1. UUBO ADVICES ON NIGERIAN ELEMENTS OF GENERAL ATLANTIC’S BEYONDNETZERO-LED $260M SERIES D FUNDING OF SUN KING
Udo Udoma & Belo-Osagie is pleased to have advised on the Nigerian elements of global growth equity investment firm, General Atlantic's BeyondNetZero-led Series D funding of Sun King (formerly Greenlight Planet), the largest provider of domestic off-grid solar energy products in Africa and Asia. More information about the transaction is available here: https://beyond-net-zero.com/sun-king-raises-260-million-led-by-general-atlantics-beyondnetzero-to-expand-global-access-to-affordable-solar-energy/.
Our transaction team was led by private equity partner, Folake Elias-Adebowale, with specialist input from power and finance team partners, Adeola Sunmola and Onyinye Okafor, and principal support from Tobechi Nwokocha, Godson Iwuozo and Aanu Odunaike.
For more information about UUBO’s #Private Equity, #M&A, #Energy, and other market-leading practice area offerings, please visit our website at www.uubo.org.
2. UUBO ADVICES LEAPFROG ON INVESTMENT IN INTERSWITCH
Udo Udoma & Belo-Osagie is pleased to have advised LeapFrog Investments on its strategic investment, with Tana Africa Capital, in Interswitch, one of Africa’s leading technology-driven companies focused on the digitisation of payments. The investment is expected to assist in supporting Interswitch's drive to advance the payment ecosystem across Africa.
A portion of the investment has been acquired from existing shareholders, with Ignite Holdco Limited, made up of Helios Investment Partners and TA Associates, remaining the largest shareholder in the business following the transaction.
Our transaction team was led by private equity and M&A team partner, Folake Elias-Adebowale, with principal support from associates Bond Eke-Okpara, Aanu Odunaike and Precious David and additional support from Babatunde Olayinka, Pamela Onah, Dami Adedoyin and Chigor Weli-Igwe.
For more information about UUBO’s Private Equity, M&A, Energy, and other market-leading practice area offerings, please visit our website at www.uubo.org.
3. UUBO TEAM ADVISED INTERNATIONAL FINANCE CORPORATION (“IFC) ON ITS SUSTAINABLE LOAN OF THE NAIRA EQUIVALENT OF USD 50 MILLION TO THE LAGOS STATE GOVERNMENT PLC 34.5 BILLION SERIES 1 BOND ISSUANCE
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 Salam
4. UUBO CAPITAL MARKETS TEAM HAS ACTED AS JOINT LEGAL COUNSEL TO MTN NIGERIA COMMUNICATIONS PLC IN CONNECTION WITH THE ESTABLISHMENT OF ITS N150,000,000,000 COMMERCIAL PAPER ISSUANCE PROGRAMME AND ITS SERIES 1 & 2 ISSUANCE
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.
5. UUBO TEAM ADVISED AS SOLICITOR TO THE TRUSTEE IN CONNECTION WITH PRESCO PLC 34.5 BILLION SERIES 1 BOND ISSUANCE
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.
6. UUBO TEAM ADVISES LEAD INVESTOR ON FLUTTERWAVE SERIES D FUNDING ROUND
We are pleased to have advised the lead investor, B Capital Global Growth Fund III, L.P on its participation in the US$250 million Series D Investment in Flutterwave, a leading technology company operating across Africa.
The UUBO transaction advisory team was led by our private equity and M&A team partner, Ozofu ‘Latunde Ogiemudia with support from Temiloluwa Okeowo (senior associate), Bond Eke-Opara, Etido David (both associates) and other members of our private equity, corporate, M&A and FinTech teams. The UUBO team worked with a cross-border group of advisers led by Goodwin Procter.
Flutterwave’s successful Series D fund raise follows its initial US$20 million Series A round of 2018, its US$35 million Series B round in 2019 and its US$170 million Series C round in 2021, and has resulted in a valuation of over US$3 billion making Flutterwave, currently, the highest valued African start-up.
7. UUBO TEAM ADVISED GEOMETRIC POWER LIMITED IN CONNECTION WITH THE ABA INTEGRATED POWER PROJECT (“ABA IPP”)
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 uubo@uubo.org.
8. UUBO ADVISED ON MTN NIGERIA’S INITIAL PUBLIC OFFER - N478.2 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).
9. TEAM ADVISES LEAD INVESTOR ON SERIES A INVESTMENT ROUND IN BAMBOO GLOBAL INC
We are pleased to have advised on the Nigerian elements of a recent Series A investment round in Bamboo Global Inc (Bamboo), the parent company of Bamboo Systems Technology Limited.
Greycroft VC and Tiger Global LL.C co-led the financing round in the online investment business with participation from Motley Fool Ventures, Chrysalis Capital and key yCombinator CEO, Michael Seibel, among others.
This is expected to support plans to scale the business’s tech infrastructure, launch more products and expand access in new markets across Africa to global investment platforms.
UUBO's multi-disciplinary Nigerian transaction advisory team was led by private equity and M&A teams partner, Folake Elias-Adebowale, and included Lisa Esamah, Bond Eke-Opara, Tobechi Nwokocha, Aanuoluwapo Odunaike, Godson Iwuozo, Precious David, Faith Oseghale, Daniel Adedigba and Ayomide Soretire.
For more information about UUBO, its teams and our full service offerings, including in Private Equity & Venture Capital, M&A, FinTech and Capital Markets, please contact us at uubo@uubo.org.
10. UUBO TEAMS ADVISE ON CONSOLIDATION AND LISTING OF BUA FOODS PLC
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.
