Phone +234 1 2774920, 2774921, 2774922, 2719811, 2719812, 2719813
AddressSt Nicholas House, (10th, 12th & 13th Floors), Catholic Mission Street, Lagos, Nigeria.
Oluwatobi Akintayo is an Associate and a member of the firm’s Tax, Private Equity and Banking and finance team. Since joining the firm, he has been involved in a wide range of matters, including general corporate advisory and litigation.
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’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 email@example.com.
The UUBO Capital Markets team is pleased to have acted as Solicitor to the Trustee of the Presco PLC NGN50,000,000,000 (fifty billion Naira) Bond Programme establishment and on the issuance of its NGN34,500,000,000 (thirty-four billion, five hundred million Naira) 7 (seven) year Series 1 12.85% Fixed Rate Senior Unsecured Bonds.
The successful issuance marks Presco PLC’s debut in the Nigerian debt capital markets and will allow it to expand its business and product offerings.
The team was led by our Capital Markets team partner, Yinka Edu, and included Ekundayo Onajobi, Lisa Esamah, Damilola Opayinka, Ikenna Edeh, Oluwatobi Akintayo, and Dumebi Anike-Nweze.