Firm / Organisation

Udo Udoma & Belo-Osagie

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Managing Partner: Dan Agbor
Number of partners: 15
Number of lawyers: 42
Languages: English

Firm Overview:
Udo Udoma & Belo-Osagie is a full service commercial law firm with offices in Nigeria’s key commercial centres.

Main Areas of Practice:
Banking & Finance
Business Establishment
Capital Markets
Company Secretarial
Compliance & Investigations
Corporate Advisory
Dispute Resolution
Intellectual Property
Media & Entertainment
Mergers & Acquisitions
Oil & Gas
Infrastructure & Projects
Private Equity
Pro Bono
Real Estate
Telecommunications, Media & Technology

Selected Recent Work:

Banking & Finance:
■Syndicate of local banks on the N200 billion term loan financing to MTN Nigeria Communications Limited under the 2013 Common Terms Agreement
■A global energy company on its up to US$534 million term loan facility to an indigenous exploration and production company utilised to refinance an existing reserve-based loan provided by a syndicate of lenders as well as to provide additional working capital facilities for its operations
■Vitol Energy S.A on its US$10 million term loan facility to Shoreline Power Company Limited to repay its debt owed to the Asset Management Corporation of Nigeria (AMCON)
■FBN Trustees Limited and STL Trustees Limited (the Trustees) on the N100 billion FGN Sukuk issuance for the construction of federal highways and roads in Nigeria
■Lenders to the borrower of a US$18 million vendor financing facility and creation of security over the borrower’s shares in Daraju Industries Limited
■First Abu Dhabi Bank PJSC on a US$50,000,000.00 facility to Zenith Bank PLC
■Deutsche Investitions- und Entwicklungsgesellschaft mbH on a US$15,000,000.00 trade facility to Access Bank
■Citibank N.A., HSBC and various other foreign lenders on a €153 million facility granted to Frigoglass Finance B.V secured by various assets in several jurisdictions
■First Abu Dhabi Bank PJSC on a $50 million facility granted to a top tier commercial bank in Nigeria
■Cooperatieve Rabobank U.A on its $3.8 million facility to Atlantic Shrimpers Ltd to part finance its acquisition of two trawlers ships
■Credit Suisse AG, London Branch on a $30 million term facility to MTN
■Credit Suisse AG, London Branch and Export-Import Bank of China on a $84 million term facility to MTN
■Standard Chartered Bank, Rand Merchant Bank, Liberty Group Ltd, Sanlam Africa Credit Investments Ltd and Sanlam Life Insurance Ltd on a $125 million term facility to MTN
■Investec Africa Frontier Private Equity Fund GP Ltd, on the creation of a charge over shares held in Daraju Industries Ltd, on a $18 million Mezzanine Facility provided to Ashwah Holdings Ltd
■Agence Francaise De Development on a €100 million credit facility to a regional development finance institution for funding infrastructure and energy related projects
■Healthcare services funds provider in the Netherlands on its proposed financing to a Nigerian borrower for the acquisition of medical equipment
■Cooperatieve Rabobank U.A on the provision of a facility to a large conglomerate in the fast-moving consumer goods for the acquisition of equipment
■Africa Finance Corporation on a non-deliverable foreign exchange futures transaction with Access Bank PLC
■FSDH Merchant Bank Ltd on a $50 million trade line with African Development Bank
■Credit Suisse International on a $300 million repurchase transaction with United Bank for Africa PLC
■Credit Suisse International on a $200million total return swap transaction with Access Bank PLC and on over $100 million total return swap transaction with First Bank of Nigeria
■Swiss Re and Mythenquai Investment Services, on a N5.8 billion, loan facility from standard Chartered Bank Nigeria Ltd for the acquisition of a significant interest in Leadway Assurance
■Goldman Sachs on a $100 million total return swap transaction with Sterling Bank PLC and $100 million total return swap transaction with Ecobank Nigeria Ltd
■Consol Glass Proprietary Ltd (of South Africa) on its debt raising and security over its assets in Nigeria
■ IFC on a N2 billion loan to LAPO Microfinance Bank Limited

Capital Markets:
■On the FGN N100 billion Sukuk bond Issuance
■Citigroup Global Markets Ltd and Standard Chartered Bank on the FGN US$2.5 billion bond issuance
■Citibank N.A on its global depository notes programme
■On Mixta Real Estate PLC’s Series II bond issuance
■Lafarge Africa PLC on its N131 billion rights issue of shares
■Union Bank of Nigeria PLC on its bond programme establishment and series I & II bond issuances thereunder.
■Zenith Asset Management Limited on the establishment of a N1 billion fund by Zenith Capital.
■FSDH Asset Management Limited on its N1.5 billion money market fund establishment.
■Citigroup Global Markets Ltd and Standard Chartered Bank on the FGN $4.5 billion bond programme establishment and issuance
■Citigroup Global Markets Ltd and Standard Chartered Bank on the FGN $1 billion bond programme establishment and issuance, and the programme increase to $1.5 billion
■Lafarge Africa PLC on the scheme of merger amongst United Cement Company of Nigeria Ltd and Atlas Cement Company Ltd on the voluntary tender offer for shares in AshakaCem PLC; and the 100% acquisition of the shares in United Cement Company of Nigeria Ltd
■Mixta Real Estate PLC’s N30 billion bond issue
■Dufil Prima Foods PLC’s N40 billion bond issue
■Union Bank of Nigeria PLC’s on its N50 billion rights issue
■UACN Property Development Company PLC on its N24 billion commercial paper issuance programme
■UAC of Nigeria PLC on its N15.4 billion rights issue
■A supra-national on the establishment of a medium term note programme
■Ecobank Nigeria Ltd on the establishment of a N100 billion multi-commercial paper issuance programme
■Standard Chartered Bank Nigeria Ltd on its N100 billion multi-currency commercial paper programme
■FSDH Merchant Bank Ltd on its N30 billion commercial paper issuance
■UACN Property Development Company PLC on its N10 billion multi-currency commercial paper programme and its 5.7 billion rights issue of shares
■Pickets Suites & Services Ltd on Amara Suites’s crowd funding project
■Café Neo on its crowd funding project
■On the Ebonyi and Kaduna State Government’s bond issuances
■FSDH Merchant Bank Ltd on a N100 billion bond issuance
■FSDH Asset Management Ltd on the proposed N13,390,000,000 HMK REIT

Corporate Advisory (including M&A & Private Equity):
■Acquisition by Lafarge Cement WAPCO (Nigeria) PLC (now Lafarge Africa PLC) of approx. US$1.35 billion interests in Lafarge South Africa Holdings (Proprietary) Limited, Atlas Cement Company Limited, AshakaCem PLC and UNICEM
■BUA Group owner Abdul Samad Rabiu on the US$275 million sale of BUA Pasta and BUA Flour Limited to the Singaporean Olam International
■Kellogg on its US$450 million acquisition of a 50% stake in Multipro Nigeria (a member of the Tolaram group)
■Daimler AG on the Nigerian elements of its Euro175 million equity investment in Taxify, a ride hailing app with operations in Nigeria
■LeapFrog Investments on N117 billion its equity investment in ARM Life PLC
■Abraaj on its US$240 million investment in the largest urea fertiliser manufacturer plant in sub-Saharan Africa
■Merger of the various SAB Miller (Intafact Beverages Limited, Pabod Breweries Limited and International Breweries PLC) entities with a value of N87.5 billion operating in Nigeria
■Hygeia Nigeria Limited on its N475 million acquisition of the Gold Cross Hospitals
■Man Capital LLP on the US$25 million co-investment by Dynasty Group Holdings (made up of two renowned private equity investors, Man Capital LLP and Integrated Diagnostics Holdings) in Eagle Eye Echo-Scan Services Limited
■Advised a fund on the Nigerian Law aspects of its US$47.5 million investment in a Pan-African payment platform
■FBN Trustees Limited and STL Trustees Limited (The Trustees) on N100 billion sukuk
■ARM Trustees Limited and Stanbic IBTC Trustees Limited on the N40 billion bond issuance programme by Dufil Prima Foods PLC
■Restructuring of UAC of Nigeria PLC (‘UACN’), in which 21% of the equity of UACN, held by Unilever PLC UK, was cancelled in consideration of 40% of the equity of Tractor & Equipment Limited
■Tiger Brands South Africa and UAC Nigeria PLC (one of Nigeria’s largest conglomerates) on the acquisition by Tiger Brands South Africa of a 49% equity stake in UAC Foods Limited
■African Capital Alliance on its indirect investment by Capital Alliance Private Equity IV Limited in Daraju Industries Limited
■KMC Investments Limited, the majority shareholder in FSDH Merchant Bank Limited on the divestment of its shares to AFIG

Energy & Power:
■Actis LLP on its first investment in the Nigerian power sector, being the acquisition of a significant interest in the 500 MW Azura IPP, being developed by Azura Power West Africa Limited
■Sahara Energy Group in connection with restructuring of its downstream business operations
■A global energy company on the provision of a facility of approximately US$530 million facility to an indigenous exploration and production company which was utilised for working capital and refinancing of its existing loan
■Accugas Limited on a US$225 million facility for the re-financing of an existing debt, construction of a gas processing facility and construction and laying of pipelines in Calabar
■Emerging Capital Partners in connection with a US$35 million investment by a fund which it manages, in Ocean & Oil Investments Limited (O&OI)
■A US$50 million note issuance facility arranged by Credit Suisse Financial Products and United Bank for Africa Plc for Shell Petroleum Development Company of Nigeria Limited 
■ NG Power HPS Limited in connection with its acquisition of a 70% equity interest in First Independent Power Limited, which owns four power stations with an aggregate installed capacity of 720 MW
■Bravos Energy Resources and Logistics Limited in connection with the establishment, design, development, financing, construction, operation and maintenance of a greenfield 40MW solar PV power project to be located in Kano State, Nigeria
■A Spanish company in connection with the construction and development of a 100MW solar power project in Kano State
■Solius NGDC Nigeria Limited in connection with the greenfield project development of a 100MW Solar Power Plant in Abaji, Federal Capital Territory - Abuja, Nigeria
■A joint venture arrangement between General Electric Co. and Geometric Power Limited for development, design, construction, financing, commissioning and operation and maintenance of a 500MW Greenfield power plant in Abia State, Nigeria
■A private equity firm and its investee company (a project developer) on the development and deployment of its distributed solar power solutions to a number of core clients in the financial services and energy sectors in Nigeria
■Txtlight Power Solutions Limited (Lumos) on its deployment of solar off-grid power generation project that provides access to clean, affordable and reliable electricity all over the country
■Aion Holdings in connection with the acquisition of 10% equity interest in a corporatised entity that will own a 480MW gas-fired power plant
■Daniel Power Plants Limited in connection with raising finance for the acquisition of 80% equity interest in Ogorode Power Generation Company Limited
■HNA Group (International) Company Limited on its proposed acquisition of a 51% stake (valued at US$775 million) in the global oil storage terminal business of Glencore International AG
■Petrobras on the potential US$600 million tax exposure of two of its Nigerian subsidiaries currently operating under production sharing arrangements

Real Estate & Construction:
■Cummins West Africa Limited on the purchase of a property measuring 2.099 hectares in Lagos State
■Duval Properties Ltd on its housing Joint Venture with Dreamspaces Development Limited
■IFC on a $124 million investment in the Persianas Group (construction of shopping malls)
■Union Bank of Nigeria PLC. on the disposal of properties in several states across Nigeria
■Intafact Beverages Limited on the acquisition of a 40-Hectare land from the Ogun State Government
■The Church of the Latter-Day Saints of Jesus in Nigeria on the acquisition of various properties in Nigeria
■Duval Properties Limited on the mixed-use development of its 31.44heatcres of land located in Jabi Lake in Abuja

Technology, Media and Entertainment:
■WIOCC on contracting in Nigeria and regulatory licencing and compliance
■Google on product launches and regulatory advisory services
■Apple on doing business in Nigeria, local registration and licencing
■Txtlight Power Solution Limited on regulatory compliance with the NCC
■Skyvision Global Networks Nigeria Limited on licencing and regulatory compliance
■Gemalto SA on regulatory compliance with the NITDA and NCC
■MicroEnsure, in connection with application for a Value-Added Services Licence from the NCC
■Nokia Corporation on the global sale of Nokia’s Device & Business to Microsoft Mobile Oy in Nigeria
■Emerging Capital Partners on the restructuring of HIS Nigeria Plc
■Smile Telecommunications on Nigeria aspects of a multijurisdictional financing
■MTG Africa AB on its proposed acquisition of Cooper Communications Ltd
■Venture Garden Nigeria Ltd on a $16.5 million restructuring and proposed investment by Convergence Partners