Nicholas Okafor
Profile
Nicholas Okafor is co-head of the firm’s Energy practice, and a Partner in the firm’s Banking & Finance, Projects, and Project Finance teams. His other specialisations include labour and employment, projects, securitisation, international capital market issuances (Eurobonds), and infrastructure.
He advises a range of local and international clients on projects relating to the acquisition and refurbishment of brownfield power plants; the construction and establishment of greenfield projects including pipelines and power plants; toll roads; the development of marginal fields, and the construction of central gas processing facilities.
Nicholas has also assisted clients in the negotiation of World Bank Partial Risk Guarantees for gas and power development, and advised on derivative instruments and master agreements, including ISDA documentation, repos and security lending. He has participated in and delivered presentations at several conferences, including the Workshop on The Annotation of Power Purchase Agreements for Power Africa organised by the Commercial Law Development Program of the United States Department of Commerce, and recently contributed to the handbook on Power Purchase Agreements which was published following that workshop. He contributed to the World Bank 2017 Report on Benchmarking Public Procurement.
With a background in litigation, Nicholas has advised and represented various clients in the oil and gas sector in trade union negotiations. He has presented papers on employee relations and conducted seminars on derivatives, security for bank lending, contracts, and loan documentation.
Nicholas is ranked as a leading lawyer in the IFLR1000, and recognised by the Legal 500 and Chambers for his banking and finance practice.
Career
Qualifications
Professional Membership
Bar Admissions
Recognition
‘Nicholas Okafor has always stood out in our engagements.’ – Legal 500, 2021
‘Nicholas Okafor is well versed and very professional. An excellent lawyer who goes above and beyond. He treats every matter with genuine concern and professionalism. He is always helpful, ready to assist and responsive to all questions irrespective of the legal issue/subject matter involved. His approach to advising on and or resolving legal issues is second to none. He takes his time to guide us through every step of our matter and ensures that we have a good understanding of our chances, expectations, risks, the process, associated legalities and possible results. His advice/opinions are candid and his utmost objective has always been to act in our best interest. He not only delivers but delivers exceptional results far above expectation. Working with him gives us the comfort that we are in the best hands.’ – Legal 500, 2021
Udo Udoma & Belo-Osagie is pleased to announce that our Banking & Finance and Power, Infrastructure and Project teams’ partner, Nicholas Okafor has been ranked in Chambers and Partners Global Guide 2021 for his Banking & Finance and Projects & Energy practice
For more information about Nicholas’ work and the areas of specialisation of our other highly regarded lawyers, please email uubo@uubo.org and visit www.uubo.org.
Nicholas Okafor ranked as ”Highly Regarded” IFLR1000 ‘s latest 2020 Nigeria jurisdiction rankings.
Udo Udoma & Belo-Osagie is pleased to announce that our Banking & Finance and Power, Infrastructure and Project teams’ partner, Nicholas Okafor has been ranked in Chambers and Partners Global Guide 2020for his Banking & Finance and Projects & Energy practiceFor more information about Nicholas’ work and the areas of specialisation of our other highly regarded lawyers, please email uubo@uubo.org and visit www.uubo.org.
UUBO is proud to announce that our Partner, Nicholas Okafor, has been ranked as “Highly Regarded” in the 2019 edition of the IFLR1000 ’s jurisdiction rankings for Nigeria.
Nicholas has been recognised for his work in Banking and Project Finance.
To learn more about Nicholas’s work at UUBO, please visit uubo.org
Market sources consider Nicholas Okafor to be “an excellent lawyer who definitely goes above and beyond” when handling finance matters for clients. He assists international and domestic clients in transactions, capital market issuances and project financings. ” – Chambers Global,2019
Nicholas Okafor possesses notable experience in project development and transactions in the energy sector. One client stated: “He is a very strong advocate for his clients,” adding: “What stands out for me is his ability to recognise what really matters most for the client.” – Chambers Global,2019
“Competent, responsive and pragmatic.” – IFLR
“Very knowledgeable in the energy space and works at a high standard.” – IFLR
“He is a very sound corporate and commercial attorney and with his litigation background can anticipate preempt potential risk areas. He is extremely protective of his clients’ interests and works extremely hard to make transactions come out beneficial to -both sides.” – IFLR
“Very responsive and effective.” – IFLR
“Professional, versatile, and responsive.” – IFLR
UUBO is proud to announce that our Partner, Nicholas Okafor, has been ranked as “Highly Regarded” in the 30th edition of the IFLR1000 ’s jurisdiction rankings for Nigeria.
Nicholas has been recognised for his work in Banking and Project Finance.
To learn more about Nicholas’s work at UUBO, please visit uubo.org
UUBO is proud to announce that our Partner, Nicholas Okafor, has been ranked as “Highly Regarded” in the 31st edition of the IFLR1000 ’s jurisdiction rankings for Nigeria.
Nicholas has been recognised for his work in Banking and Project Finance.
To learn more about Nicholas’s work at UUBO, please visit uubo.org
We are pleased to announce that our Power Infrastructure and Projects team partner, Nicholas Okafor has been recommended for his Banking, Finance and Capital markets 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
Nicholas Okafor possesses notable experience in project development and transactions in the energy sector. One client stated: “He is a very strong advocate for his clients,” adding: “What stands out for me is his ability to recognize what really matters most for the client’’ – Chambers Global,2018
Articles
Deals
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;
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 and Togo 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;
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 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;
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;
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;
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 US$534 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 million 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;
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 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;
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.
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;
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;
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;
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 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;
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 is pleased to have advised on the offering of US$650 million in guaranteed senior notes by *Seplat Petroleum Development Company Plc* on the London Stock Exchange. The firm acted for Citigroup Global Markets Limited, J.P Morgan Securities Plc, Nedbank Limited, Rand Merchant Bank, Société Générale, The Standard Bank of South Africa Limited, Standard Chartered Bank, Natixis, FCMB Capital Markets Limited, UBA Plc, United Capital Plc and Zenith Bank Plc (as Initial Purchasers)
The transaction is the largest ever oil and gas bond offering by a Nigerian-based issuer in the international capital markets, and was concluded despite the current challenges of the Covid-19 Pandemic.
The UUBO team was led by the firm’s Senior Partner, Dan Agbor and Partners Yinka Edu and Nicholas Okafor, with support from Kunle Durosinmi-Etti (senior associate) as well as Marcus Ovie Ojaruega, Chinomso Odega, Bolaji Odekunle, Supreme Unukegwo and Oluwatobi Akintayo (associates).
UUBO advised on MTN Nigeria’s initial public offer – N 478.2 billion equity shelf programme establishment and series 1 offer
UUBO is pleased to have advised on the establishment of a N 478.2 billion equity shelf programme and the Series 1 offer for sale of 575 million shares thereunder, by MTN Nigeria Communications PLC. The firm acted for the Selling Shareholder – MTN International (Mauritius) Limited.
The Series 1 offer was 139.47% oversubscribed and the transaction was the first public offer via a digital platform in Nigeria.
The UUBO team was led by the firm’s Senior Partner, Dan Agbor and Partners Yinka Edu, Nicholas Okafor and Joseph Eimunjeze with support from Kunle Durosinmi-Etti and Ekundayo Onajobi (Senior Associates), as well as Damilola Adedoyin and Chris Oke (Associates).
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.
Lagos State is the chief commercial and financial center of Nigeria, however, the state’s productivity is threatened by an inadequate transportation system to cater to its dense population of over 22 million people, heavy traffic and associated carbon pollution.
Udo Udoma & Belo-Osagie is delighted to have advised International Finance Corporation (“IFC”) on its sustainable loan of the Naira equivalent of USD 50 million to the Lagos State Government for financing the development, construction, and rehabilitation of two Quality Bus Corridors totaling 8 kilometers to be implemented by Lagos Metropolitan Area Transport Authority. In line with sustainable development goals, this impact investment aims to provide a sustainable transportation system in the megacity, ease the pressure on road traffic, and drastically reduce carbon emissions. The transaction also marks IFC’s first financing to a sub-national in Nigeria as part of its objective to achieve sustainable growth in developing countries.
The team was led by partners Nicholas Okafor, Yinka Edu, Onyinye Okafor, Joseph Eimunjeze and included Victor Samuel, Pamela Onah, Chisom Okolie and Maryam Salami.