Capital Markets
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Udo Udoma & Belo-Osagie’s dynamic Capital Markets team has considerable experience and is well regarded for the professionalism that it brings to diverse capital market transactions.
The Capital Markets team advises on local debt and equity capital market transactions, securities offerings, derivatives transactions, on the establishment and listing of investment funds such as mutual funds and real estate investment trusts (REITs), on transactional and regulatory mandates including tax, currency and custody arrangements and issues, as well as disclosure obligations and exit procedures. It also advises and assists with Islamic finance transactions and on bond issuances in the local and international capital market by Nigerian corporates, various Nigerian State Governments and the Federal Government of Nigeria, including Nigeria’s first Eurobond transaction.
The Capital Markets team services clients including issuers (sovereign, sub- sovereign and corporates), financial and other advisors, underwriters, custodians and trustees, which operate across a wide spectrum of sectors including the financial services sector, real estate, oil and gas (upstream and downstream), manufacturing, FMCG and financial services.
The firm’s Founding Partner, Senator Udoma, served as chairman of the board of the Securities and Exchange Commission (SEC) between 2008 and 2012, and other members of the Capital markets Team have served and continue to serve in diverse capacities on various advisory committees set up by the SEC and other key regulators including the Nigerian Capital Markets Association, in the course of which the team, in the course of Yinka Edu’s chairmanship of the CMSA, helped to facilitate a successful international summit and training on derivatives.
The Capital Markets team is also actively involved in regulatory advocacy and in ongoing legislative and regulator reviews of key laws and regulations governing the Nigerian capital markets and related areas. The team’s engagement ensures continuing familiarity with the workings and practical concerns driving the market and its regulators, which helps to build and strengthen relationships and to facilitate the informed, compliant and efficient completion of even the most complex transactions in alignment with client objectives.
Team Partners
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Recognition
“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
“Structuring capabilities – the firm was very helpful in the structuring of debt transactions. Turn-around time – the firm has consistently kept to often tight timelines still delivering quality work. Accessibility of partners and associates – members of the team are often very accessible and available to ensure a seamless transaction.” – IFLR1000, 2019/2020
“Very hands-on in providing legal drafting and advisory services and in providing thought leadership.” – IFLR1000, 2019/2020
“When their attention is focused, they provide deep, clear and meaningful advice.” – IFLR1000, 2019/2020 “Responsive, innovative, clear and concise.” – IFLR1000, 2019/2020
“Pro-active attitude towards the client. Great eye for spotting potential red flags for us as foreign operators.” – IFLR1000, 2019/2020
“Professionalism, hands-on experience, result-oriented and client satisfaction among others.” – IFLR1000, 2019/2020
“They are very commercially, as well as technically, minded with a great understanding of the market and what does or does not work. They were also both pragmatic and delivery focused.””IFLR1000,2020/2021
“In the process of reviewing the trust deed, our comments were promptly actioned and feedback provided.”IFLR1000,2020/2021
“Pro-active attitude towards the client. Great eye for spotting potential red flags for us as foreign operators.” – IFLR1000,2019/2020
“Professionalism, hands-on experience, result-oriented and client satisfaction among others.” – IFLR1000,2019/2020
The firm was able to bring their expertise and experience in the structuring of the transaction and the drafting of the transaction agreements.”IFLR1000,2020/2021
Deals
Udo Udoma & Belo-Osagie’s Capital Markets team and its Mergers & Acquisitions team have advised on the consolidation of the BUA Group’s sugar, flour, pasta, rice, and oil businesses into BUA Foods PLC, and on the subsequent listing by introduction of the shares of BUA Foods PLC in the consumer goods sector of the Main Board of Nigerian Exchange Limited, with the trading symbol “BUAFoods”, adding, as a result, N720 billion to the market capitalisation of Nigerian Exchange Limited.
The Capital Markets team that advised on the listing was led by Yinka Edu and included Ekundayo Onajobi, Lisa Esamah, Ikenna Edeh, and Dumebi Anike-Nweze.
The M&A team that advised on the consolidation included Yinka Edu, Folake Elias-Adebowale, Amina Ibrahim, Ekundayo Onajobi, Temi Okeowo, Mesuabari Mene-Josiah, Uju Ude and Bond Eke-Okpara. For information about UUBO and our offerings, please visit www.uubo.org or email us at uubo@uubo.org.
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.
The UUBO Capital Markets team is pleased to have acted as Joint Legal Counsel to MTN Nigeria Communications PLC (“MTN”) in connection with the establishment of its N150,000,000,000 (one hundred and fifty billion Naira) Commercial Paper Issuance Programme (the “Programme”) and the Series 1 and 2 issuances amounting to a total sum of N127,000,000,000 (one hundred and twenty-seven billion Naira) thereunder. The Series 1 issuance was for a tenor of 184 days priced at a yield of 7.50% yield, while the Series 2 issuance was for a tenor of 254 days priced at a yield of 8.50%.
The successful establishment of the Programme and issuances is the largest single Commercial Paper Issuance in Nigeria.
MTN is the leading telecommunications company in Nigeria and the size of the issuance is a representation of the trust in its brand and operations. The Issuance is in line with MTN’s strategy to diversify its financing options, with the proceeds being deployed towards its short-term working capital requirements and general corporate purposes.
The team was led by our Capital Markets team partners, Yinka Edu and Joseph Eimunjeze, and included Ekundayo Onajobi, Lisa Esamah, Damilola Opayinka, Itoro Etim, and Richard Enoch.