Mergers & Acquisitions

G. Elias & Co.’s M&A practice is foundational to the firm. The very first transaction assignment of any kind that the firm ever advised on was the acquisition by the sale of shares of a then-moribund but later- thriving insurance company. Since then, we have advised on the largest-ever bank merger in Nigerian history, going by either the number of branches or balance sheet size.  We have also advised on the merger that has created what was at the time the largest Nigerian-controlled oil field service company.  We have been vocal in advocacy for much-needed reforms of the law in the fields of mergers and acquisitions.

Our mergers and acquisition practice spans through the following sectors of the Nigerian economy and some of our pertinent experiences are as follows:

  • Advised the Bureau of Public Enterprises (“BPE”) on the sale of NICON, then a statutory corporation controlling more than 40% of the revenues of the Nigerian insurance industry and the sale of the Abuja Hilton hotel, still the largest hotel in Nigeria.
  • Advised the Asset Management Corporation of Nigeria on its competitive sale of Enterprise Bank to Heritage Bank, Nigeria’s first-ever sale of a “bridge” bank.
  • Advised the NATCOM consortium on its bid to acquire the assets of defunct Nigerian Telecommunications Limited and Mobile Telecommunications Limited.
  • Advised FBN Merchant Bank Ltd. on merging into what is now First Bank of Nigeria Limited.
  • Advised a foreign Citibank entity on acquiring controlling stake in Citibank Nigeria.
  • Advised Orwell Oil & Gas Ltd., an oilfield service company, on merging with a large oilfield service company in the most significant merger ever in the sub-sector in Nigeria.
  • Advised Niger Delta Exploration and Production Plc on acquiring Niger Delta Petroleum Resources Ltd. (both exploration and production companies; some common shareholders but no affiliates).
  • Advised AHNI Ltd. on acquiring a controlling stake in Virgin Nigeria Airways Ltd.
  • Advised Tolaram Foods (owners of the manufacturers of indomie noodles) on the sale of a 50% interest in the business to Kellogg, the USA multinational.
  • Advised Transcorp Plc’s subsidiary, Transcorp Ughelli Power Limited, on its privatization acquisition of the Ughelli Generation Company and subsequent merger of its power companies, Ughelli Generation Company and Transcorp Ughelli Power Limited to form a new subsidiary, Transcorp Power Limited.

For more information on G. Elias’ M&A expertise, please contact Segun Omoregie and Fidelis Adewole.