News & Events


Aluko & Oyebode (the “Firm”) is delighted to have advised Access Bank Plc (the “Bank”), Nigeria’s largest bank by asset size (with a presence in 17 countries), in connection with its issuance of a US$50 Million Regulation S 5-year Senior Unsecured Step-Up Puttable Green Bond due 2027 (the “Bond”). The Bond, which is the Bank’s second Green Bond issuance (following its initial Naira denominated Green Bond issuance) and its first US Dollar denominated Green Bond, features a step-up coupon structure and an investor put option. This innovative structure enabled the Bank to achieve an attractive pricing, with a blended average cost of funding, despite the rising interest rate environment. The Bond was issued in the international capital market via a private placement and is listed on the Main Market of the London Stock Exchange.

The Bond was issued under the Bank’s updated US$1.5 Billion Global Medium Term Note Programme in pursuance of the Bank’s commitment to facilitating and financing sustainable projects. Specifically, the net proceeds of the Bond will be used to finance or refinance new and/or existing projects and assets which meet the eligibility criteria set out in the Bank’s Green Financing Framework.

Commenting on the successful closing of the transaction, Olubunmi Fayokun, Senior Partner and Head of the Firm’s capital markets practice, said: “Access Bank Plc’s status as a sustainability pioneer in Nigeria is reinforced by the completion of this milestone transaction and sets the pace for other Nigerian banks to embrace the principles of sustainable finance. We at Aluko & Oyebode are happy to continually provide cutting-edge legal services and support to our clients as they execute increasingly innovative transactions.”

The Firm’s transaction team was led by Capital Market Partners, Olubunmi Fayokun and Ajibola Asolo, with Associates, Abisola Akinyemi, Bukola Akinsulere and Michael Nwanneka.