IFLR 1000
The Guide to the World's Leading Financial Law Firms

Nigeria has had a tough but active couple of years. The financial crisis saw the Central Bank of Nigeria intervene in nine of the country's leading banks and a wide restructuring of the banking sector has ensued.

"The universal banking system has been abandoned and now there are three separate licenses for retail banking, merchant and investment banking, and a licence for a financial holding company," says a partner, adding that "there was also a complete restructuring of banks and their balance sheets". The aim is to protect retail banking from riskier types of financial activity.

The upheavals and subsequent measure to tackle the issues mean that through 2010 and 2011 firms have been very busy advising the Central Bank of Nigeria (CBN) on the sale of banks' assets and on a quantitative easing programme, and advising the Asset Management Company (AMCOM), which has taken on all the banks' bad debts and initiated a vast programme of bond issuances. Firms have also been busy advising the large number of banks which owned subsidiaries in riskier areas and which are selling businesses off to comply with the new regulations.

"The CBN asked for bids for acquisition of parts of the nine distressed banks," says a partner, and while "there is demand to buy these," says another, "at the moment there is a glut in the market." Added to this, the selling process in mid-2011 was temporarily being thwarted by shareholders of the banks that were blocking the forced sales.

The consequence so far has been a slowdown in lending. "Banks are not lending so a lot of smaller businesses are in trouble. Liquidity rates are very high and a lot of companies can't pay the interest that banks are asking for. Banks are just chasing a few projects, rattled, looking for choice assets, no more quick turnaround margin loans," says one partner. According to one firm however, "the market for mega deals is still very much there".

The market has made a quick shift from being very much equity driven to having an active debt capital markets and guidelines for pension funds' investments have been relaxed, so firms expect a boost of new money investments from this sector. According to one partner, "securitisations are beginning to get busy again and the debt markets in general are quite active, while equity has evaporated".

The debt capital markets "have come back to life... last year (2010) it was rather quiet... prior to the crash in the market there were no private debt issuances, only from government entities, but now there are issuances in oil & gas and financial service companies which have all been fully subscribed and there is a considerable appetite".

The market has been active in M&A, with firms registering a strong year due to the restructuring in the banking system but also thanks to a lot of movement in the oil and gas sector. There were also a number of large transactions in the heavy industries and consumer sectors. In projects, firms point to the huge shortage in power supply and a move for privatisation in the power sector.

Key new bits of legislation include the Petroleum Industry Bill and the accompanying Local Contents Bill, which obliges local company participation in the oil & gas sector.

Abdulai Taiwo & Co has a long heritage in the market and can still offer good experience in transactions, say clients. The firm is best known in the capital markets but also has a lot of expertise in transport and infrastructure projects.

"I have been 24 years in the market," says one client, "they were the best and had the best corporate law practice, now there are many new firms but when you need experience I still think Abdulai is the place to go, they don't compromise, they put in their best, we did a lot of transactions with them and I recommend them very highly."

The firm has an active capital markets practice. Alayo Ogunbiyi worked with Lape Silva to advise Zamfara State Government on a $150 million 14% fixed rate bond due in 2018 and Crusader on a $40 million subordinated unsecured convertible debenture. The firm also closed a rare deal in Nigeria advising on establishing the SunTrust Hybrid Reits (real estate investment trust scheme).

In 2011 the firm was engaged by FBN to advise on an $80 million high-yield mutual fund and a $40 million money market mutual fund. In a high value deal, Taiwo acted for the note trustee on a $795 million Series 2 - FMBN RMBS, marking the largest RMBS in West Africa and giving a good example of the firm's versatility.

Adepetun Caxton-Martins Agbor & Segun (ACAS) is regarded by everyone as one of the leading oil & gas firms in the country. It is fully focused in the sector, which exposes it to large finance and M&A deals. "Very much a leader in oil and gas M&A, I really rate them highly" says one peer,

Advocaat Law Practice is noted for the first time in the IFLR1000. The firm, which established in 2006, has an energy and natural resources department led by Oladotun Alokolaro which exposes it to some sizeable M&A and financings in the oil and gas sector. In banking it counts on partner Farid Alghali, former head of legal at United Bank of Africa (UBA).

In late 2010 and 2011, the firm won mandates on a mix of transactions. In December 2010 Alokolaro closed a $21 million sale and purchase agreement for CCC Oil & Gas Nigeria of a 30% participating interest in OPL 283. The firm was busy advising the same client in mid-2011 on another sale and purchase agreement for a $15 million 30% participating interest in OPL 276.

Elsewhere, Alokolaro was advising First City Monument Bank on a proposed $19 million financing to a domestic oil exploration company in order to refinance a production facility and finance the drilling of an additional well.

The firm has broad expertise to compliment the corporate finance work and has a track record on high value disputes resolution cases.

Aelex occupies a slightly different position in the market to its competitors, being most highly regarded in specific areas such as oil & gas, aviation, real estate, regulatory, dispute resolution and tax, above all, while having a slightly lower profile in mainstream acquisition financing and syndicated financing and capital markets transactions.

"If it bridges into regulatory, or tax, or anything with a government connection: privatisations of parts or assets, tax, regulatory and government contract," says one client who regularly instructs the top firms, "I go to them." Another client says "they have a Ghanaian practice too [which] is a very useful bag of tricks as the focus on Ghana grows".

A large continental retail company recommends the firm for "real estate, property and litigation", picking out Theo Emuwa for his "knowledge of Nigeria" and the firm for "the fact that they are dedicated to our business, have very good lawyers; there have never been any issues".

Project finance is the firm's key area and partner Gbite Adenji advised ExxonMobil on all aspects (including financing) of a $1 billion 500MW independent power plant and was busy representing an international company with the establishment of a thermal power plant in Rivers State. Another highlight saw the firm advise Etisalat on a $650 million non-recourse financing for the development of telecoms infrastructure.

In banking, the firm gets regular referrals from the Dutch bank FMO, and in one deal Fubara Anga, Gideon Agbedo and Ayoyinka Ayeni were advising on a $20 million unsecured subordinated convertible facility to a Nigerian bank. Another regular client is Bank BHP, which it was helping restructure a $100 million financing for the purchase of aircraft by a Nigerian airline operator.

In capital markets, Anga and Agbedo acted for Oceanic Bank on a $200 million convertible Eurobond issue while in M&A Emuwa advised private equity firm Helios Investment Partners as local counsel to Clifford Chance on its $100 million acquisition of a local power company.

Aina Blankson has a smaller profile than some competitors among peers, although one notes that "they are coming up in capital markets". It gets very good feedback from clients where it wins plaudits in specialised fields.

One investment banking client says "they started with the market years ago... they have the most knowledgeable lawyers in investment banking and created a niche in this area". An M&A client says: "We have been working with them since 2004... they are very diligent, they did a joint-venture with a South African company and were very knowledgeable within Nigeria and outside Nigeria."

According to another client the firm is "highly confidential", "young" and "very committed and meeting deadlines". Associate Kingsley Sawyerr, former head of legal at Bayelsa State's public-private partnership (PPP) department who joined the firm in 2011, heads the corporate commercial department under Kehinde Aina and Harry Blankson.

In M&A the firm was engaged by a number of banks on mergers in the wake of the banking system's restructuring. Among the deals, Sawyerr advised Wema Bank and Wema Homes on its merger while Courage Isibor helped Intercontinental Securities and Intercontinental Finance and Investments on its merger.

In project finance, Kanyo Okoye and Sawyerr advised Protea Ghana, Barclays Ghana, Strategic African Securities and regular client Praxis Partners on a $35 million financing for the expansion of the Protea Hotel and financing for the Protea Hotel Takoradi.

Ajumogobia & Okeke is a well-known name in the market especially in the capital markets. Ovie Ukiri leads on all corporate finance transactions. A client for a large infrastructure project says "whatever they have done has been excellent, and when you send them a question you get a response".

"They are very much trusted by the state of Lagos," says another. In 2011 Olasupo Shasore, the former Attorney General of Lagos state, joined the firm as a partner. The firm recruited three associates and two senior associates through 2010 / 2011.

In banking, the firm won two mandates from Diamond Bank to provide advice related to investment funds and the sale of a yacht, in which the bank had invested. In the capital markets, the firm acted as joint-solicitors to the Delta State government on a dual tranche $659 million infrastructure development bond and advised the security trustee Notore Chemicals Industries on a high-value bond issue by SPV Notore Funding.

In M&A, Ukiri was advising Helios Investment Partners on its $1.3 billion bid for a Nigerian bank currently being recapitalised by the Central Bank, in which Ukiri conducted due diligence. The firm was also acting for the Bureau of Public Enterprises on the government's proposed sale of its 24% stake in Transnational Hotels and Tourism Services.

Ukiri led a team to advise on the merger between Rubber Estate Nigeria, the client, and its French parent company and Equinox TSB Development on its $5.5 million sale to Mira Resources, while in projects, he was advising Trilex Development Corporation on a proposed $600 million concession of the Badagry Port in Lagos by the Nigerian Ports Authority.

Aluko & Oyebode remains a top firm across the board with the finance department receiving the highest praise. An active client in Nigeria says the firm "probably has deeper across the board expertise in finance than any other". "They're great," says an international client, "definitely one of our go-to firms."

"They gave very good service, very classy, were responsive to any issues that came up during the financing... we received excellent work and it continues," says one client.

Another describes Kofo Dosekun as "a wonderful lawyer" and recommends junior partner Reginald Udom: "He will have a bright future, definitely on the ball, a very safe pair of hands, excellent legal work with a view for commercial issues." Clients and peers also recommend Sumbo Akintola for project finance and aviation, and project finance partner Oghogho Makinde, who a peer says is "thorough, very dogged and excellent".

Highlight deals saw Dosekun advise MTN Nigeria Communications in four facilities totaling $2 billion from a consortium of national and international lenders (the largest ever non-oil financing in Nigeria) and United Cement Company of Nigeria on a $270 million refinancing by national and international financiers. Gbenga Oyebode also represented DnB Nor Bank and Crédit Agricole as lead arrangers on a $1.8 billion financing to Pacific Drilling for four deep-water drilling vessels.

A capital markets deal highlight saw Olubunmi Fayokun work alongside White & Case to advise a domestic bank on a $300 million Eurobond issue, still a rare transaction in the market. The firm advised First Trustees and UBA Trustees for Benue State's $85 million bond issue and were engaged by Chellerams and Kwara State on their respective issues.

In M&A, Fayokun and Oyebode advised a leading Nigerian bank on the $350 million acquisition of another bank and assisted two Japanese corporations on investments into a steel company.

Austen-Peters & Co is a smaller firm but has a very strong reputation in the capital markets for complex or innovative deals, especially with Timi Austen-Peters. One client describes him as "the preeminent lawyer for this, a very, very sound adviser".

In one example, Austen-Peters has been engaged by the government of Nigeria to advise on the establishment of a sovereign wealth fund, a first for the government. In mid-2011, Austen-Peters also won mandates from BNP Paribas, to advise on a $200 million short term amortising agreement to Glo Mobile and a further advance on a $400 million crude oil export facility, and Mercuria Energy Trading, on a $350 million repayment financing facility to Chartered Crown Energy.

Elsewhere in the capital markets, Nehizena Ibhawoh helped Afrinvest on a private placement of a $13 million redeemable cumulative convertible preference scheme.

The firm also won mandates in other areas last year, and most notably project finance. Nwachi Otuogbodor acted for Standard Chartered on contract matters related to the insolvency of a pension fund, while in project finance Jide Ogundana was in 2011 advising Akton Energy on a $360 million 200MW wind farm project through a joint-venture with Kogi State. The deal marks the first ever wind project embarked upon by a state government.

Ogundana was also working in a consortium of law firms to advise the Niger Delta Power Holding Company on gas supply and transport agreements for eleven power plants, which involved negotiations with some global oil companies including Shell and ExxonMobil.

Timi Austen-Peters (Leading lawyer bio)

B&I is widely considered the leader in the capital markets and in the top couple for M&A and although marginally less active in banking and project finance, peers and clients rate it on quality.

A long-term client using them on refinancing matters says it is "superb; they have been very good, they are my top law firm, very hard-working, work around the clock". "We used them on a Nigerian $500 million ten year sovereign bond issue," says another client, "they had a good understanding of local regulations, worked very closely with us going beyond the ordinary, the partners were available to us... very solution-driven." "They come very highly recommended by magic circle firms," notes a new client.

Others recommend Asue Ighodalo as "extremely good: she has strong knowledge and is an impressive transaction manager, got bags of tricks somewhere, always thinking and very dynamic". Femi Olubanwo and Ayo Owoigbe are also praised by clients as "very competent, professional and effective".

In capital markets, Ighodalo advised the government on a $500 million sovereign bond issue, Flour Mills on its $449 million debt issuance programme, Edo State on its $162 million bond issuance and United Bank of Africa (UBA) on its $2.6 billion MTN programme with a first issuance of $130 million.

Owoigbe and Olubanwo led teams to advise Stanbic IBTC on a $30 million receivables-backed trade finance facility to Tak Continental and acted for a syndicate of Nigerian banks on a $650 million dual tranche facility to Emerging Markets Telecommunications Services, one of the largest syndicate loans in the market. In projects, Ighodalo, Isa Alade and Ogunro closed a $105 million financing for Main One Cable Company.

In M&A, the firm won mandates from Benue Cement Company on its $136 million merger with Dangote and the government on the proposed $2.5 billion privatisation of Nigerian Telecommunications.

Detail Solicitors is well regarded for Ayuli Jemide's expertise in public-private partnerships (PPP) and a current role advising on the Lagos state urban rail, which has greatly boosted the firm's profile. Jemide is working with SJ Berwin to advise the Lagos state transport authority on the $513 million (current valuation) 25 year concession for an urban railway. The project has not yet completed.

Another boost to the firm's profile saw Jemide lead a team to advise Sona Group on the sale of its entire equity stake in five breweries in Nigeria to Heineken International, marking the largest brewery M&A in Nigeria in which Jemide also advised on a complex pre-sale reorganisation of Sona. Jemide was also acting for the Federal Capital Development Authority on the $400 million development through PPP of the Katampe District, which encompasses roads, sewage system, water supply network and electrical distribution.

These were the high profile deals, but the firm was also active in other notable engagements. In one large capital markets deal, Ifeyinwa Azubike, Tosin Sofowora and Damilola Ogedengbe were advising the Delta State government on a $661 million infrastructure bond to finance a series of projects in Delta state.

Azubike also advised the trustees on Kaduna state government's $132 million infrastructure development bond. On the projects side, Azubike was acting on the transaction structure and legal and regulatory framework of Delta state's PPP for the construction of the $320 million Warri Industrial Business Park.

G Elias & Co is best in banking and project finance. "They do a lot of transactions, very active in banking and a lot for local banks," says a peer. Size is an issue according to commentators, with some calling the firm a 'boutique', but it is known for quality on complex deals.

A domestic resources company says: "They are very professional organisation. We go to them for all big business deals using Gbolahan Elias mostly - they have a very good network in Nigeria and very good internal knowledge of our company." A domestic client for capital markets says: "They always manage to execute perfectly from their side, extremely good on documentation, very knowledgeable compared to many other law firms and very high ethics." One mild criticism is that the firm can be "sometimes a bit too thorough and academic".

In prestigious roles, Elias was engaged by Central Bank of Nigeria on its $3.3 billion quantitative easing programme and the Asset Management Company (AMCOM) to advise on its $20 billion bond issuance programme. Segun Omoregie advised UBA Trustees on Notore Chemicals Industries' $310 million asset-backed securitisation and UBA, Guaranty Trust Bank (GTB) Asset Management and Diamond Capital and Financial Markets on a $2.67 billion bond issuance programme.

In financings, Elias, Fred Onuobia and Segun Omoregie advised Standard Chartered and United Bank of Africa (UBA) on a $1.1 billion financing for the NGL II Project, the largest oil financing in three years, the lenders on an $850 million acquisition financing to a Nigerian acreage owner and Greenfields Petrochemicals Park on the largest private financing of the year ($400 million) for the construction of an Ammonia-Urea plant.

In one M&A deal, Elias was advising Aureos Nigeria Advisers and Orwell Nigeria on Orwell International's $200 million merger with Africa Oilfield Services.

Giwa-Osagie & Co has its strongest reputation in the market for its corporate and M&A practice, but competitors also see them on projects, banking and capital markets from time to time. It is very much a versatile firm.

"They have an active corporate practice and a niche strength with South African clients through its Lex Africa network," points out a peer. One capital markets client says: "They were professional, deliver on time, follow up on the client even when client is slow to give information, very enthusiastic... we would recommend Osayaba [Giwa-Osagie] anywhere at any time."

The firm is active in heavy industry and power, with clients such as Lafarge Cement and the Nigerian Gas Corporation, and aviation, where it acts for KLM, Air France and Emirates Air among others. The firm advised Telkom on a $500 million senior term loan and revolving credit facility and acted for Lafarge WAPCO on its $340 million bond issue in order to finance expansion.

Another standout deal saw the firm advise Multi-Links Telecomms on two loans, for $42 million and $60 million, from China Development Bank. M&A was the firms biggest department, where it acted for Telkom on its $280 million 75% acquisition of Multi-Links Telecomms.

The firm also advised Olam International on the combination and acquisition of three flour mills for $70 million and TNS's parent company WPP on its takeover by RMS Nigeria.

Commentators consistently rate Jackson Etti & Edu in banking. It regularly acts for Standard Chartered UK and Skye Bank and it clinched some key M&A transactions in the banking sector, most notably for Intercontinental Bank and Diamond Bank.

A client for a refinancing with "very tight deadlines" says "they did very well representing the lenders locally... impressive, good timeline, strong relationship management - we hired them subsequently as overall counsel replacing [the international counsel]". Owolabi Odekunle and Fola Olusanya are both recommended by clients.

Odekunle advised Standard Chartered on a $96 million revolving loan and credit facility to Oando Trading and on a $100 million short term trade finance facility to Skye Bank. Koye Edu led a team to assist First Bank, First Bank Nigeria (FBN) UK, Guaranty Trust Bank (GTB) and Skye Bank on a $120 million refinancing to a telecoms project company while Olusanya acted for Standard Chartered on a $100 million loan to United Bank of Africa.

In M&A, Edu and Olusanya were engaged by Intercontinental Bank on a recapitalisation and $1 billion sale to Access Bank, while Olusanya was leading a team to support Diamond Bank in the $30 million divestment of Diamond Capital and Financial Markets and subsidiaries following Central Bank directives.

In capital markets, Edu closed a novel transaction helping mortgage lender Aso Savings & Loans structure and issue a $66 million securitised bond. Olusanya also advised Afromedia and Skye Financial Services on respective $66 million bond issuance and Reit (real estate investment trusts). In project financing, the firm acted for Skye Bank in a $149 million financing from Skye Bank, Sterling Bank and GTB to Pan Ocean Oil Corporation.

Odujinrin & Adefulu is another firm with very deep heritage in the market. It has moved down a generation and now boasts a young team led predominantly by Damilola Adetunji. "A good firm with a good reputation," says one competitor.

Clients like it for a variety of reasons: "They are very strong in Ogun State where our plants are and they help us on local laws, fees, levies, permits and licenses we are supposed to have... they are very strong in project finance so we use for legal advice in finance and HR matters." Another client for M&A and due-diligence says "they have some depth but it is not a very large law firm... highly satisfactory, very professional, they pride themselves on prompt feedback and this is my highest point for them".

Adetunji, supported by Anayo Uchegbu and Jide Babalola, advised on a number of large financing deals for the African Export-Import Bank, assisting on a $200 million bridge facility to Seplat Petroleum Development Company, a $90 million promissory notes purchase facility for an airline operator, a $15 million receivables-backed financing facility to Cocoa Products and a $20 million bridge financing facility to Shebah Exploration & Production Company.

The firm won a number of referrals from Hunton & Williams and Hogan Lovells. In capital markets, where the firm was historically in the top tier group, Adetunji acted for the trustees on a $333 million corporate bond issuance programme (still a recent development in Nigeria) and for Guarantee Trust Bank as issuer on a $666 million second tranche bond issuance under a $1.3 billion programme.

Leveraging off its finance expertise, the firm also won a mandate in a merger between a large bank and its insurance subsidiaries.

Olaniwun Ajayi is a long-established corporate firm with a lot of experience in banking and finance. "Must be at the top," says a peer, "they are on some of the biggest project finance deals for companies like ExxonMobil and LNG."

One client, who used the firm for restructuring a syndicated loan against international lenders, found it "very good, they have a lot of experience and some very outstanding partners and articulate associates, I am most comfortable with them of all firms". For another client the firm fell short of expectations on an M&A transaction with due diligence, however it is a rare criticism as thoroughness is often listed as one of its strong points.

Yemisi Awonuga, Anuoluwapo Balogun and Seye Opasanya all led finance deals which included assisting Lafarge Cement WAPCO on a $414 million restructuring of a syndicated loan and further financing from Standard Chartered, Guaranty Trust Bank (GTB) and Stanbic IBTC.

The team helped Nigerian LNG restructure a $1billion syndicated facility and secure further financing of $72 million from a syndicate including BNP Paribas, Citibank, WestLB and Crédit Lyonnais, First Bank of Nigeria, GTB and Union Bank among others.

In capital markets, Awonuga helped UBA on a $2.1 billion MTN programme, while in banking the firm helped International Finance Corporation (IFC) on a $200 million loan and equity investment into GTB and acted for AMCOM on its $14 billion debt issuance programme through issuance of bonds to 21 Nigerian banks.

In M&A, Ajayi advised Dangote Cement on its merger with Benue Cement Company to create a company that constitutes 25% of the stock exchange's market capitalisation, and Tominiyi Owolabi, recommended by a peer for "consistently advising on biggest transactions", advised Africa Oilfield Services on its merger with Orwell International.

Paul Usoro & Co is most highly regarded for its position in the telecoms market first and foremost, with clients such as Main One Cable, and then for project finance, where it has recently worked on some infrastructure mandates and where it has long established expertise in shipping work. Mfon Usoro and Adetola Ibironke lead on all transactions.

The firm joins the M&A table thanks to good recommendations from commentators: "they just acted on an important acquisition for Visa... they match the top firms in quality and consistency," says one peer. One investment bank client rates its "expertise in telecoms" and "very good communication with the client". An M&A client says "their biggest virtue and biggest advantage is their thoroughness... they put heart and minds into the deal, quite unwavering".

Another says the firm was "attentive to all areas of the deal and at a short notice could deploy resources for the deal" and recommends the firm as an aggressive counsel but warns that cost may be an issue as senior lawyers handle most cases.

The firm has done a lot of trade finance and recently advised HSBC on a $100 million ECGD backed loan to a local bank. In M&A, Usoro and Ibironke advised Oceanic Bank on the sale of its offshore subsidiary (Oceanic Bank UK) to Fevamotinico in July 2010 and were handling another divestment for the bank in mid-2011.

In 2011, the pair was advising a group of Nigerian banks on a $397 million syndicated medium term facility to the Katampe Project to develop residential and business districts in Abuja under one of the first public-private partnership (PPP) projects in the country. They also closed a $77 million bridge loan to an airline by client African Export-Import Bank. Other clients included power companies and leading bank Access Bank.

Punuka Attorneys is best known for its profile in litigation and insolvency. "Strong in litigation, the main partner is the equivalent of a UK QC, an ex-president of capital markets lawyers association," says one peer of managing partner Anthony Idigbe. Another recommends the firm for "capital markets litigation; they have done some high profile securities cases".

One client for debt recovery work and banking related case says: "I have very high opinion of them, they are well established, have a large number of lawyers working with them and have been very professional... very good in insolvency". Idigbe is the president of the Business Recovery and Insolvency Practitioners Association.

The firm has acted for numerous companies in public share issues, advising on Securities and Exchange Commission regulatory matters, drafting resolutions to companies from private to public entities and filing prospectuses.

In February 2011, Idigbe advised the Royal Exchange on a large debt write off related to its holding company. The firm was also helped Diamond Bank on insolvency and cross border insolvency matters, including dealing with creditors, and on a $3 million debt recovery exercise.

In 2011 Idigbe and Nnamdi Dimgba were engages by ADIC Insurance and its subsidiaries to support on a transfer of assets and liabilities of a subsidiary company to its holding company, completing a merger between life insurance and general insurance businesses. The firm also advised the Leo Group on a series of mergers of $13 million to consolidate its operations in the country.

The firm also has a very strong practice advising construction companies on large infrastructure projects.

SPA Ajibade & Co has a good capital markets practice under managing partner Babatunde Ajibade and corporate head Kalu Abosi. Although this is the firm's strongest suite clients recommend the firm as full services lawyers.

"We check all contracts through them, they handling trade marks for us and... they handled a rights issue," says a client, adding that "they have always been very helpful to us and that's we still use them". Another client recommends Ajiabde for being "good at finding solutions; he listens very well and knows how to find middle road".

Ajibade and Abosi advised the First Bank of Nigeria in the run up to its planned $3.24 billion debt securities issuance. The deal would have been the largest corporate debt issuance programme however it has been suspended. In 2011 the pair was advising Ekiti State on a $162 million debt issuance programme, the state's largest issuance ever, and Ondo State on its $324 million development and infrastructure bond.

The pair also lead the firm's M&A practice and their highest profile role was advising Broad Communications, a minority shareholding group of Zain Telecom, on the $9 billion acquisition of Zain by Bharti Airtel in March 2010. The firm also acted for insurance brokerage Femi Johnson & Co on its sale of a 60% stake to Alexander Forbes Afrinet Investments, and Gulf Link on its $4 million sale to Commotrade Global Services.

Templars has established itself as a go-to firm for financing and oil & gas. It is very well versed in international deals, with a number of its lawyers having trained in global firms. It recently recruited senior M&A associate Sola Opeola from Shearman & Sterling New York.

Clients prefer the firm for "straight finance issues, project finance or straight bank finance" while one M&A client found the firm "a very efficient machine" and recommends Olumide Akpata. "Templars has a very on the ball finance department," says one client, adding: "I think the world of [partner Dayo] Okusami and when I have a finance question I turn to him, lots of international finance expertise, really gets it, an excellent general energy lawyer."

In banking, Chike Obianwu led a large team to advise the Africa Finance Corporation and Access Bank on $150 million and $585 million financings to Neconde Energy SPV for a 45% acquisition of Oil Mining Lease 42 (OML 42) from Shell, Total and Agip.

Olamide Oladosu and Okusami helped Clifford Chance advise Bank of China on a $300 million financing of Blacksands Pacific's abandoned 30% acquisition in OML 110, while in project finance the firm assisted Stanbic IBTC Bank on the $43 million refinancing for the Polo Park Shopping Mall.

In capital markets, Obianwu acted with Latham & Watkins for Afren as issuer of $450 million 11.5% senior notes due in 2016 and listed on the Luxembourg Stock Exchange while Inam Wilson advised Barclays Capital on a $200 million convertible guaranteed bond issuance due in 2015 on the SGX-ST.

The firm also advised Guaranty Trust Bank (GTB) in its divestment of non-core assets worth $10 billion while Wilson was engaged by Harris Corporation on the $398 million acquisition of the global connectivity services unit of Schlumberger.

Tokunbo Orimobi & Co is listed here for the first time. The transactions practice is led by Michael Orimobi.

In banking, in mid-2011 the firm was advising Kraal Trading Company on a scheme called the Kraal Food Scheme which aims to make $600 million available to farmers. The firm also closed two deals for Isoglass Industries, including a $3 million debt restructuring with Afribank and a $3 million financing from Spring Bank.

In the capital markets, the firm advised Great Nigeria Insurance on a $27 million private share placement, and assisted UBA Trustees and Skye Trustees on the ongoing $134 million Ekiti State floating rate seven year redeemable bond issue.

The firm worked on a couple of large M&A, one of which saw Orimobi lead a team to advise Greenwich Trust on its $1 million acquisition of Diamond Registrars. The firm was also involved in a high value power transaction, where it was engaged by Zip-Tech Consulting on a €250 million construction of gas-to-power generation plants. The firm is handling license matters and negotiation on the power purchase agreements with the government and finance agreements.

Udo Udoma gets very good all round feedback. "We used them for due diligence, a couple of months of work, as local counsel but a big role," says a client, "they were very good, the quality of the information and advice we received was solid, we were happy with what they produced and they had good response times".

Dan Agbor is recommended for the being "accommodating, available and committed to the project" and "not scared to put in the extra time and adhere to deadlines". Clients also recommend associate Nicholas Okafor as a "very good technical lawyer" while Yinka Edu is praised by peers as "a leading capital markets lawyer and major force in the firm, she is excellent".

The firm was mandated by the African Development Bank (ADB) on a $100 million loan to Guaranty Trust Bank (GTB) with the end aim of financing development projects and by a group of syndicated lenders in a $285 million facility to Sparkwest Steel Industries.

In capital markets, Agbor advised the arrangers and dealers of a $2 billion MTN programme for GTB and on the first issuance of 500 million 7.5% notes due in 2016. Edu acted for Flour Mills on its debt issuance programme and advised UPDC on a $97 million 10% fixed rate unsecured non-convertible bond issuance under its $193 million debt programme.

In M&A, a team led by Folake Adebowale advised SAB Miller on its $100 million investment in a new 500,000 hectolitre-capacity Greenfield brewery and bottling facilities with the Anambra State Government and other Nigerian investors.

In projects, Aniekan Ukpanah advised a syndicate of lenders on a $270 million facility to United Cement Company of Nigeria and Accugas on a $70 million facility for the construction of a central processing facility and the Uquo-Ikot Abassi gas pipeline.

Wali-Uwais & Co's reputation in corporate finance is of a capital markets firm and a very active one at that. "Lots of capital markets transactions, they worked on the United Bank of Africa bond and on another bank's equity offering, very active".

Maryam Uwais and Obinna Ogbuagu were advising the Asset Management Company (AMCOM) on its vast $20 billion (approximately) debt issuance programme, one of the phases in the recapitalization of failing banks in Nigeria. Part one of the transaction closed in April 2011 while the rest of the process continues.

In M&A, Uwais and Ogbuagu led a team to advise FBN on plans for a proposed merger of FBN and three banks as one option of the Central Bank of Nigeria's bailout plan, however the deal was aborted.