Capital Markets

First Tier ranking for Banking & Finance. - Chambers Global

Capital Markets

Navigating the maze of the capital markets can truly be challenging. The changing face of the global business environment and economic upheavals can make any player cautious. However, the right team will you help you decide on the right options and structure to meet your financing objectives.


Whether you’re looking for capital to expand your business, or to explore new markets, we have a knowledgeable team within the capital markets practice, dedicated to providing you with expert legal advice and analysis on the full spectrum of debt and equity transactions within capital markets matters.


We advise on initial public offerings, rights issuance, high yield and investment-grade debt, structured debt, private placements, as well as regulation and compliance. Our diverse client base is drawn from the full range of industry participants and includes large corporates, banking institutions, governments and supranational bodies.


We also advise on different forms of financing including project bonds, renewable bonds, liability management and restructuring. Our specialist team is dedicated to providing clear, concise and focused advice to our clients and can boast of a proven history of providing innovative solutions to the often complex and technical issues arising in domestic and cross-border securities’ offerings.


We advised Dangote Cement Plc in the ground-breaking merger between Dangote Cement Plc and Benue Cement Company Plc. At the time, the transaction was the largest merger in Nigerian history and completely reshaped the Nigerian Capital Market as the merged entity not only added NGN2.1 trillion to the market but also constituted 25% of the entire market capitalisation of the Nigerian Stock Exchange.


We also advised Afreximbank on its proposed USD500 Million capital raise in the Nigeria capital market. This transaction was one of the only three financing exercise carried out by a DFI or multilateral agency in Nigeria.


Similarly, we acted for the Federal Government in connection with the diaspora bond issuance which was the first US Securities and Exchange Commission registered diaspora bond issuance by Nigeria.


Value Added Tax Exemption on Commissions from Stock Exchange Transactions Soon to Cease

The Value Added Tax (“VAT”) exemption currently enjoyed on commissions (a) earned on the traded value of shares; (b) payable to the Securities and Exchange Commission; (c) payable to the Nigerian Stock Exchange; and (d) payable to the Central Securities Clearing System pursuant to the Value Added Tax (Exemption of Commissions on Stock Exchange Transactions) Order of 2014 (“the Order”) will cease on 24 July 2019.
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