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We also provide advisory services to borrowers and lenders, domestic and foreign banks, and other financial institutions in various forms of financing transactions including trade finance, project finance, structured finance, acquisition finance bilateral and syndicated loans.

Key transactions include:

• Engaged as legal advisers to the Central Bank of Nigeria on the Nigerian Banking Sector Reform Program from 2009 to 2012, including advising five (5) of the distressed banks in their recapitalization process and three (3) others through the bridge bank process.
• Advised the Central Bank of Nigeria in drafting of the Asset Management Corporation of Nigeria (AMCON) Act and setting up of AMCON.
• Advised Standard Chartered Bank London in respect of a US$350 Million trade facility in favour of First Bank Plc, the largest foreign borrowing by an indigenous banking institution.
• Advised on the structuring and financing of the US$450 Million Development of Lagos Bar Beach as a Tourist Gateway Project involving the Entech (Pty) of South Africa.
• Advised Standard Chartered Bank London on the issuance of a US$65 Million Performance Bond by a foreign bank on behalf of an indigenous oil company in favour of a national oil company.
• Advised a syndicate of local commercial lenders on the financing and legal structure of a US$240 Million cross-border transaction involving a telecommunication company laying a submarine fibre-optic cable across the Atlantic.
• Advised on the preparation of US$58 Million Multi-Currency Facility Agreement, Debenture Mortgage and other transaction documents on behalf of Fidelity Bank Plc in a Project Finance for the establishment of a manufacturing plant.
• Advised Standard Chartered Bank on the issuance of a US$65 Million performance bond to NNPC for the benefit of an indigenous oil company.
• Advised a syndicate of banks in respect of a US$250 Million debt financing to an indigenous oil company for the development of an oil field and construction of 70km and 35km oil pipelines.

Key transactions include:

• Solicitor to the Issue and adviser to Investment and Banking Trust Corporation, (“IBTC”), First City Monument Bank (“FCMB”) and Lagos State Government on the issuance of the N25 Billion Lagos State Development Bond.
• Solicitors to a leading Nigerian Bank on the Scheme of Arrangement between the Bank and holders of its fully paid up ordinary shares
• We are currently the lead Solicitors advising the Osun State Government on the issuance of a N60 Billion Infrastructure Bond and Sukuk (Islamic Bond). The Sukuk issuance will be the first State issuance in Nigeria when completed.
• Advised on the dual listing of a Petroleum E&P Company on the Nigerian and London Stock Exchanges as well as Regulation 144(a) placement in the United States.
• Rendered legal advisory services to an insurance company in respect of fund raising amounting to Y1,350,000,000 by placement of 13,500 bonds of Y100,000 each.
• Advised on the Rights Issue and private placement of Union Bank Plc to the Asset Management Corporation of Nigeria (AMCON).
• Advised FinBank on the acquisition by First City Monument Bank (“FCMB”) of 100% of its shares in consideration for shares or cash in FCMB. We also participated in the variation, redemption and cancellation of the preference shares of FinBank through a scheme of arrangement.
• Advised WEMA Bank in the 40% acquisition of it shares by an equity investor.
• Advised on the reorganization and recapitalization of Intercontinental Bank Plc (“IBP”) by the acquisition of 80% equity interest in IBP by Access Bank Plc. through the use of an SPV.
• Advised Union Bank Plc. on the acquisition by a consortium of private equity firms of a 60% stake of the bank and the subsequent recapitalization of the Bank with US$ 500 Million.
• Advised on the acquisition of 100% equity interest in Oceanic Bank International Plc. by Ecobank Transnational Incorporated (“ETI”) in consideration of the issuance of ordinary shares in the capital of Ecobank Nigeria to the existing shareholders of Oceanic Bank.

The firm’s tax practice is adequately equipped to service domestic, foreign and International Clients by providing a broad range of tax advice on commercial transactions including business formation and operations, mergers and acquisitions, Joint Venture arrangements, capital restructuring, private-equity transactions, banking and securities, international tax planning, Cross-border transactions and general tax issues.

The department derives considerable benefit from the wealth of experience of a viable team consisting of well qualified tax lawyers and practitioners and seeks to be consistently up-to-date with the latest developments in tax legislation.

We advise and assist our clients in various areas of tax administration, especially company income tax, petroleum profit tax, personal income tax liabilities of resident and non-resident employees, value-added tax and withholding tax. The firm has been involved in conducting tax audit for government agencies as well advising companies in different sectors of the Nigerian economy on taxation matters.

Key transactions include:

• Advised and prepared documentation on behalf of a syndicate of local commercial lenders on the financing and legal structure of a cross-border transaction involving a telecommunication company laying a submarine fibre-optic cable across the Atlantic, the financing involves a US$46 Million syndicated loan from commercial lenders.
• Advised Chams Plc on the re-negotiation of the terms of its Software License Agreement and Service Agreement with a foreign ICT Company.
• Advised Northwest Telecom in the negotiation of a BOT aarrangement for the deployment of fixed wireless services in Ogun State.
• Advised the Nigerian Communications Commission (“NCC”) in a matter challenging its regulatory power in screening and licensing manufacturers of cards.
• Advised Mobitel in a transaction with MTN Nigeria on N214 Million outstanding intercom activity charges.

Key transactions include:

• Advised and carried out due diligence and transactional advisory services for a consortium of energy companies with respect to its bid in acquiring power distribution assets in the on-going Nigerian electricity sector privatization process.
• Advised an indigenous Power Generation company on the acquisition of strategic generation assets in the on-going power sector privatization in Nigeria including the company’s Technical Cooperation Agreement with an International EPC Company.
• Advised the consortium of Ocean Energy Nigeria Ltd/Pioneer Resources Africa Ltd/Environmental Remediation Holding Corporation on the successful bid for Block 3 in the Nigerian/Sao-Tome & Principe Joint Development Zone Licensing Rounds 2004.
• Advised Ocean Energy Nigeria Limited (a subsidiary of Devon Energy Corporation, USA) in its acquisition and divestment in OPL 256 and PSC for deep-water offshore block 242, including Rig and Drilling Arrangements, labor, taxation and fiscal issues arising out of the company’s merger and corporate restructuring.
• Advised Crownwell Petroleum Development Company Ltd on its corporate restructuring, oil and gas assets acquisitions, and exploration and production arrangements in respect of OPLs 305 & 306.
• Acted as Transaction Solicitor and Due Diligence Adviser to a Special Purpose Vehicle (SPV) Company set up to acquire Shell’s participatory interest in a Nigerian Oil Mining Lease. We negotiated, reviewed and advised on several transactional documents including the Sale and Purchase Agreement, Crude Handling Agreement, Escrow Agreement, Joint Operating Agreement, Shareholders Agreement (governing the relationship of the Local and Foreign Shareholders to the SPV), Loan Note Deed Poll, and Technical Services Agreement. This transaction was valued at over US$800 Million.
• Advised on a Rig and Drilling Contract in respect of oil well production operations for a Marginal Field in the Niger Delta. The transaction was valued at over US$40 Million. This transaction included the review of an Oil Field Service Contract for the provision of Directional Drilling, Measurement While Drilling & Logging While Drilling Services.
• Advised an indigenous E&P company on its Farm-in Agreement and oil field service arrangements.