Aelex may currently be the largest firm in Nigeria by headcount. It is a consistent all-rounder for all types of M&A, project finance, banking and capital markets and is a "fantastic oil and gas firm", according to one client....
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Aelex may currently be the largest firm in Nigeria by headcount. It is a consistent all-rounder for all types of M&A, project finance, banking and capital markets and is a "fantastic oil and gas firm", according to one client. The firm also has an office in Accra, Ghana.
The key names are Theophilus Emuwa and Lawrence Fubara Anga, a former chairman of the Capital Markets Solicitors Association. In 2011/2012 they advised, among other things, on the benchmark syndicated lending to Etisalat, the merger of Access Bank and Intercontinental Bank and on equity capital markets transactions by International Breweries and Nampac, as well as being mandated on the $11 billion Lekki Deepwater Port project. All these are significant, tier one instructions. The firm has also been busy in the upcoming private equity market for clients such as Helios Investment Partners.
In 2012, the team lost a big name in Gbite Adeniji to retirement and promoted Olanipekun Orewale to partnership.
Deals
The firm advised the Nigerian subsidiary of global telecoms company Etisalat on a $700 million non-recourse loan to fund business and network build-out plans, notable because the financing was raised exclusively from local banks. Lawrence Fubara Anga also represented Dutch bank FMO (a long standing client), First Rand Bank, Stanbic IBTC Bank and Union Bank on aircraft, real estate and maritime financings, including a $238 million aircraft lease for Arik Airlines.
In M&A, Fubara Anga conducted the due diligence for Intercontinental Bank on its acquisition by Access Bank and also clinched an instruction from Skipper International on its proposed acquisition of three power distribution companies under privatisation, with Olusina Sipasi leading the team. Theophilus Emuwa assisted private equity houses Helios Investment Partners, in its $100 million acquisition of a local power company and $120 million acquisition of a leading switching company, and Excalibur Asset Management, on the acquisition of a stake in a mining company.
In capital markets, the firm has been advising Nampaq on a scheme of arrangement and delisting from the Nigerian Stock Exchange (NSE) and acted for International Breweries on a rights issue of almost 1.5 billion ordinary shares – a rare equity deal.
Meanwhile the projects team has been advising Lekki Port LFTZ Enterprise on the $11 billion Lekki Deepwater Port project in the Lekki free trade zone. It will be the first privately owned sea port in Nigeria. The team also acted for Shoprite on financing for a shopping mall development and Tower Power Utility to finance the expansion of power and gas facilities.
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