial law practice. She also has an excellent drafting skills combined with her powerful legal reasoning.” – IFLR1000,2019/2020

“She is able to identify commercial issues and offer pragmatic solutions.” – IFLR1000,2019/2020

“Very responsive and easy to get on with.” – IFLR1000,2019/2020

“One of the most dedicated lawyers I have worked with over the years. Glad they have become partners. Legal acumen and attention to details are their strengths.” – IFLR1000,2019/2020

Articles

Deals

Banking and Finance

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 advising the Edo State Government in connection with the development of specified infrastructure projects in Edo State. These include the Benin City River Port, an Industrial Park and the Access Road Project;

Part of the team that advised Eko Rail on the operation and management of the Lagos Blue Line Railway, the first urban rail transit system to be undertaken by a State Government;

Co-leading the firm’s team that is currently acting, as legal advisers, to the current sub-concessionaire of the container terminal in relation to the Lekki Port Project. As legal advisers, the firm is responsible for undertaking legal due diligence on the project; reviewing the terms of the transaction documents including the concession agreement; reviewing the applicable relevant federal and state laws for the grant of a port concession and sub-concession and providing transaction structuring advice;

Co-led the team that advised Marubeni Corporation on the Nigerian elements of a high-level due diligence review and on regulatory requirements applicable to its indirect acquisition of Azuri Technologies Nigeria Limited;

Leading the team advising Daystar Power Group in connection with various matters including the multi-million debt financing from Sunfunder Inc. for the expansion of its solar power projects for commercial and industrial energy users;

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. (‘FMO’), to finance the construction of a 225,000 MT steel rolling mill in Ogijo, Ogun State;

Co-led the team that advised Standard Chartered Bank in connection with the provision of a US$85 million acquisition finance facility to the AOS Orwell Group and the subsequent refinancing of the facilities. She was responsible for drafting, reviewing and negotiating all Nigerian law documents and had general oversight for the day-to-day management of the transaction;

Co-led the team that advised FMO and Proparco in connection with a US$60 million on-lending facility that was provided to First City Monument Bank Plc;

Led the team that advised an international energy group, and a syndicate of lenders, on a US$530 million facility to an indigenous exploration and production company;

Part of the team currently advising a consortium of local and international investors in connection with the construction of a 500MW greenfield power plant to be located at Abia State, Nigeria;

Part of the team that advised the International Finance Corporation in connection with a US$5million loan to Tantalizers Plc;

Part of the team that acted as legal advisers to the 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 steel mill in Ogun State, Nigeria;

Co-led the team that advised the lenders (led by Guaranty Trust Bank Plc) in connection with a US$685 million re-financing facility provided to the United Cement Company of Nigeria Limited;

Co-led the team that advised a syndicate of lenders in relation to the US$285 million facility 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. She took primary responsibility for drafting and perfecting the security documentation which the parties executed in relation to the transaction;

Part of the team that advised the local lenders (Stanbic IBTC Bank Plc and Diamond Bank Plc) and the international lenders (led by Fortis Bank) in relation to the proposed financing of a 189 MW gas-fired power plant developed by Ibom Power Limited at Ikot Abasi in Akwa Ibom State of Nigeria;

Advised Vitol Energy SA on facilities comprising (a) a US$434 million term loan facility to refinance an existing reserve-based lending; and (b) additional facilities of up to US$100 million to the Nigerian borrower, Shoreline;

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 million;

Part of the team that advised Kepco Energy Resources Limited, the joint venture company established by the Sahara Energy Group and Korea Electric Power Corporation, in connection with its acquisition of a 70% equity interest in Egbin Power Plc. The deal was valued at US$309.9 million;

Co-led the team that advised Actis LLP in connection with the acquisition of a significant interest in the 500MW Azura IPP;

Advised an international energy and commodity trading group, and a syndicate of lenders, on the provision of a loan to a Nigerian oil and gas exploration and production company, which was utilised for the refinancing of an existing reserve based finance and working capital; and

Acted as local legal counsel to an international consortium on the bid for a concession to manage and operate two lines on the proposed Lagos State Mass Transit Rail System which the consortium won. She was also involved in conducting a due diligence on specific aspects of the project including the regulatory aspect;

Banking and Finance

Part of the team that advised the local lenders (Stanbic IBTC Bank Plc and Diamond Bank Plc) and the international lenders (led by Fortis Bank) in relation to the proposed financing of a 189 MW gas-fired power plant developed by Ibom Power Limited at Ikot Abasi in Akwa Ibom State of Nigeria; 

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; 

Part of the team currently advising a consortium of local and international investors in connection with the construction of a 500MW greenfield power plant to be located at Abia State, Nigeria; 

Leading the team advising Daystar Power Group in connection with various matters including the multi-million debt financing from Sunfunder Inc. for the expansion of its solar power projects for commercial and industrial energy users; 

Part of the team that advised Kepco Energy Resources Limited, the joint venture company established by the Sahara Energy Group and Korea Electric Power Corporation, in connection with its acquisition of a 70% equity interest in Egbin Power Plc. The deal was valued at US$309.9; 

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. (‘FMO’), to finance the construction of a 225,000 MT steel rolling mill in Ogijo, Ogun State; 

Co-led the team that advised Standard Chartered Bank in connection with the provision of a US$85 million acquisition finance facility to the AOS Orwell Group and the subsequent refinancing of the facilities. She was responsible for drafting, reviewing and negotiating all Nigerian law documents and had general oversight for the day to day management of the transaction; 

Co-led the team that advised FMO and Proparco in connection with a US$60 million on-lending facility that was provided to First City Monument Bank Plc; 

Led the team that advised an international energy group, and a syndicate of lenders, on a US$530 million facility to an indigenous exploration and production company; 

Part of the team that advised the International Finance Corporation in connection with a US$5million loan to Tantalizers Plc; 

Part of the team that acted as legal advisers to the 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 steel mill in Ogun State, Nigeria; 

Co-led the team that advised the lenders (led by Guaranty Trust Bank Plc) in connection with a US$685 million re-financing facility provided to the United Cement Company of Nigeria Limited; 

Co-led the team that advised a syndicate of lenders in relation to the US$285 million facility 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. She took primary responsibility for drafting and perfecting the security documentation which the parties executed in relation to the transaction; 

Advised Vitol Energy SA on facilities comprising (a) a US$434 million term loan facility to refinance an existing reserve-based lending; and (b) additional facilities of up to US$100 million to the Nigerian borrower, Shoreline; 

Co-led the team that advised Actis LLP in connection with the acquisition of a significant interest in the 500MW Azura IPP; 

Advised an international energy and commodity trading group, and a syndicate of lenders, on the provision of a loan to a Nigerian oil and gas exploration and production company, which was utilised for the refinancing of an existing reserve based finance and working capital; 

Acted as local legal counsel to an international consortium on the bid for a concession to manage and operate two lines on the proposed Lagos State Mass Transit Rail System which the consortium won. She was also involved in conducting a due diligence on specific aspects of the project including the regulatory aspect; 

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; and 

Part of the team advising the Edo State Government in connection with the development of specified infrastructure projects in Edo State. These include the Benin City River Port, an Industrial Park and the Access Road Project. 

Part of the team that advised Eko Rail on the operation and management of the Lagos Blue Line Railway, the first urban rail transit system to be undertaken by a State Government; 

Co-leading the firm’s team that is currently acting, as legal advisers, to the current sub-concessionaire of the container terminal in relation to the Lekki Port Project. As legal advisers, the firm is responsible for undertaking legal due diligence on the project; reviewing the terms of the transaction documents including the concession agreement; reviewing the applicable relevant federal and state laws for the grant of a port concession and sub-concession and providing transaction structuring advice; 

Co-led the team that advised Marubeni Corporation on the Nigerian elements of a high-level due diligence review and on regulatory requirements applicable to its indirect acquisition of Azuri Technologies Nigeria Limited;

Oil and Gas

We are delighted to have advised Seplat Energy Plc on this landmark transaction.

The transaction was led by partners Folake Elias-Adebowale, Yinka Edu, Adeola Sunmola and Festus Onyia working with a multi-disciplinary team of associates.

For more information about UUBO’s market leading oil and gas, mergers & acquisitions, financing, capital markets, disputes, employment and other service offerings, please email us at uubo@uubo.org or visit www.uubo.org.

Mergers, Acquisitions and Restructuring, Power, Infrastructure and Projects, Private Equity

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.

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