Private Equity Investments in Private Companies – Financial Assistance Considerations
The prohibition of financial assistance to private equity firms and other equity investors is probably the most important legal barrier to the growth of the local leveraged buyout market. With the passage of the Companies Act in 2020, private companies...
Proposed New Rules on the Issuance and Allotment of Private Companies: Some Legal Considerations
The Securities & Exchange Commission (the “SEC”) is seeking to regulate debt issuances by private companies and has recently published a draft of the new rules (the “Draft”) for comments. The Draft is the legal framework under which private companies...
Debt-for-Nature Swaps in Nigeria: Key Commercial Considerations
Especially for developing countries in Africa, debt-for-nature swaps are great tool for sovereigns to replace expensive debt and to put increasing sovereign debt levels in check. This is a simplified & practical insight into the workings of debt-for-nature swap transactions...
FX Liquidity: Driving Growth through Non-Resident Accounts
In this update, we reflect on some learnings from recent corporate financing and fund formation transactions in sharing some insights around the need for Nigeria's central bank to review its rules around the operation of non-resident accounts.
Immunity of the Central Bank: Legal Issues Arising
The recent suspension and subsequent arrest of Nigeria’s central bank Governor and some Deputy Governors, as well as the appointment of an independent panel to investigate allegations of fraud within the Central Bank, raises some legal issues as to the...
Doing Business in Nigeria Using Joint Venture Structures
Joint ventures have proven to be a highly resilient market-entry structure for conducting business in Nigeria. These strategic partnerships allow foreign businesses to collaborate with local partners, not only to share investment burdens, risks, and costs but also to effectively...
The Quincecare Duty of Care: Lessons for Nigerian Banks & Fintechs
The Quincecare duty is an implied legal duty of care placed on commercial banks, investment banks, fintechs[1] and other financial institutions (“Banks”) to refrain from executing a payment instruction where there are reasonable grounds for believing that, a payment instruction...
Client Update: The Constitutional Limitations of the Limited Partnership Laws in Lagos State
April 4, 2017 With the introduction of a pioneer framework for registering Limited Liability Partnerships and Limited Partnerships in Nigeria, Lagos State gained significance in the local private equity and venture capital industry in Nigeria as a preferred jurisdiction for...