Nigeria: Project Finance
With the presidential elections taking centre stage, there was a slow start to the year in terms of project finance work. Now the elections are over, the investment decisions that were put on hold are more likely to be revisited and there is an expectation that work will pick up in this sector. The energy space still accounts for a significant portion of project finance work. Recent activity has seen oil giant Shell seek to consolidate its operations in Nigeria with the disposal of its onshore oil block.
With four inclusions in this chapter, Udo Udoma & Belo-Osagie shows its continued strength in this practice area. Dan Agbor heads the firm’s banking and finance, power, private equity and taxation teams. A much-recognised name in the energy and finance sector, he is highly recommended for his “first-rate” work in this practice area. Joining him are the “impressive” Folake Elias Adebowale and “highly regarded” Myma Belo-Osagie. Completing the list is Aniekan Ukpanah who co-heads the banking and finance teams as well as heading the project finance, infrastructure and PPP teams. He advises on the structuring and financing of a broad range of projects including construction, energy, hotels, road and railway transactions.
Managing partner Gbenga Oyebode MFR is one of two nominees from Aluko & Oyebode and is regarded as one of Nigeria’s foremost practitioners for project finance work. Noteworthy transactions include advising on the US$1.25 billion financing of the Exxon Mobil Natural Gas Liquid II Project and the US$1 billion financing of trains four and five of the Nigerian Liquefied Natural Gas Plant Expansion Project. Also receiving recognition for her work is Kofo Dosekun. She has advised on the $1.275 billion financing of ExxonMobil’s NGL II project and the $600 million financing of the satellite oil fields project, sponsored by ExxonMobil and the Nigerian National Petroleum Corporation.
Olaniwun Ajayi also has two lawyers listed: managing partner Konyinsola Ajayi SAN, and head of the firm’s specialised transactions practice, Tominiyi Owolabi. The firm has been involved in some of the largest project financing transactions in Nigeria including the ExxonMobil US$1.2 billion facility and Nigeria LNG’s US$4.5 billion facility.
At Aelex the “very experienced” Lawrence Fubara Anga is praised for his expertise.
The much respected Oghogho Akpata is managing partner and head of the energy and projects group at Templars.
Founding partner of Banwo & Ighodalo and head of the project finance department, Asue Ighodalo is held in high esteem by peers.
The “excellent” Fred Onuobia at G Elias & Co is another leading name in this practice area.