G. Elias & Co. have been involved in several of the largest, most creative and significant acquisition financing transactions in Nigeria. We have advised on share and asset acquisition financings and re-financings of telecommunications, electricity, manufacturing, infrastructure and hotel-owning companies as well as of interests in both upstream oil-and-gas sector petroleum acreage and production. A number of these financings have been very elaborately structured, with creative “forward sale” features, non-recourse lending elements, warranties and preferred equity features to facilitate a tax-efficient repatriation of proceeds in foreign currency. We have also been advising both local and foreign financial institutions on novel hedging agreements, repurchase transactions, securities lendings, forward sales, swaps and other derivatives transactions.
Some of our key experiences are as follows:
- Advised on the pioneering project financing in the gas-to-power scheme to develop 37 wells that the Federal Government, Nigerian National Petroleum Corporation and Chevron Nigeria Limited concluded in 2015. The USD1.2bn project financing, for wells to be operated by Chevron Nigeria Limited, was named the Reuters oil-and-gas deal for the Middle East and Africa for 2015.
- Advised the Lenders on the Lekki-Epe Expressway toll road project financing (USD420mm) (Nigeria’s pioneer toll road).
- Advised the Lenders on the syndicated non-recourse financing for development of MMA2 airport terminal (first airport terminal in Nigeria to be operated by private operator) (N20bn).
- Advised on the Mobil Unlimited natural gas liquids project Phase II financing (USD1.1bn), the Nigerian National Petroleum Corporation 2012 Pre-Export Financing (USD1.5bn) and the financing of ongoing operations of Nigerian National Petroleum Corporation and a subsidiary in 15 oilfields (USD1.5bn forward sale of production).
- Advised on the MTN Nigeria Limited network expansion syndicated Note Issuance Facility (USD2bn; the third largest loan ever made to a Nigerian corporate borrower).
- Advised on the Central Bank of Nigeria/Bank of Industry credit scheme to banks to support the aviation, electricity and small-and medium scale enterprises sectors (N500bn).
- Advised on: (i) acquisition financing on OMLs 30, 40, 42 and 113 (USD951mm in aggregate); and (ii) working capital financing on OMLs 26, 30, 34, 42, 59, 125 and 134 (nearly USD3bn in aggregate).
- Advised Ecobank Nigeria Limited on its USD$200mm “total return swap” transaction with Goldman Sachs International.
- Advised Ossiomo Power and Infrastructure Co. Ltd. on financing an electric power generating plant and associated transmission infrastructure (USD550mm).
- Advised on numerous trade finance transactions for African Export-Import Bank for enterprises in a wide range of industry sectors including Afrijet, Calag Capital, Executive Services Ltd., Honeywell Group, Walvis Int’l and Zoom Mob
For more information on G. Elias’ banking expertise, please contact Fred Onuobia and Oluwatoyin Nathaniel.