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Global Guide
Firm Profile

Udo Udoma & Belo-Osagie

Firm Profile

Lagos

  • Profile
  • St Nicholas House (10th and 13th Floors)
  • Catholic Mission Street
  • Lagos
  • Lagos
  • Nigeria

Firm profile submitted by Udo Udoma & Belo-Osagie

Managing Partner: Dan Agbor
Number of partners: 12
Number of lawyers: 70
Languages: English

Firm Overview:
Udo Udoma & Belo-Osagie is a full service commercial law firm with offices in Nigeria’s key commercial centres.


Main Areas of Practice & Selected Recent Work:

Banking & Finance:
■ Citibank N.A., HSBC and various other foreign lenders on a €153 million facility granted to Frigoglass Finance B.V secured by various assets in several jurisdictions
■ First Abu Dhabi Bank PJSC on a $50 million facility granted to a top tier commercial bank in Nigeria
■ Coorperatieve Rabobank U.A on its $3.8 million facility to Atlantic Shrimpers Ltd to part finance its acquisition of two trawler ships
■ Citibank N.A., London Branch/KfW Ipex-Bank GmbH on a $329 million term facility to MTN Nigeria Communications Ltd
■ Credit Suisse AG, London Branch on a $30 million term facility to MTN
■ Credit Suisse AG, London Branch and Export-Import Bank of China on a $84 million term facility to MTN
■ Standard Chartered Bank on a $65 million term facility to MTN
■ Standard Chartered Bank, Rand Merchant Bank, Liberty Group Ltd, Sanlam Africa Credit Investments Ltd and Sanlam Life Insurance Ltd on a $125 million term facility to MTN
■ Investec Africa Frontier Private Equity Fund GP Ltd, on the creation of a charge over shares held in Daraju Industries Ltd, on a $18 million Mezzanine Facility provided to Ashwah Holdings Ltd
■ Agence Francaise De Developpement on a €100 million credit facility to a regional development finance institution for funding infrastructure and energy related projects
■ Healthcare services funds provider in the Netherlands on its proposed financing to Nigerian borrower for the acquisition of medical equipment
■ Coorperatieve Rabobank U.A on the provision of a facility to a large conglomerate in the fast-moving consumer goods, for the acquisition of equipment
■ Africa Finance Corporation on a non-deliverable foreign exchange futures transaction with Access Bank PLC
■ Accugas Ltd (a wholly owned subsidiary of Seven Energy International Ltd) on a $50 million debt service guarantee facility provided by GuarantCo Ltd
■ Citibank N.A. London on its provision of a $120 million revolving credit facility to IHS Ltd
■ A syndicate of Nigerian banks on a N26.5 billion refinancing facility to IHS Nigeria Ltd
■ The lenders on a £64 million facility to Control Risks Group Holdings Ltd
■ FSDH Merchant Bank Ltd on a $50 million trade line with African Development Bank
■ Credit Suisse International on a $300 million repurchase transaction with United Bank for Africa PLC
■ GZ Industries Ltd on a N17 billion facility from various lenders
■ Credit Suisse International on a $200 million total return swap transaction with Access Bank Africa PLC; and on over $100 million total return swap transaction with First Bank of Nigeria Ltd
■ Swiss Re and Mythenquai Investment Services, on a N5.8 billion, loan facility from Standard Chartered Bank Nigeria Ltd for the acquisition of a significant interest in Leadway Assurance
■ RMB Nigeria Ltd on its N5 billion facility to Olam Nigeria Ltd
■ Investec Bank Ltd on its $25 million trade finance facility to Zenith Bank PLC
■ IFC on a N2 billion loan to LAPO Microfinance Bank Ltd
■ GZ Industries Group on its multi-jurisdictional $278.4 million acquisition finance
■ Bondholders in relation to secured $250 million Notes to Afren PLC
■ Bondholders in relation to the restructuring of the Afren debt and security package
■ Trust Lousol Properties Ltd on a $25.5 million Standard Chartered Bank facility
■ Standard Chartered Bank/FirstRand Bank Ltd on a $85 million AOS Orwell Ltd refinancing
■ Goldman Sachs on a $100 million total return swap transaction with Sterling Bank PLC. and $100 million total return swap transaction with Ecobank Nigeria Ltd
■ Consol Glass Proprietary Ltd (of South Africa) on its debt raising and security over its assets in Nigeria
■ IFC and Investec on a $33 million facility to Persianas Properties Ltd
■ Lenders on a $75 million unsecured loan by FMO and DEG - Deutsche Investitions - und Entwicklungsgesellschaft mbH to Ecobank

Capital Markets:
■ Citigroup Global Markets Ltd and Standard Chartered Bank on the FGN $4.5 billion bond programme establishment and issuance
■ Citigroup Global Markets Ltd and Standard Chartered Bank on the FGN $1 billion bond programme establishment and issuance, and the programme increase to $1.5 billion
■ Lafarge Africa PLC on the scheme of merger amongst United Cement Company of Nigeria Ltd and Atlas Cement Company Ltd on the voluntary tender offer for shares in AshakaCem PLC; and the 100% acquisition of the shares in United Cement Company of Nigeria Ltd 
■ Mixta Real Estate PLC’s N30 billion bond issue
■ Dufil Prima Foods PLC’s N40 billion bond issue
■ Union Bank of Nigeria PLC’s on its N50 billion rights issue
■ UACN Property Development Company PLC on its N24 billion commercial paper issuance programme
■ UAC of Nigeria PLC on its N15.4 billion rights issue
■ A supra-national on the establishment of a medium term note programme
■ Ecobank Nigeria Ltd on the establishment of a N100 billion multi-commercial paper issuance programme
■ Standard Chartered Bank Nigeria Ltd on its N100 billion multi-currency commercial paper programme
■ FSDH Merchant Bank Ltd on its N30 billion commercial paper issuance
■ UACN Property Development Company PLC on its N10 billion multi-currency commercial paper programme and its 5.7 billion rights issue of shares
■ Pickets Suites & Services Ltd on Amara Suites’s crowd funding project
■ Café Neo on its crowd funding project
■ On the Ebonyi and Kaduna State Government’s bond issuances
■ FSDH Merchant Bank Ltd on a N100 billion bond issuance
■ FSDH Asset Management Ltd on the proposed N13,390,000,000 HMK REIT issue and on its role as the proposed fund manager

Real Estate:
■ Union Bank of Nigeria PLC on the disposal of non-core assets across Nigeria
■ Cummins West Africa Ltd on the purchase of a property in Lagos State
■ Duval Properties Ltd on its housing Joint Venture with Dreamspaces Development Ltd  
■ IFC on a $124 million investment in the Persianas Group (construction of shopping malls)
■ Union Bank of Nigeria PLC. on the disposal of properties in several states across Nigeria
■ Duval Properties Ltd on its housing Joint Venture with Dreamspaces Development Ltd Telecommunications, Media & Technology
■ Nokia Corporation on the global sale of Nokia’s Device & Services Business to Microsoft Mobile Oy in Nigeria
■ Emerging Capital Partners on the restructuring of IHS Nigeria PLC.
■ Smile Telecommunications on Nigerian aspects of a multi-jurisdictional financing
■ MTG Africa AB on its proposed acquisition of Cooper Communications Ltd
■ Venture Garden Nigeria Ltd on a $16.5 million restructuring and proposed investment by Convergence Partners

Corporate Advisory (Including M&A & Restructuring):
■ SABMiller on its $2.9 billion combination with The Coca Cola Company and Gutsche Family Investments
■ Swiss Re on its $100 million investment in Leadway Assurance
■ Guinness Nigeria PLC on a proposed N41.33 billion tender offer by Diageo PLC
■ Swiss Re on its $66 million acquisition of the Hygeia Group
■ Standard Bank Group International on its $51 million divestment from Oando Wings Development Ltd
■ Lafarge Cement WAPCO (Nigeria) PLC. on its approx.$ 1.35 billion interests in Lafarge South Africa Holdings (Proprietary) Ltd, Atlas Cement Company Ltd, AshakaCem PLC. and UNICEM
■ Cummins Inc. on its $2.5 million purchase of a 50% equity interest in Cummins West Africa Ltd
■ Unilever Nigeria PLC. on a tender offer for 942,215,930 of its shares by Unilever Overseas Holdings B.V.
■ UACN Property Development Company PLC. on its investment in First Festival Mall Ltd, a joint venture company Old Mutual on the proposed acquisition of Mansard Insurance PLC
■ The Kellogg Company on its $450 million acquisition of 50% of Multipro Consumer Products Ltd
■ Amethis Finance Africa and the National Bank of Canada (Banque Nationale du Canada) (the consortium) on the indirect acquisition of a minority stake in NSIA Insurance Limited (NSIA)
■ Yves Rocher on a distribution agreement with Montaigne Ltd
■ The BUA Group on the $275 million acquisition by Olam International PLC of equity in two group companies following an asset sale and restructuring
■ Halliburton and Baker Hughes International on a proposed business divestment and integration process
■ Ajinomoto Group on its $532 million investment in Promasidor Holdings Ltd.

Private Equity:
■ Leapfrog on its investment of $25,640,000 in eTranzact BVI, which has holdings in eTranzact Nigeria plc, eTranzact Ghana and eTranzact South Africa
■ A UK private equity investor on its $25.6 million investment in a FinTech company
■ Apis Partners on its $30 million investment in Bankers Warehouse PLC
■ The African Development Bank and certain PFAs on the ARM-Harith Infrastructure Fund 
■ The Abraaj Group on its $240million investment in Indorama Eleme Fertilisers and Chemicals Ltd.
■ The Abraaj Group on its $300million acquisition of Fan Milk PLC
■ Korean Investment Corporation, African Infrastructure Investment Fund and Emerging Capital Partners on their respective investments in HIS Nigeria PLC
■ An Emerging Capital Partners-led consortium on the sale of its 53.6% interest in Continental Reinsurance PLC
■ Carlyle Group on its $140million acquisition of a significant minority interest in Diamond Bank PLC
■ Carlyle Group on its acquisition of a significant stake in Global Credit Ratings
■ Actis on its disposal of a 14.78% equity interest in Diamond Bank PLC. and investment in Upstream Systems Ltd and First Concept & Properties Ltd
■ CAPE III Ltd on its acquisition of UBN Insurance Brokers Ltd and its $20million investment in Wakanow Nigeria Ltd
■ Atlantic Coast Regional Fund in connection with its $14million investment in Nigerian-German Chemicals PLC
■ FSDH Merchant Bank Ltd on the investment by Atlantic Coast Regional Fund
■ Synergy on its investments in Suburban FibreCo Ltd and Africa Terminals Ltd, Riggs Ventures West Africa PLC., Netplusdotcom Nigeria Ltd and Northstar Finance Services Ltd
■ Ajinomoto Group on its $532 million investment in Promasidor Holdings Ltd
■ Acumen Fund Inc. on its investment in Babban Gona Farmer Services Nigeria Ltd
■ EchoVC Pan-Africa Fund I Ltd on its investment in Netplusdotcom Nigeria Ltd
■ Verod on its acquisition of the entire share capital of Union Trustees Ltd
■ Verod on its acquisition of a 50.1% stake in Niyya Farm Group and a shareholder loan to the company
■ Capital Alliance on a phased acquisition of Shares in Sim Capital by a new investor

Oil & Gas:
■ A state-owned oil company on strategies for divesting its participating interests in Nigerian OML and OPL interests
■ Aan Asian state-owned oil company on its obligations under two production sharing contracts with the NNPC
■ Rosetti Marino SpA and Rosetti Pivot Ltd on operations in the Nigerian oil and gas industry
■ Kata TMS Ltd on its acquisition of 10 oil tank farms from AMCON; TGS NOPEC on a Nigerian Joint Venture
■ Shelf Drilling on local content issues
■ KCA Deutag on local content compliance issues and on a proposed rights issue transaction
■ Shelf Drilling Offshore Services Ltd on the establishment of an employee gratuity trust scheme
■ Accugas/Seven Energy on its Gas Sale and Purchase Agreement with Ibom Power Ltd
■ Lukoil Overseas Nigeria Ltd on acquiring OML interests and operational issues
■ HNA Corporation on its proposed acquisition of a 51% stake in the global oil storage terminal business of Glencore International AG
■ Lukoil on its Unit Operating Agreements
■ Statoil on its participation in a tender process for the purchase of Nigerian crude oil grades
■ PetroMarker A.S. on business establishment, operational and local content issues 
■ Milhouse International LLC on its proposed acquisition of majority participating interests in the Tom Shot Bank Marginal Field

Power, Infrastructure & Projects:
Advised on greenfield and brownfield projects:

■ Solius NGDC Nigeria Ltd on the greenfield project development of a 100MW Solar Power Plant in Abuja
■ Kata TMS on its joint venture with Gunvor SA
■ Lumos (Txtlight Power Solutions Ltd) on its distributed solar off-grid power generation project
■ Geometric Power Ltd on the restructuring of the facility provided for the development of its IPP project in Aba, Abia State, which includes a 27km pipeline, construction of the power plant, transmission and distribution facilities within the ring-fenced Aba Distribution Zone
■ An investee company of a PE firm on its distributed solar off-grid power generation project
■ The joint venture between a Nigerian oil and gas company and an international petroleum trading company on the development of a 200,000 metric tonnes tank farm, a single point mooring jetty, and a 7km undersea pipeline in Lagos, as well as the proposed raising of up to $188 million in both debt and equity to be used in developing the Project
■ Ikeja Electric PLC on legally solving issues arising from its business operations in Nigeria and the power sector 
■Accugas Ltd on the refinancing of a $374,605,000 senior secured term facility in connection with its gas processing facility and pipelines constructed to supply gas to the 651MW Calabar National Integrated Power Project
■ InfraCo Africa on a $1.25 million facility provided to Access Quaint Global Nigeria Ltd, in connection with the development of a 50MW photovoltaic solar generation facility in Manchok, Kaduna State, Nigeria
■ The IFC on the joint development and construction of a greenfield 120MW solar photovoltaic (PV) power plant in Kogi State, Nigeria
■ A Spanish specialist solar power company on the development of a 100 MW solar PV project in Kano State, Nigeria
■ Egbin Power Plc on the final negotiation with the World Bank on the Partial Risk Guarantee for the supply of gas to Egbin Power plant
■ A South Korean company on the development of a 100MW Solar Power Plant in Nigeria’s Federal Capital Territory, Abuja
■ The local subsidiary of an American energy company on the development, construction, operation and financing of a proposed 36MW coal fired power plant in Enugu State, Nigeria
■ Oma Power Generation Ltd, a joint venture between Geometric Power Ltd and General Electric Co. on the development, construction, operation, maintenance and financing of a greenfield 500MW power plant in Abia State
Advised on acquisitions of controlling interests by:
■ Actis on its investment in the 459MW Azura-Edo gas fired independent power plant in Edo State
�� Kepco Energy Resources Ltd in Egbin Power PLC. (1,320 MW power plant) and a $414.9 million asset financing
■ New Electricity Development Company Ltd in Ikeja Electricity Distribution PLC. and a syndicated $105 million asset financing
■ NG Power-HPS Ltd in First Independent Power Ltd (five power stations with 721 MW aggregate installed capacity) and a $311.20 million asset facility
■ Daniel Power Plants Company Nigeria Ltd and a consortium on the acquisition of an 80% equity stake in Ogorode Power Generation Company Ltd in Delta State, Nigeria
■ Accugas Ltd on a $445 million refinancing of facilities for the construction of a gas processing facility and the acquisition of a 100% stake in East Horizon Gas Company Ltd
Advised preferred bidders:
■ The Eko Rail consortium on Lagos State Mass Transit Rail system’s Blueline
■ On the 265MW Omoku power plant acquisition $600 million acquisition of 507 GE Frame 9-gas turbine Ogorode power plant
■ On the N213 million Central Bank of Nigeria NESI Power Sector Intervention Fund
■ Accugas Ltd on the 26km gas pipeline construction spanning two states

Litigation, Arbitration & Alternative Dispute Resolution:

■ Statoil Nigeria Ltd on claims brought by Inducon Nigeria Ltd in relation to Statoil’s oil and gas interests in Nigeria
■ Uber International Holding B.V. on a $1.5 billion claim brought by a beauty pageants organisation for copyright infringement
■ Egbin Power PLC on a suit seeking mandatory injunctive orders to restrain the NERC from revising the Multi-Year Tariff Order 2015
■ HSBC on a suit involving the failure to honour a letter of credit
■ Transocean Support Services in claims arising from drilling rig fatalities and injuries
■ Vitol Exploration Nigeria Ltd on a outstanding debt recovery suit against LBD Nigeria Ltd
■ Virgin Atlantic in a suit on employment issues
■ Sedco Forex International Inc in a tax appeal against the FIRS
■ Global Marine Baltic Inc and Global Marine International Drilling Corporation on a tax matter
■ Elgin Brown & Hammer Namibia (Pty) Ltd on an action in rem involving an Anchor Handling Tug Supply vessel operating in the oil and gas industry
■ KCA Deutag in a Federal High Court suit seeking an interpretation of the scope of investigative powers of the National Assembly
■ KCA Deutag on a suit involving a settlement agreement with the estate of a deceased shareholder
■ Navgas/Vitol SA in a dispute relating to a Jetty Utilisation Agreement; Seven Exploration and Production Ltd
■ Medicines Sans Frontier (MSF), France on alleged medical negligence and breach of contract
■ IFC in suits on a refinancing facility and a suit on the botched concession of the Nnamdi Azikiwe International Airport, Abuja
■ Mobil Producing Nigeria Unlimited in compensation claim action for alleged N1billion environmental damage
■ Transocean group on various tax matters
■ Schlumberger Anadril Nigeria Ltd in a Supreme Court appeal against National Industrial Court judgmentsPetrolesde Venezuela S.A (“PDVSA”) through the US law firm, Foley Hoag LLP in a suit instituted against PDVSA and two other defendants by Skanga Energy and Marine Ltd in the United States District Court Southern District of New York
■ General Electric Company Co (“GE”) in a suit instituted by New Africa Technical Company Ltd

Asset Management & Collective Investment Schemes

Aviation

Banking, Finance & Capital Markets

Business Establishment / Immigration

Company Secretarial Services

Corporate Advisory / M&A

Oil & Gas

Power & Infrastructure

Intellectual Property

Employment

Litigation, Arbitration & ADR

Private Equity

Real Estate

Tax

Telecommunications

Branches

  • Orji Uzor Kalu House (2nd Floor),
  • Michika Street,
  • Off Ahmadu Bello Way,
  • Central Business District,
  • Abuja,
  • Federal Capital Territory
  • Nigeria
  • St Nicholas House (10th and 13th Floors),
  • Catholic Mission Street,
  • Lagos,
  • Nigeria
  • Tel + 234 1 46223071
  • Fax +234 1 263 4541
  • Email : [email protected]
  • 16 Khana Street,
  • D-Line,
  • Rivers State,
  • Port Harcourt,
  • Nigeria
  • Tel +234 084 238049
  • 229, Oron Road Extension,
  • Uyo,
  • Akwa Ibom
  • Nigeria