UUBO ADVISED BRITISH INTERNATIONAL INVESTMENT PLC ON ITS USD100 MILLION CREDIT FACILITY TO FIRST BANK OF NIGERIA LIMITED
Udo Udoma & Belo-Osagie is delighted to have advised and supported British International Investment plc (formerly CDC Group plc) – the UK Government’s development financial institution on its USD100 million credit facility to First Bank of Nigeria Limited (“FBN”) for the purpose of financing women-owned and led businesses as well as small and medium-sized enterprises (SMEs) in Nigeria. In line with FBN’s financial inclusion goals, the credit facility will help FBN to strengthen its commitment to gender financing targeted at women-owned and led businesses and enhance funding to SMEs in Nigeria to boost growth and promote financial inclusion across Nigeria and further the fulfilment of sustainable development goals to achieve gender equality and no poverty. It also aims to promote social inclusion in Nigeria, a key component for furthering effective and sustainable growth and development across rural and urban areas in Nigeria and the Nigerian economy at large.
The UUBO’s team was led by partners Yinka Edu and Joseph Eimunjeze, and they were supported by Chisom Okolie, Ikenna Edeh, and Dumebi Anike-Nweze.
UUBO ADVISES LEAPFROG ON INVESTMENT IN INTERSWITCH
Udo Udoma & Belo-Osagie is pleased to have advised LeapFrog Investments on its strategic investment, with Tana Africa Capital, in Interswitch Group, one of Africa’s leading technology-driven companies focused on the digitisation of payments. The investment is expected to assist in supporting Interswitch’s drive to advance the payment ecosystem across Africa.
A portion of the investment has been acquired from existing shareholders, with Ignite Holdco Limited, made up of Helios Investment Partners and TA Associates, remaining the largest shareholder in the business following the transaction. More information about the transaction is available to read here: https://lnkd.in/gbeztbGq.
Our transaction team was led by private equity and M&A team partner Folake Elias-Adebowale, with principal support from associates Bond Eke-Opara, Aanu Odunaike and Precious David and additional support from Babatunde Olayinka, Pamela Onah, Damilola Adedoyin and Chigornum Weli-Igwe.
UUBO ADVISES ON NIGERIAN ELEMENTS OF GENERAL ATLANTIC’S BEYONDNETZERO-LED $260M SERIES D FUNDING OF SUN KING
Udo Udoma & Belo-Osagie is pleased to have advised on the Nigerian elements of global growth equity investment firm General Atlantic’s BeyondNetZero-led Series D funding of Sun King (formerly Greenlight Planet), the largest provider of domestic off-grid solar energy products in Africa and Asia. More information about the transaction is available here: https://beyond-net-zero.com/sun-king-raises-260-million-led-by-general-atlantics-beyondnetzero-to-expand-global-access-to-affordable-solar-energy/.
Our transaction team was led by private equity partner Folake Elias-Adebowale, with specialist input from power and finance team partners Adeola Sunmola and Onyinye Okafor, and principal support from Tobechi Nwokocha, Godson Iwuozo and Aanu Odunaike.
UUBO’S CAPITAL MARKETS TEAM ACTS AS JOINT LEGAL COUNSEL TO MTN NIGERIA COMMUNICATIONS PLC IN CONNECTION WITH THE ESTABLISHMENT OF ITS N150,000,000,000 COMMERCIAL PAPER ISSUANCE PROGRAMME AND ITS SERIES 1 AND 2 ISSUANCES
The UUBO Capital Markets team is pleased to have acted as Joint Legal Counsel to MTN Nigeria Communications PLC (“MTN”) in connection with the establishment of its N150,000,000,000 (one hundred and fifty billion Naira) Commercial Paper Issuance Programme (the “Programme”) and the Series 1 and 2 issuances amounting to a total sum of N127,000,000,000 (one hundred and twenty-seven billion Naira) thereunder. The Series 1 issuance was for a tenor of 184 days priced at a yield of 7.50% yield, while the Series 2 issuance was for a tenor of 254 days priced at a yield of 8.50%.
The successful establishment of the Programme and issuances is the largest single Commercial Paper Issuance in Nigeria.
MTN is the leading telecommunications company in Nigeria, and the size of the issuance is a representation of the trust in its brand and operations. The Issuance is in line with MTN’s strategy to diversify its financing options, with the proceeds being deployed towards its short-term working capital requirements and general corporate purposes.
The team was led by our Capital Markets team partners, Yinka Edu and Joseph Odianosen Eimunjeze, and included Ekundayo Onajobi, Lisa Esamah, Damilola Opayinka, Itoro Etim, and Richard Enoch.
UUBO ADVISES THE INTERNATIONAL FINANCE CORPORATION (IFC) IN CONNECTION WITH A WORKING CAPITAL SOLUTIONS UNSECURED LOAN OF UP TO US$250 MILLION TO ZENITH BANK PLC
The UUBO Banking and Finance team is pleased to have acted as Nigerian Counsel to the International Finance Corporation (IFC), a member of the World Bank Group, in connection with a Working Capital Solutions unsecured loan of up to US$250 million to tier 1 Nigerian bank, Zenith Bank PLC.
The loan is to complement IFC’s previous US$100 million FG COVID-19 Emergency Response loan granted to the bank in 2020 (which UUBO also advised on as Nigerian counsel). The loan will (a) enable the tier 1 bank to provide working capital and trade finance facilities to enterprises in Nigeria (including micro, small or medium-sized enterprises) impacted by the COVID-19 pandemic; (b) support the bank’s ability to sustain its customers’ operations and expedite post-COVID-19 crisis recovery. In relation to ESG, the loan will enable the bank to support customers that are not engaged in coal-related activities, upstream oil and gas activities, and activities that are sensitive, diverse, or unprecedented. The loan is also expected to significantly enable the bank to contribute to the economic growth of the Nigerian private sector by providing businesses in the health, pharmaceutical, food, and trading sectors, with foreign currency working capital to support their operations in light of the COVID-19 pandemic.
The UUBO team was led by our Banking and Finance Partner, Joseph Eimunjeze, with support from Victor Samuel, Modupe Balogun and Oluwatobi Akintayo.
UUBO ADVISED BRITISH INTERNATIONAL INVESTMENT PLC ON ITS USD100 MILLION CREDIT FACILITY TO FIRST BANK OF NIGERIA LIMITED
Udo Udoma & Belo-Osagie is delighted to have advised and supported British International Investment plc (formerly CDC Group plc) – the UK Government’s development financial institution on its USD100 million credit facility to First Bank of Nigeria Limited (“FBN”) for the purpose of financing women-owned and led businesses as well as small and medium-sized enterprises (SMEs) in Nigeria. In line with FBN’s financial inclusion goals, the credit facility will help FBN to strengthen its commitment to gender financing targeted at women-owned and led businesses and enhance funding to SMEs in Nigeria to boost growth and promote financial inclusion across Nigeria and further the fulfilment of sustainable development goals to achieve gender equality and no poverty. It also aims to promote social inclusion in Nigeria, a key component for furthering effective and sustainable growth and development across rural and urban areas in Nigeria and the Nigerian economy at large.
The UUBO’s team was led by partners Yinka Edu and Joseph Eimunjeze, and they were supported by Chisom Okolie, Ikenna Edeh, and Dumebi Anike-Nweze.
