Capital Markets

G. Elias & Co. have been doing significant and ground-breaking work on capital markets activities advising both actual and potential issuers, managers, underwriters, trustees, trading platform developers and operators,  and subscribers.  We have advised on both the largest equity and the largest debt offerings in Nigeria.  The latter, for a statutory corporation, is by far the largest securities offering ever in Nigerian history.  The equity offering, for a pioneering bank holding company, was the largest ever equity offering in West Africa.  The securities offered under it have been listed simultaneously on stock exchanges in three countries.

Some of our pertinent experiences are as follows:

  • Advised Ecobank Transnational Incorporated (US$2.5billion) on its secondary offering (Nigeria’s largest secondary equity offering ever: listed on stock exchanges in 3 countries).
  • Advised Asset Management Corporation of Nigeria (a statutory corporation) on its N3trillion bond issuance programme (Nigeria’s largest bond offering ever).
  • Advised the Seven Energy Group on it US$400million Senior Secured Eurobond issuance.
  • Advised on Federal Mortgage Bank of Nigeria’s Residential Mortgage-Backed Securities offering and programme (N100billion) (Series I) (Nigeria’s pioneering securitization offering).
  • Advised several financial institutions and corporates on the establishment of bond issuance programmes (United Bank for Africa Plc (N400billion), Sterling Bank Plc (N65billion), Wema Bank Plc (N50billion), Transcorp Hotels Plc (N30billion), Dana Group (N36billion), FSDH Merchant Bank Limited (N100billion), Dufil Prima Foods Plc (N40billion), UAC Properties (N20billion), Fidson Healthcare Plc (N2billion) among others).
  • Advising MTN Nigeria Ltd (Nigeria’s biggest telecommunications company) on it proposed initial public offer.
  • Advised several financial institutions and other corporates on the establishment of commercial paper issuance programmes (Stanbic IBTC (N100billion), Skye Bank (N100billion), Sterling Bank (N100billion), Flour Mills of Nigeria Plc (N100billion) and Dufil Prima Foods Plc (N30billion).
  • Advised FMDQ on the structuring and establishment of a development company to own and operate, and drawing up operational rules for FMDQ Plc, an “over-the-counter” securities market.
  • Advised several state governments on the establishment of bond issuance programmes (Lagos (N25bn), Bayelsa (N50bn), Ebonyi (N5bn), Cross River (N40bn) among others).

For more information on G. Elias’ capital markets expertise, please contact Segun Omoregie and Nosakhare Aguebor.