Financial Intermediation
Deep expertise in banking, capital markets, fintech, and financial services regulation serving banks, investment firms, and emerging financial technology companies.
We support our Clients with:
Notable Experience
Advised a leading investment bank on a Partial Risk Guaranteed Standby Letter of Credit to be issued by the investment bank acting as L/C Issuing Bank under a USD$150 million Reimbursement and Credit Agreement;
Advised an indigenous commercial bank in relation to a USD$ 200 Million financing to be provided in conjunction with an international financial institution for the acquisition of oil and gas assets;
Advised on the USD100million Refinance Facility to an indigenous broadband company to refinance and restructure its existing debt obligations of circa USD80million and fund the construction of a data center;
Advised on US$ 60m debt refinancing of a diversified business group with interests in pharmaceutical, energy, industrial plastic packaging, importation and distribution of consumer goods as well as the agricultural sectors;
Advised on US$107 million ECA-backed financing for the construction and development of the first phase of a mixed use real estate development.
Insights & Updates
Neobanks in Nigeria: Key Considerations for Market Entry - Part I
Neobanks are digital-first financial platforms offering a variety of services, ranging from multi-currency accounts and payments to cards and investing solutions. Neobanks are undoubtedly reshaping global banking and for global Neobanks considering expansion into Africa, Nigeria presents a particularly compelling opportunity
Neobanks in Nigeria: Key Considerations for Market Entry - Part II
In Part 2 of our Neobanking Series, we will focus on some of the key legal and regulatory considerations governing market entry, licensing, and operational compliance
Could Centralizing the Management of Nigeria's Sectoral Funds Unlock Greater Impact?
A centralized management framework, coordinated through a financially disciplined entity such as the Nigerian Sovereign Investment Authority or the Federal Inland Revenue Service, could enhance the effectiveness of sector fund allocation, allow for co-ordinated allocation across sectors, while preserving sector-specific oversight.
SEC Issues Interpretive Guidance on Amended Private Equity Fund Rules
The SEC’s interpretive guidance and amendments aim to streamline compliance for smaller private equity funds, and enhance transparency on fees and governance. Fund managers and sponsors should review their internal policies to ensure consistency with the updated requirements, particularly regarding the ₦5 billion registration threshold, proprietary investment obligations, and fee disclosures.
Minimum KYC Requirements for Opening Bank Accounts for Nigerian Entities Offshore
Notwithstanding the removal of Nigeria from the FATF Grey List, foreign banks are still required to conduct full KYC and AML/CFT checks for Nigerian clients, as these obligations remain mandatory under global banking regulations. This article provides some local intel for foreign banks on the minimum requirements for safely and efficiently onboarding Nigerian clients while maintaining compliance with international AML/CFT standards.
New Capital Gains Tax Rules for Nigerian M&A Transactions
While gains on the disposal of shares in Nigerian companies are generally chargeable, the Nigeria Tax Act introduces important exemptions designed to encourage investment and capital market activity.
Should In-Person or Banking Hall Verification Still Be Mandatory for Bank Accounts in Nigeria?
Nigeria now operates the Bank Verification Number (BVN) and the National Identification Number (NIN), national digital identity databases containing biometric and demographic data. With these systems, banks can reliably authenticate customers remotely, making mandatory physical presence largely redundant. It is useful to note that the CBN has now extended the requirement for all account holders ( including Tier-1 accounts) to link their accounts to BVN and/or NIN.
Taxation of Non-Residents in Nigeria
The Nigeria Tax Act 2025 has clarified and expanded the legal basis for the taxation of non-residents in Nigeria. Under the Act, non-resident persons can now be taxed under four broad categories: Capital Gains, Profits, Consumption of Imported Services, and Premiums/Nigerian Source Income. We discuss these broad categories below.
Permanent Establishment in Nigeria
The Nigeria Tax Act 2025 has clarified and expanded the legal definition of permanent establishment and the rules regarding the attribution of income and profits to a permanent establishment. Under the Nigeria Tax Act 2025, a permanent establishment is the taxable presence of a non-resident person in Nigeria.
Significant Economic Presence in Nigeria
The concept of Significant Economic Presence in Nigeria establishes a taxable nexus for non-resident companies or individuals that derive significant economic benefits from Nigeria, even if they do not have a traditional physical permanent establishment in the country. The concept of Significant Economic Presence is particularly relevant in the digital economy, including e-commerce, cloud computing, online advertising, online platforms, and other electronically mediated service
Bank Corporate Client Acquisitions: Employment Law Considerations
If women were selected, incentivized, or subtly pressured to use charm or appearance to attract business, this may constitute constructive dismissal, if such women feel compelled to resign.
CBN's Open Banking Guidelines: Implications for Non-Bank Entities
It is often assumed that the CBN's Open Banking Guidelines are relevant only to banks and licensed fintech companies. However, a closer reading of the Open Banking Guidelines suggests that its application is significantly broader, extending to any company that shares or consumes financial data through APIs, regardless of sector.