Banking and Finance

The firm’s Banking and Finance practice is a key area of specialisation for which it has consistently earned some of its highest commendations from independent ranking publications, including Chambers Global, IFLR 1000, Legal 500 and Who’s Who legal. The team is particularly noted for its strength in acquisition finance, secured and unsecured facilities, syndicated loans, and project finance.

The team developed its initial international financing experience when it advised on various issues arising out of the re-financing of Nigeria’s international commercial debt in the 1980s. It has also advised on issues arising out of the re-financing of debt owed by various Nigerian commercial banks to international creditors. Further, we have a wealth of experience in preparing and reviewing financing documentation and vetting foreign law-governed contracts to evaluate their efficacy and validity under Nigerian law, or within the context of Nigerian laws and regulations.

Our Banking and Finance clients range from local and international banks, development finance institutions and other financial institutions, to arrangers, facility agents, borrowers and sponsors. We offer expert advice on incorporation, establishment, setting up representative offices, regulatory capital, foreign exchange and other general regulatory compliance issues, including Central Bank of Nigeria regulations and the operations of financial institutions in the sector.

Our Banking and Finance team also routinely advises on corporate and commercial lending, project and structured finance transactions, syndicated financing, asset-based lending, debt capital markets, real estate financing, and hotel financing. Additionally, we handle Islamic banking and finance, global depository receipts, and leasing. We have structured transactions relating to debt restructuring, debt-to-equity conversions, swaps, other derivative transactions and other forms of acquisition finance.

Team Partners

Dan Agbor Senior Partner
Dan Agbor Senior Partner
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Aniekan Ukpanah Managing Partner
Aniekan Ukpanah Managing Partner
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Yinka Edu Partner
Yinka Edu Partner
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Nicholas Okafor Partner
Nicholas Okafor Partner
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Adeola Sunmola Partner
Adeola Sunmola Partner
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Joseph Eimunjeze
Joseph Eimunjeze Partner
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Onyinye Okafor Partner
Onyinye Okafor Partner
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Lisa Esamah
Lisa Esamah Associate
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News & Insights

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Recognition

“Highly reputed group with wide-ranging expertise in the financial sector. Consistently engaged in high-value matters on behalf of domestic and international financial institutions and banks, with extensive experience acting for lenders on transactions. Also ably handles debt restructuring and syndicated financing.” – Chambers Global, 2019

“Clients appreciate that the team demonstrates “”a commercial understanding that covers all bases.”” – Chambers Global, 2019

A source stated: “We value their knowledge and navigation of the regulatory requirements for financial services. “Chambers Global,2021

“the key players in the banking and finance space in Nigeria. “Chambers Global,2021

“The practice constantly reinvents itself to meet market needs and provide spot-on advice on issues. The partners are ready available/accessible and the associates are versed in providing both legal and business solutions to client needs.” – Legal 500, 2021

“The team is knowledgeable and solutions-oriented. They are always looking for ways to make the deal work from a legal point of view. The projects are appropriately staffed with senior resources available as needed, including the senior partners.” – Legal 500, 2021

“The banking and finance team in Udo Udoma & Belo-Osagie is easily the most commercially astute team that I have ever worked with in Nigeria. The team understand the market, the pitfalls to avoid and work with an eye to details when advising on transactions. The partners are a phone call away and very accessible, and its billing is reasonable and commercially affordable. The quality control in the practice is noteworthy, and relationship-building and networking practices endear me to the firm.” – Legal 500, 2021

“They are very thorough and innovative. They are also helpful and they pull in internal and external resources to assist their clients. For example, they scheduled meetings with financial advisers and custodians for us to discuss the structure during the early stage at no charge.” – IFLR1000, 2019/2020

“Initiative, correct and clear legal guidance, attention to details, timeliness and young partners.” – IFLR1000, 2019/2020

“They are incredibly responsive. They know the law and they provide practical advice. They think strategically about matters and do not simply take the assignment provided without critical thinking over whether we are asking the right question. They have a terrific base of clients and have a good sense of common practice for multi-nationals in Nigeria on compliance matters.” – IFLR1000, 2019/2020

“Best value for money law firm in Nigeria by a mile. You get world-class work done, on time without paying more than you would have if you had used other firms. Firm has a depth of partners across the African region that makes our acquisition easier. The quality of work from Udo Udoma has always been first class. The partners are extremely competent and customer service is great.” – 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

“UUBO has been very efficient and knowledgeable in corporate finance and M&A transactions we have engaged in.” – IFLR1000, 2019/2020 “Udo Udoma & Belo-Osagie has proven to understand our need. In working on our legal matter, their lawyers have proven to be experts on the subject matter, the law and its application. Additionally, I am most impressed by the fact that they take feedback and criticism in good spirits and immediately make corrections in order to meet a client’s expectation.” – IFLR1000, 2019/2020

“Excellent and prompt service with attention to detail in providing sound legal advice and drafting legal documents.” – IFLR1000,

2019/2020 “Expertise, attention to detail and updated knowledge of the dynamics of the Islamic financing.” – IFLR1000, 2019/2020

“The firm demonstrated good legal research, were commercially orientated and had a solution driven mindsight.”- IFLR1000,2020/2021

“The group of lawyers at the firm we dealt with on our matter appeared to be well experienced, knowledgeable on the matter and were very professional. They even went the extra mile to help us set up meetings with the SEC.”- IFLR1000,2020/2021

“UUBO do a great job of consistently publishing relevant articles and as a result are viewed as thought leaders in my industry. Furthermore, their transaction history also indicates that they have the technical and practical experience to validate the articles that they publish. They are extremely responsive and I can rely on them to give me a holistic view of any issues that I encounter.”- IFLR1000,2020/2021

“The firm was admirably knowledgeable, were speedy at feedback and were prompt at responding to us.”- IFLR1000,2020/2021

“…The best law firm in Nigeria…”

Deals

• Advised IFC in connection with a term loan of US$87,500,000 to Access Bank PLC.

• Advised IFC on its 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 IFC on its COVID-19 working capital facilities to Zenith Bank PLC, First Bank Nigeria Limited and Access Bank PLC in the sum of USD 100 million, USD 125 million and USD 50 million respectively.

• Co-led the team that advised AFC and RMB in connection with a US$95 million loan facility to MTN Nigeria Communications PLC.

• Advised AFDB in connection with a line of credit of US$50,000,000 to Fidelity Bank Plc.

• Co-led the team that advised Credit Suisse AG in connection with a US$30 million loan provided to MTNN Nigeria Communications Limited; and in respect of a US$84 million loan provided by Credit Suisse and China Exim to MTN Nigeria Limited.

• Advised Citi Bank (Facility Agent) and a syndicate of 12 Nigerian banks on a NGN200 billion facility to MTN Nigeria Communications PLC (MTNN), a telecommunications giant with over 52 million subscribers, (with a national coverage and fibre network that reaches all 36 states in Nigeria) to enable MTNN meet its working capital requirements, service its debt obligations and finance its capital expenditure.

• Advised Citi Bank (Facility Agent) and a syndicate of 7 Nigerian banks on a NGN200 billion facility to MTN Nigeria Communications PLC.

• Advised a syndicate of lenders (including Citibank N.A. London, FMO, FirstRand Bank Limited Standard Chartered Bank, etc) in connection with a US$800 million loan facility to INT Towers Limited, a Nigerian telecommunications company.

• Advised IFC in connection with a term loan of US$40,000,000 to Republic Bank (Ghana) Limited.

• Advised CDC Group PLC in connection with a credit facility of US$75,000,000 to Stanbic IBTC Bank PLC.

• Advised the International Finance Corporation (“IFC”), Standard Bank of South Africa and other lenders in connection with the provision of a US$130,000,000 acquisition finance and US$135,000,000 project finance in connection with the acquisition of Eleme Petrochemical Plant by the Indorama Group and the development and financing of the power plant and infrastructure.

• Advised the IFC connection with a US$50,000,000 loan to Access Bank PLC.

• Advising IFC in connection with a US$7,400,000 equity investment in Moorehouse Properties Limited.

• Advised IFC in connection with a US$75,000,000 ‘A’ loan facility granted to Obajana Cement Company PLC, in connection with the establishment of a 4.4 mtpa Greenfield cement plant at Obajana in Kogi State.

• Advised IFC in connection with a US$2,500,000 loan granted to Socketworks Limited, a Nigerian software development company.

• Advised IFC in connection with the provision of a US$4,000,000 term loan to Socketworks Limited.

• Advised IFC in connection with a US$11,000,000 loan facility granted to UACN Property Development Company Limited, for the purpose of refurbishing the Festac 77 Hotel.

• Advised the then National Electric Power Authority to re-negotiate power purchase and support agreements entered into with Enron, for the establishment of a 270MW barge-mounted power plant; Nigeria’s first independent power project.

• Advised the lenders in connection with the provision of a US$65,000,000 facility to the AOS Orwell Group.

• Advised (in conjunction with Norton Rose LLP) on the restructuring of a US$300,000,000 RBL facility provided to a Dutch incorporated oil and gas sector operator which is party to a production sharing arrangement with the Nigerian National Petroleum Corporation.

Currently advising a DFI in relation to a facility to a company operating in the agricultural sector; 

Advised a DFI in connection with facility to a Nigerian bank; 

Advised a foreign financial technology company on the establishment of its subsidiary in Nigeria; 

Advised Greycroft VC on the Nigerian elements of a Series A investment round in Bamboo Global Inc., the parent company of Bamboo Systems Technology Limited; 

Advised a multinational telecommunications company on a third-party financing transaction; 

Key member of the team advising a leading Nigerian Bank on its NGN100,000,000,000.00 debt issuance programme; 

Key member of the team advising a Nigerian bank on its NGN5,000,000,000 bonds issuance programme; 

Key member of the team advising LeapFrog Investments Group Limited in its proposed acquisition of an interest of 10% – 20% of the equity of a leading payments processing and digital commerce company in Nigeria; 

Key member of the team that advised Enhancing Financial Innovation and Access Ltd/Gte (a financial sector development organization that promotes financial inclusion in Nigeria) on the GBP2,000,000 COVID-19 Fund by the Foreign, Commonwealth and Development Office of the UK Government, to support the development of solutions to mitigate the far-reaching impact of COVID-19 on startups and SMEs in Nigeria; 

Advises startups and small and medium scale enterprises (SMEs) on compliance with Nigeria’s regulatory regime, including various regulations of the Central Bank of Nigeria, the Corporate Affairs Commission, and the Securities and Exchange Commission; and 

Part of the team that routinely advises foreign clients on proposed investments in Nigerian companies and that conducts due diligence exercises on the target companies.

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; 

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, review of the finance documents, and the collation of CPs; 

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;  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; 

Advised a leading global growth equity investor on its $200 million Series D investment in a leading distributor of solar-powered home energy systems for off-grid consumers in Africa and Asia;

 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; 

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 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; 

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 a leading oil and gas company on the acquisition of oil farm tanks in Nigeria; 

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; and 

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

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;

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.

• Advised the International Finance Corporation (“IFC”) on a proposed US$ 50 million facility to a subnational in Nigeria.

• Advised the IFC in connection with a US$5million loan to Tantalizers PLC.

• Advised the IFC in connection with a US$50 million “A” loan and a US$37.5 million convertible “C” loan provided by IFC to First Bank of Nigeria Plc.

• Advised IFC in connection with an N800 million loan to Lapo Micro Finance Bank.

• Advised the IFC in connection with its US$7 million equity and loan investments in Tantalizers PLC.

• Advised the IFC in connection with a convertible loan provided to Diamond Bank Nigeria PLC and assisted with the exercising of its conversion option.

• Advised IFC in connection with a N650 million facility provided to Incorporated Trustees of Grooming people for Better Livelihood Centers.

• Advised the IFC, Standard Bank of South Africa and other lenders in connection with the provision of US$130 million for acquisition financing and US$135 million for project financing in relation to the Eleme Petrochemicals Company.

• Advised the IFC in connection with a US$75 million “A” Loan facility granted to the Obajana Cement company Plc., in connection with the establishment of a 4.4 mtpa Greenfield cement plant at Obajana in Kogi State.

• Advised IFC in connection with a US$10,600,000.00 loan to Primera Food Nigeria Limited.

• Advised a syndicate of lenders (including IFC, Standard Bank of South Africa, Standard Chartered Bank, Investec Asset Management (Pty) Ltd, Stanbic IBTC Bank PLC, Ecobank Nigeria Limited,) in connection with the refinancing of a US$ 600 million loan facility to IHS Nigeria PLC.

• Advised a syndicate of lenders (including Citibank N.A. London, FMO, FirstRand Bank Limited Standard Chartered Bank, etc.) in connection with a US$ 800 million loan facility to INT Towers Limited; • Advised the IFC in connection with a N800 million loan to AB Micro Finance Bank; and

• Led the team that advised on the restructuring of existing facilities and provided Nigerian legal advice in respect of the US$3.2 billion medium term facilities provided to MTN Nigeria Communications Limited (now PLC) by a group of local financial institutions led by Citibank Nigeria Limited; and by a group of international lenders that included, among others, KfW IPEX-Bank GmbH and Industrial and Commercial Bank of China.

▪ Part of the team that advised a Development Finance Institution on the provision of a US$50 million line of credit to a leading Nigerian bank.

▪ Part of the team that advised a multinational corporation on the provision of a US$150 million term loan to a leading Nigerian bank.

▪ Part of the team that advised a leading multinational organization on the provision of a US$2 million facility to a Nigerian non-profit organization.

▪ Key member of the team that is advising a leading retail company on the acquisition of another retail company through a scheme of merger of both companies.

▪ Key member of the team that is assisting a software development and licensing company with the registration of their lease agreements with the National Office for Technology Acquisition and Promotion.

▪ Part of the team advising a leading tech-enabled healthcare investment company in Nigeria’s health sector that specializes in healthcare PPP infrastructure projects across Africa in its intended collaboration with the Ghanaian 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.

▪ Key member of the team that conducted Nigerian legal due diligence and produced Nigerian law transaction advice in relation acquisition of all the shares of the shareholders of a Nigerian entity that owns and operates mall in a mega-city in Nigeria.

▪ Key member of the team that assisted with the registration of the products of a multinational fast-moving consumer goods company with the National Agency for Food and Drug Administration and Control.

▪ Key member of the team that advised a leading multinational excise manufacturer on its compliance and anti-bribery & corruption issues in Nigeria.

▪ Part of the team assisting a leading fintech company to defend claims of intellectual property infringement with potential liability in the excess of N700 million.

▪ Key member of the team that advised Timwe Group on various tax issues relating to the provision of aggregator services in the Nigerian telecoms market.

▪ Key member of the team that advised Avanti Group on managing PE risks and exchange control risks arising from its operations in Nigeria;

▪ Key member of the team that advised Credit Suisse on the implications of the Nigerian significant economic presence order on its financial services offering in the Nigerian market.

▪ Assists various clients with structuring transactions to ensure compliance with Nigeria’s regulatory regime including various regulations of the Central Bank of Nigeria, the Corporate Affairs Commission and the Federal Inland Revenue Service; 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.

Advised a syndicate of 7 Nigerian banks on a NGN200 billion facility to MTN Nigeria Limited (now MTN Nigeria Communications Plc); 

Advised BlueOrchard Finance in connection with the acquisition of 39.25% of the equity shares in Royal Exchange General Insurance Company Limited; 

Advised HSBC in connection with a US$50,000,000 loan to Airtel Networks Limited, as the borrower, and Bharti Airtel International (Netherlands) B.V as the guarantor; 

Advised Leapfrog Investments in its acquisition of up to 28% percent shareholding valued at NGN840 million in AIICO Insurance PLC;

Advised the International Finance Corporation (“IFC”) in connection with a term loan of US$87,500,000 to Access Bank PLC; 

Advised IFC in connection with a term loan of US$40,000,000 to Republic Bank (Ghana) Limited; 

Advised a syndicate of 12 Nigerian banks on a NGN200 billion facility to MTN Nigeria Communications Limited; 

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

Assists various clients with structuring transactions to ensure compliance with Nigeria’s regulatory regime including various regulations of the Central Bank of Nigeria, the Corporate Affairs Commission and the Federal Inland Revenue Service.

Advised FMO and Proparco in connection with US$40 million and US$60 million on-lending facilities provided to Access Bank PLC and FCMB PLC respectively;

Advised IFC in connection with a US$75,000,000 ‘A’ loan facility granted to Obajana Cement Company PLC, in connection with the establishment of a 4.4 mtpa Greenfield cement plant at Obajana in Kogi State; 

Advised IFC, Standard Bank of South Africa and other lenders in connection with the provision of a US$130,000,000 acquisition finance and US$135,000,000 project finance in connection with the acquisition of Eleme Petrochemical Plant by the Indorama Group and the and the development and financing of the power plant and infrastructure; 

Led the team that advised Credit Suisse AG in connection with a US$30 million loan provided to MTNN Nigeria Communications Limited; and in respect of a US$84 million loan provided by Credit Suisse and China Exim to MTNN; 

Co-led the team that advised Standard Chartered Bank in connection with a US$65 million export credit finance provided to MTNN Nigeria Communications Limited which was guaranteed by Finnvera, the Finnish Export Credit Agency; 

Advised Citibank and KfW Ipex Bank GMBH in connection with the provision of a US$329,184,701 facility to MTN Nigeria Communications Limited for the purchase of equipment and general corporate purpose; and 

Advised Ecobank and other syndicate of Nigerian Banks in respect of a refinancing facility of N26.5 billion provided to IHS Nigeria Limited.

• 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 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;

• 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 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 FMO and Proparco in connection with US$40 million and US$60 million on-lending facilities provided to Access Bank PLC and FCMB PLC respectively.

• Advised IFC in connection with a US$75,000,000 ‘A’ loan facility granted to Obajana Cement Company PLC, in connection with the establishment of a 4.4 mtpa Greenfield cement plant at Obajana in Kogi State.

• Advised IFC, Standard Bank of South Africa and other lenders in connection with the provision of a US$130,000,000 acquisition finance and US$135,000,000 project finance in connection with the acquisition of Eleme Petrochemical Plant by the Indorama Group and the and the development and financing of the power plant and infrastructure.

• Led the team that advised Credit Suisse AG in connection with a US$30 million loan provided to MTNN Nigeria Communications Limited; and in respect of a US$84 million loan provided by Credit Suisse and China Exim to MTNN.

• Co-led the team that advised Standard Chartered Bank in connection with a US$65 million export credit finance provided to MTNN Nigeria Communications Limited which was guaranteed by Finnvera, the Finnish Export Credit Agency.

• Advised Citibank and KfW Ipex Bank GMBH in connection with the provision of a US$329,184,701 facility to MTN Nigeria Communications Limited for the purchase of equipment and general corporate purpose.

• Advised Ecobank and other syndicate of Nigerian Banks in respect of a refinancing facility of N26.5 billion provided to IHS Nigeria Limited.

• Led the team that advised a syndicate of lenders (including Citibank N.A. London, FMO, FirstRand Bank Limited Standard Chartered Bank, etc) in connection with a US$800 million loan facility to INT Towers Limited, a Nigerian telecommunications company.

• Led the team that advised AFC and RMB in connection with a US$95 million loan facility to MTN Nigeria Communications PLC.

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;

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).

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.

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