Lawyer profile for Global 2021
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Banking & Finance - Nigeria
Corporate/Commercial - Nigeria
This content is provided by Asue Ighodalo
Asue’s core practice areas are corporate finance, capital markets, mergers and acquisitions, banking & securities, foreign investments & divestments, energy & natural resources, privatization and project finance.
(i)September 1985 to January 1991: (Associate); Chris Ogunbanjo & Co.
(ii)1st February 1991: Founded Banwo & Ighodalo, in partnership
(i)Nigerian Bar Association (Section on Business Law)
(ii)International Bar Association
(iii)Association of International Petroleum Negotiators
(iv)Chartered Institute of Taxation of Nigeria
(v)Institute of Directors, Nigeria
(vi)Nigerian Economic Summit Group, (Chairman)
(vii)Electric Power Sector Reform & Implementation Committee (Chairman,
Legal/Regulatory Sub-Committee). (2001 - 2004); (established by the FGN)
(viii)Anti-trust and Competition Committee. (2002 - 2004); (established by the FGN)
(ix)Policy and Monitoring Committee of the National Council on Privatisation. (2007 -2009)
(x)Vice Chairman, Committee established by the Nigerian Government to review the
Investment & Securities Act, 2007(June 2010 )
(xi)Chairman, Securities and Exchange Commission (SEC) Technical Committee on
Demutualization of the Nigerian Stock Exchange (September 2011)
(i)“Questions and Answers on Nigerian equity and debt capital market” - 4th edition of the
Practical Law Company Cross-Border Capital Markets Handbook 2011
(ii)“Oil & Gas: Legal Framework through the Ages & Emerging Legislation” - CWC School
for Energy Course, Gas Monetisation in Nigeria. (May & November 2009/2010);
(iii) “Why and how did we get here?” (Nigeria constitution making and political milestones
- Future Leaders Seminar organized by Nigeria Leadership Initiative (May & October
(iv)“The Petroleum Industry Bill” - 4th Business Law Conference, Nigerian Bar Association
Section on Business Law, PIB Discussant's Views. (April 2009);
(v)“Listing Nigerian Companies on Foreign Stock Exchanges - the pros, the cons and the
challenges”; presented to the Capital Markets Solicitors Association (2008)
(vi)“Legal Duties, Responsibilities & Liability of Company Directors” (bi annually 1995 -
2006) ( Yearly seminar on Corporate Governance at the Lagos Business School);
(vii) “Personal Development- Business Ethics” presented at Fate Foundation - Programme
for Emerging Entrepreneurs
(viii) “Nigeria’s Contemporary Political History” (Lecture at Nigerian Leadership Initiative
yearly seminar for emerging leaders)
Asue is happily married to Ifeyinwa, and they are blessed with a daughter, Omoehi. He enjoys playing Golf, soccer, reading, travelling and participating in political discourse.
He co-led the teams that advised Greenoaks Global Holdings Limited (GGH) in connection with its divestment of its 99.03% equity stake in Ensure Insurance Plc, an insurance company in Nigeria providing composite insurance policies, to Societe Fonciere Europeenne B.V. (the “Purchaser”), an affiliate of Allianz SE; and Unilever Nigeria Plc (the “Company”) (a member of the Unilever Group) on Nigerian law issues in connection with the proposed divestment of its Spreads business to KKR & Co. LP, a leading global investment firm that manages multiple alternative asset classes through its strategic manager partnerships, hedge funds, etc., as part of Unilever Group of companies’ proposed divestment of its global Spreads business (excluding the Unilever South Africa’s Spreads business).
More recently, he led the team that advised:
(a) Forte Oil Plc’s power generation business undertaken through its subsidiary – Amperion Power Distribution Company Limited which held a 51% stake in Geregu Power Plc, a power generation company in Nigeria, to a related party; and Forte Oil Plc’s divestment of its upstream services business undertaken through Forte Upstream Services Limited to Gbonka Oil and Gas Limited;
(b)Dangote Flour Mills Limited and Dangote Industries Limited in respect of the acquisition of the entire shareholding of Dangote Flour Mills Plc by Olam International Limited through its subsidiary, Crown Flour Mills.
(c) Lagos State Government in relation to the issuance of a N100,000,000,000 10 year fixed rate bonds being its third series of bonds under its N500,000,000,000 bond issuance programme. The transaction is the largest bond issuance in the Nigerian domestic capital markets by a subnational and is the second time a 10-year instrument has been issued by a non-sovereign issuer after the Lagos State Government issued a 10-year bond in 2017.
(d) UACN Property Development Company PLC in connection with its unbundling of its units in the UPDC Real Estate Investment Trust to its shareholders
(e) Savannah Sugar Company Limited in the merger between Dangote Sugar Refinery PLC and Savannah Sugar Company Limited
(f) Dangote Cement PLC in relation the establishment of its share buyback programme and the acquisition of the first tranche of 40,200,000 shares under the Programme. This was the first of its kind transaction in the Nigerian capital market
Asue is the Chairman of Sterling Bank Plc and also sits on the boards of other public and private companies/organisations, including: FATE Foundation (an NGO committed to the development of entrepreneurial skills in Nigeria), Nigeria Sovereign Investment Authority, Mainstreet Technologies Limited (sponsor of the Main One subsea cable project), Boff & Co. Insurance Brokers Limited, Cardinal Stone Partners, and Okomu Oil Palm Plc.
Expert in these Jurisdictions
Kings College, Lagos
1971 - 1975
International School Ibadan
1975 - 1977
University of Ibadan
1977 - 1981
London School of Economics & Political Science
1981 - 1984
Nigerian Law School
1984 - 1985