The Securities and Exchange Commission (the “SEC” or the “Commission”) has announced the launch of applications for the second cohort of its Regulatory Incubation Program (“RI Program”). The Commission noted that applications will remain open till 8 April 2024. The RI Program was launched by the Commission in 2021 to address the needs of new …
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We are pleased to be shortlisted for the upcoming IFLR (International Financial Law Review) Africa Awards 2024 in multiple categories, including: 1️⃣ Deal of the Year – Loan 2️⃣ Deal of the Year – M&A 3️⃣ Deal of the Year – Domestic 4️⃣ West African Loan Team of the Year 5️⃣ West African M&A Team of the …
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Introduction Nigeria’s financial technology (fintech) industry has experienced unprecedented growth over the last decade, and this has transformed the country’s financial landscape. The fintech industry offers innovative solutions by facilitating financial payments, access to credits and consumer financing solutions, flexible savings, and investment products. A sizeable youth population, increased smartphone penetration, and regulatory developments have …
Continue reading “Fintech M&A in Nigeria: Key Considerations and Projections”
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Among other things, the derivatives market is essentially about mitigating financial market risk, and derivative contracts are the financial instruments used for that purpose. A derivative contract derives its value or price from an underlying asset such as currency, commodities, stocks, or bonds. Derivative contracts provide opportunities for financial market participants to capture value from …
Continue reading “An Overview of the Trading and Settlement of Derivative Contracts in Nigeria”
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The Aluko & Oyebode Capital Markets Insight is a quarterly report providing updates on laws, regulations, and other activities in the Nigerian capital markets. This edition outlines updates from regulators of different capital market segments in Nigeria. FMDQ RENAMES I&E WINDOW, NAFEM On 19 October 2023, the FMDQ Securities Exchange (“FMDQ“), a wholly-owned subsidiary of …
Continue reading “Capital Markets Regulatory Update – Q4 2023”
Read moreFifteen (15) Aluko & Oyebode Lawyers Ranked across eight (8) Practice Areas in the 33rd Edition of the IFLR1000 Guide We are pleased to announce that the latest rankings released by the IFLR1000 Guide have recognised fifteen (15) lawyers from Aluko & Oyebode as leading practitioners. These leading lawyers have earned their rankings based on …
Continue reading “15 Aluko & Oyebode Lawyers Ranked in the 33rd Edition of the IFLR1000 Guide”
Read moreWe are pleased to announce that Aluko & Oyebode has retained its position as a Top Tier Firm (Tier 1) in eight practice areas in the 2023 International Financial Law Review (IFLR) 1000 Guide: 1️⃣ Banking 2️⃣ Capital Markets: Debt 3️⃣ Capital Markets: Equity 4️⃣ Mergers & Acquisitions (M&A) 5️⃣ Project Development: Energy 6️⃣ Project …
Continue reading “Aluko & Oyebode Retains Tier 1 Rankings in the 33rd Edition of IFLR 1000”
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Synopsis: CBN REGULATORY UPDATES CBN APPOINTS DESIGNATED BANKS FOR THE COLLECTION OF FEES UNDER THE NIGERIAN EXPORT SUPERVISION SCHEME The Central Bank of Nigeria (“CBN”) in its circular dated October 6, 2023, appointed some banks for the collection of fees under the Nigerian Export Supervision Scheme. CBN CLARIFIES THAT THE ENAIRA IS NOT A THREAT …
Continue reading “Banking & Finance Regulatory Update – October 2023”
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The ALN Ready Business Roadshow – Nigeria Edition was a dynamic event that showcased the wealth of investment and business opportunities in Nigeria. The roadshow brought together investors, advisors, and diplomatic missions from around the world to connect with business leaders and decision-makers in Nigeria. The event provided candid insights into the opportunities, challenges, and …
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We are pleased to announce that Aluko & Oyebode has achieved a remarkable total of 44 listings in the 2023 Who’s Who Legal (WWL): Nigeria report, marking a significant achievement as the law firm with the highest number of listings in Nigeria this year. Thirteen (13) of our partners have earned prestigious rankings across various …
Continue reading “Who’s Who Legal (WWL) 2023: Aluko & Oyebode Leads with 44 Notable Listings”
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After a successful Nigerian edition of the ALN Ready Business Roadshow webinar, we launched the ALN Nigeria Investment Guide. The Nigeria Investment Guide aims to serve as a business-oriented guide that includes a political & economic overview of the country, the regulatory environment in Nigeria, industry/sectors open to or restricted from Foreign Direct Investment (FDI), …
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FMDQ Securities Exchange Limited, a wholly owned subsidiary of FMDQ Group PLC, has launched its Exchange-Traded Derivatives market (“FMDQ ETD Market“). The ETD market went live on 12 July, 2023 with thirty-six (36) contracts across two (2) products, Federal Government of Nigeria (FGN) Bond Futures and Standard FX Futures. This development aims to introduce exchange-traded …
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Introduction In the recently decided case, Mufutau Ajayi v Securities and Exchange Commission (2023)[1] (“Mufutau“), the Supreme Court handed down a decision on the long-debated question as to whether exclusive jurisdiction over matters relating to capital and securities market operations vest in the Federal High Court (the “FHC“) or the Investments and Securities Tribunal (the …
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We are pleased to announce that Aluko & Oyebode has been recognised in five practice areas in the 2023 edition of Chambers Global Guide, with our Of Counsel, Chairman, and nine other lawyers ranked. Furthermore, our Fintech practice has received a ranking in the Chambers FinTech Guide 2023. The five areas of practice recognised are: …
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Background On 29 September 2022, the Securities and Exchange Commission (“SEC” or the “Commission”) issued an exposure draft of the New Rules on Shariah Advisory Services for Non-Interest Capital Market Products (the “Draft Rules”). The Draft Rules have been issued further to the Commission’s efforts to promote transparency, while creating a level playing field for …
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Introduction On 1 April 2022, the Federal Inland Revenue Service (“FIRS”) announced the commencement of the operation of the Non-Interest Finance (Taxation) Regulations 2022 (the “Regulations”). The Regulations, which apply to non-interest financial instruments and institutions operating under the principles of Islamic commercial jurisprudence, were issued to provide a legal framework for the tax regulation …
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Aluko & Oyebode is delighted to have won the award for Best Solicitor in Terms of Value of Deals at the inaugural edition of the Nigerian Exchange Limited (“NGX”) Made of Africa Awards. Aluko & Oyebode was the only law firm that received an award at the event, which took place in Lagos on 6th …
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The Startup Practice team at Aluko & Oyebode invites you to the 6th edition of our virtual series, The Insider Series on Friday, 2nd of December, 2022 from 1:00 PM (WAT). It is themed “Beyond the Letter of the Law: Assessing the Startup Act”. Our guest comes from a renowned community of co-founders and early-stage …
Continue reading “The Insider Series – 6th Edition with Lumi Mustapha”
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We are pleased to have contributed to the whistleblowing cross-jurisdictional guide by Webber Wentzel. The guide focuses on 9 key questions across 8 African jurisdictions, namely: Botswana; Ethiopia; Ghana; Kenya; Mauritius; Mozambique; Nigeria and South Africa providing an analysis of the continent’s position and treatment of whistleblowers demonstrates how far we have come in Africa …
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Since January 2011, when the Central Bank of Nigeria (“CBN“) released the Guidelines for Foreign Exchange Derivatives and Modalities for CBN FX Forwards,[1] the Nigerian derivatives market has grown steadily. For context, in November 2014, FMDQ Group Plc (previously known as FMDQ OTC Plc) began publishing data on turnover of products traded on its platform. …
Continue reading “Overview Of Recent Developments in the Nigerian Derivatives Markets”
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We are delighted to announce that the IFLR1000 Guide released its latest rankings and recognised 15 Aluko & Oyebode lawyers as leading lawyers. The leading lawyers have been ranked based on their outstanding financial and corporate transactional work in the following categories: Expert Consultant, Market Leader, Notable Practitioner, Highly Regarded, Rising Star Partner, and Rising …
Continue reading “Aluko & Oyebode Receives Top Rankings in the 2022 Edition of the IFLR1000 Guide”
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Aluko & Oyebode is delighted to have advised Access Bank Plc (“Access Bank” or “Bank”), one of Africa’s largest retail banks, on its restructuring into a non-operating financial holding company. The restructuring, which has culminated in Access Holdings Plc (“Access HoldCo”) becoming the listed parent entity of Access Bank, its subsidiaries and related group companies …
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Introduction The Insurance Web Aggregators Operational Guidelines (the “Guidelines”) was recently issued by the National Insurance Commission (NAICOM) (the “Commission”) and took effect from 1 February 2022. All insurance companies and web aggregators operating under any agreement of a business relation whether called a “Web Aggregation” business or otherwise, are expected to comply with the …
Continue reading “An Analysis of the Insurance Web Aggregators Operational Guidelines, 2022”
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We are pleased to announce that Aluko & Oyebode has been ranked in five (5) practice areas in the 2022 edition of Chambers Global. Additionally, the Firm received the most Band 1 practice rankings and the most individual rankings for a law firm in Nigeria. 5 Practice Area Rankings Banking & Finance (Band 1) Corporate/Commercial …
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Aluko & Oyebode is pleased to have advised Pan African Towers Limited (“Pan African Towers”) through its special purpose vehicle, PAT Digital Infra Fund SPV Plc, as Solicitor to the Issuer, on the establishment of a ₦50 Billion Bonds Issuance Programme (the “Programme”) and the successful issuance of ₦10 Billion Series I Senior Guaranteed Fixed Rate Infrastructure …
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Introduction The international and domestic capital markets, in exploring various forms of funding options, over the years have facilitated the prominence of ethical-based debt financing. In recent times, the government and corporate entities within Nigeria are increasingly accessing the capital markets to attract funding from investors inclined to a peculiar form of ethical-based debt instruments …
Continue reading “Understanding SUKUK – Series 1”
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Introduction The Securities and Exchange Commission (“SEC” or the “Commission“) on 29 October 2021 introduced new rules in relation to the issuance of social bonds in Nigeria (the “Social Bond Rules“). The Social Bond Rules (among other things) contain provisions defining social bonds, the types of projects eligible for social bonds, conditions for approval, as …
Continue reading “An Examination of the Securities and Exchange Commission’s Rules on Social Bonds”
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Aluko & Oyebode (the “Firm”) is delighted to have advised Access Bank Plc (the “Bank”) in connection with its successful issuance of US$500 million Basel III compliant Perpetual Non-Call (9.125% Rule144A/Regulation S) Additional Tier 1 Eurobond Notes (the “AT1 Issuance”), which have been admitted to trading on the International Securities Market of the London Stock …
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The Securities and Exchange Commission (“SEC” or the “Commission”) on 30 August 2021 introduced new rules to the provisions on mergers, takeovers and acquisitions (the “New Rules”), amending the provisions of the SEC Rules and Regulations 2013 (as amended) (the “SEC Rules”). In our last issue, we analysed the impact of the New Rules on …
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Aluko & Oyebode (the “Firm”) is pleased to have acted as Solicitors to the Trustees in connection with Ardova Plc’s establishment of a ₦60Billion Bond Issuance Programme (the “Programme”) and the issuance of ₦25.3Billion Series I (Tranches A and B) Bonds under the Programme (the “Issuance”). The Issuance marks the largest Naira-denominated bond issuance from …
Read moreAluko & Oyebode (the “Firm”) is pleased to have advised MTN Nigeria Communications Plc (“MTN Nigeria”) as Solicitor to the Issue, in connection with the successful issuance of its ₦89,999,000,000.00 Series II 10-year 12.75% fixed rate Bonds, due 2031 (the “Issuance”). The Issuance is the second bond issuance by MTN Nigeria under its ₦200,000,000,000.00 Bond …
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On 28 October 2021, the National Pension Commission (the “Commission”) announced the introduction of the Non-Interest Fund (Fund VI) (the “Non-Interest Fund “) and issuance of its Operational Framework for the Non-Interest Fund (Fund VI) (the “Operational Framework”). The introduction of the Non-Interest Fund is in furtherance of the Commission’s objective to provide diverse investment …
Continue reading “PENCOM Issues an Operational Framework for Non-Interest Ethical Fund”
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Aluko & Oyebode is delighted to have acted as sole legal adviser to Nigerian Exchange Group Plc (“NGX Group”) in connection with the landmark listing by introduction of its 1,964,115,918 ordinary shares on the Main Board of Nigerian Exchange Limited (the “Listing”). The Listing was effected after due compliance with the listing requirements of NGX …
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Corporate organisations typically require capital on a recurring basis for the purpose of financing their business objectives and projects, and one of the ways by which such organisations raise funding is through the issuance of financial instruments. Companies may choose, subject to applicable laws and regulations, to issue equity instruments (e.g., shares and stocks), debt …
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The Securities and Exchange Commission (“SEC” or the “Commission”) on 30 August 2021 introduced new rules to the provisions on mergers, takeovers, and acquisitions (the “New Rules”), amending the provisions of the SEC Rules and Regulations 2013 (as amended) (the “SEC Rules”). The New Rules contain provisions pertaining to certain forms of business divestitures such …
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Aluko & Oyebode has been named National Law Firm of the Year (Nigeria) at the IFLR Africa Awards 2021, announced on Thursday, 9 September 2021. The Firm received the highest number of awards for a law firm in Nigeria: National Law Firm of the Year (Nigeria) Nigerian Law Firm of the Year (M&A) Nigerian Law …
Continue reading “Aluko & Oyebode wins big at the IFLR Africa Awards 2021”
Read moreWe are delighted to announce that Aluko & Oyebode has maintained its Tier 1 rankings in the latest edition of IFLR1000. The Firm has been recognised for its outstanding work in multiple practice areas including Tier 1 rankings in the following: Banking Capital Markets: Debt Capital Markets: Equity Mergers & Acquisitions Project Development: Infrastructure Project …
Continue reading “Aluko & Oyebode Receives Top Rankings in the 31st Edition of the IFLR1000 Guide”
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We are pleased to be shortlisted in twelve (12) categories for The African Legal Awards 2021, the most for a law firm in Nigeria. African Law Firm of the Year – Large Practice Banking & Finance Team of the Year – Large Firm Capital Markets Team of the Year Competition and Regulatory Team of the …
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We are pleased to announce the admission of Ajibola Asolo, an alumnus, into the Partnership of Aluko & Oyebode, with effect from 1 June 2021. Ajibola, who is joining our Capital Markets practice, is a seasoned financial markets expert with experience in capital markets, structured and financial products, financial regulation, corporate governance, transaction and investment …
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Aluko & Oyebode is pleased to have advised MTN Nigeria Communications Plc on the establishment of its ₦200,000,000,000.00 Bond Issuance Programme and the issuance of the ₦110,000,000,000.00 Series 1 Bonds. The Transaction is the first bond issuance by a Nigerian telecommunications company and one of the largest bond issues by a corporate entity in the …
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We are pleased to announce that our Chairman, Kofo Dosekun, and Partners, Olubunmi Fayokun, and Oghogho Makinde, have been recognised as IFLR1000 Women Leaders for 2021. Women Leaders are the leading female transactional lawyers in the world. These lawyers have impressive track records and are consistently recommended by clients and peers for the quality of their advice and service. …
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Aluko & Oyebode (the “Firm”) is pleased to have acted as sole Nigerian legal counsel in connection with the successful issuance of US$750 Million 2.875 per cent Rule144A/Regulation S Notes due 2028 (the “Bond Issuance”) by Africa Finance Corporation (the “Corporation”) for which the Firm represented the “Joint Lead Managers” (First Abu Dhabi Bank PJSC, …
Read moreWe are delighted to announce that Aluko & Oyebode has been ranked a top-tier Nigerian law firm in the 2021 edition of the Legal 500 EMEA, a guide to the best lawyers and law firms across Europe, the Middle East and Africa. The Firm was ranked in six (6) main practice areas that are researched and …
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Aluko & Oyebode is pleased to have acted as sole legal adviser to The Nigerian Stock Exchange (“The Exchange”) in connection with the demutualisation and restructuring of The Exchange. The demutualisation process, which was effected pursuant to the Demutualisation of The Nigerian Stock Exchange Act, 2018 via a Scheme of Arrangement sanctioned by the Federal …
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Real Estate Investment Trusts (“REITs”) play a critical role in providing capital to bridge the real estate deficit while also providing investors with the opportunity of benefiting from large and diversified holdings of real estate. Notwithstanding the opportunities available in the sector, the Nigerian REIT market remains underutilised and underdeveloped. This assertion gains credence from …
Continue reading “Structuring a REIT in Nigeria: Key Legal and Tax Considerations”
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We are delighted to announce that Aluko & Oyebode has been named the Nigeria Law Firm of the Year at the Chambers Africa Awards 2021. Chambers and Partners, in announcing the award, described the Firm as: “A well-known firm at the forefront of the market across numerous practice areas. Aluko & Oyebode is often engaged in some …
Read moreAluko & Oyebode is pleased to announce the appointment of Reginald Udom as the Managing Partner of the Firm, effective January 1st, 2021. Also effective January 1st, Kofo Dosekun, the current Managing Partner, will become the Chair of the Firm’s Management Board, while current Chairman, Gbenga Oyebode, will stay actively involved as an “Of Counsel”. …
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Read moreIn its 2021 guide, IFLR1000 has recognised Aluko & Oyebode as a Top Tier Firm (Tier 1) in seven practice areas, namely: Banking Capital Markets: Debt Capital Markets: Equity Mergers & Acquisitions Project Development: Infrastructure Project Development: Power Project Finance Nine (9) Aluko & Oyebode partners were rated as “highly regarded”, one partner was rated …
Continue reading “Aluko & Oyebode Ranks Highly in the 2021 IFLR1000 Guide”
Read moreThe purpose of this communication is to convey our deep appreciation for the support and encouragement from our clients, friends, and colleagues from far and wide during these difficult and challenging times. Earlier this year, we were faced with challenges that arose from the COVID-19 pandemic. These challenges have persisted to date. More recently in …
Continue reading “Recent Unfolding Events”
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Aluko & Oyebode (the “Firm”) is delighted to have acted as sole Nigerian legal counsel in connection with the successful issuance, by Africa Finance Corporation (“AFC” or the “Corporation”), of its inaugural CHF150 Million Regulation S Senior Unsecured Benchmark Green Bond (“the Bond”) due 2025 (the “Bond Issuance”) for which the Firm represented the Joint …
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We are pleased to announce that we have been shortlisted for the inaugural IFLR Sub-Saharan Africa Awards 2020. We are finalists in the following categories: Nigeria Capital Markets Firm of the Year Nigeria loans Firm of the Year Nigeria M&A Firm of the Year Nigeria Project Finance Firm of the Year Capital Markets Deal of …
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The President on Friday 7, August 2020 signed into law the Companies and Allied Matters Bill, 2020. The new Companies and Allied Matters Act 2020 (the Act) repeals and replaces the extant Companies and Allied Matters Act, 1990. Some of the provisions of the Act include the following: Private companies (including foreign-owned private companies) can …
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Aluko & Oyebode is pleased to have advised the IHS Group on its Eurobonds issuance and multi-currency loan transaction which won the Corporate Debt Deal of the Year award at the Bonds, Loans & Sukuk Awards, 2020. Aluko & Oyebode acted as counsel to the initial purchasers on the issuance of the US$500,000,000.00 Notes due …
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We are delighted to announce that our Managing Partner, Kofo Dosekun and Partners, Olubunmi Fayokun, and Oghogho Makinde, have been recognised as IFLR1000 Women Leaders for 2020. Women Leaders are the leading female transactional lawyers in the world. These lawyers have impressive track records and are consistently recommended by clients and peers for the quality of …
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Aluko & Oyebode (the “Firm”) is delighted to have acted as sole Nigerian legal counsel in connection with the issuance, by Africa Finance Corporation (“AFC” or the “Corporation”), of a US$700 Million Regulation S Eurobond due 2025 with a coupon of 3.125 percent (the “Eurobond Issuance”) for which the Firm represented the Joint Lead Managers …
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At the time of writing, the COVID-19 pandemic has resulted in the death of more than 370,000 people in the world. The rapid spread of the novel Coronavirus has disrupted global economic activity and triggered volatility in the international and local capital markets. The uncertainty occasioned by the pandemic has also adversely impacted investor appetite …
Continue reading “COVID-19: Debt Issuances In A Pandemic”
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The Firm is pleased to have advised Axxela Limited in the establishment of its ₦50 Billion Bond Issuance Programme and the issuance of its ₦11.5 Billion Series 1 Bonds with a 24% oversubscription. Axxela Limited, a portfolio company with a vision of becoming the preferred and fastest-growing gas & power firm in sub-Saharan Africa, has …
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The directive of the President of the Federal Republic of Nigeria on 27 April 2020 provided guidance on the phased and gradual easing of lockdown measures in Abuja, Ogun and Lagos States from 04 May 2020. States were also encouraged to adapt and expand the measures as may be necessary to suit their specific circumstances …
Continue reading “Guidance on Phased Easing of Lockdown Measures in Lagos State”
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The COVID-19 pandemic has both global health and economic implications. It has been predicted that the effect of COVID-19 pandemic on the global economy may be far worse than the 2008 Global Recession. The global shutdown of borders and restriction of movement by Governments around the world has impacted businesses, large and small. In these …
Continue reading “COVID-19: Employment and Labour Relations”
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Nigeria has adopted strict measures at both national and state levels to curb the spread of the COVID-19 disease. These measures include the total or partial restriction of movement and social distancing rules which have had a severe impact on the ability of companies to comply with corporate governance rules and statutory requirements of regulatory …
Continue reading “COVID-19: Corporate Governance and Regulatory Registries in Nigeria”
Read moreAluko & Oyebode has been ranked a top-tier firm in the 2020 edition of the Legal 500 EMEA, a guide to the best lawyers and law firms across Europe, the Middle East and Africa. The Firm remained top-tier rankings in 5 practice areas: Banking and Finance/Capital Markets; Commercial, Corporate/M&A; Energy and Natural Resources; Dispute Resolution and …
Continue reading “Aluko & Oyebode Recognised As A Leading Firm in The Legal 500 EMEA 2020”
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On 15 April 2020, The Nigerian Stock Exchange (the “NSE”) published the “Guidance on Companies’ Virtual Board, Committee, and Management Meetings” (the “Guidance”) in response to the legal and regulatory uncertainties occasioned by the COVID-19 pandemic and the current inability of companies’ board, board committees and management teams to hold physical meetings. The Guidance provides …
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Read moreWe are pleased to announce that we have been shortlisted for the 2019 ESQ Nigerian Legal Awards. We are finalists in the following categories: Law Firm of the Year – Large Practice Banking and Finance Capital Market Oil and Gas Dispute Resolution Energy and Power Mergers and Acquisitions Private Equity Real Estate and Construction Telecommunications …
Read moreBusiness organisations typically require initial and recurrent capital inflows to fund their operations and figuring out the best option for capitalising an organisation is an important decision which can have a major impact on the success or otherwise of any business organisation. While various innovative forms of financing such as crowd funding and peer to …
Continue reading “Debt Capital vs. Equity Capital: Finding the Right Fit for your Business”
Read moreCompetition law seeks to ensure a fair marketplace by prohibiting unfair conduct that seeks to gain a greater market share than would be realised through effective competition. Mergers and acquisition transactions are likely to have anti-competitive effects as such transactions may make it difficult for smaller companies to enter or succeed in any market. Such …
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Aluko & Oyebode hosted its Capital Market Roundtable discussion themed: “Engendering an Effective Regulatory Landscape for Competition Law in Nigeria – Promoting a Fairer Market” with 50 stakeholders in the Nigerian capital market and Mr. Oscar Onyema, CEO, The Nigerian Stock Exchange (NSE) as keynote speaker. Ms. Olubunmi Fayokun, Senior Partner and head of the …
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Aluko & Oyebode will be hosting its 2019 Capital Market Roundtable on Thursday, 25 July 2019 at 10:00am. The theme of the roundtable is: “Engendering an Effective Regulatory Landscape for Competition Law in Nigeria – Promoting a Fairer Market” and against this backdrop we have carefully selected topics for discussion from the perspective of different …
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Read moreFriday 17, May Aluko & Oyebode advised MTN Group Limited in connection with the Listing by Introduction of its Nigerian subsidiary, MTN Nigeria Communications Plc (“MTN Nigeria”) of its entire ordinary shares on The Nigerian Stock Exchange. The listing, which is the largest listing by introduction on the Nigerian Stock Exchange, resulted in MTN Nigeria …
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Aluko & Oyebode acted as transaction counsel in connection with the initial public offering of shares (IPO) by Skyway Aviation Handling Company Plc (SAHCO), Nigeria’s most prominent aviation ground handling service provider. Under the IPO, Sifax Group (the majority shareholder of SAHCO) offered for sale 406,074,000 shares of 50 kobo each at N4.65 per share. …
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