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NIGERIA'S POLITICAL & ECONOMIC LANDSCAPE 01 THE NIGERIAN RISING STARS: FORTY UNDER FORTY 01 3 NEW WAYS FIRMS CAN SEIZE THE UPPER HAND DAY ONE

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WHAT THE FUTURE LEGAL MARKET MEANS FOR LAWYERS AND BAR ASSOCIATIONS

THE LEGAL & REGULATORY FRAMEWORK FOR MINING IN NIGERIA: A CATALYST FOR INVESTMENT1

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ANDREW BALFOUR, HEAD AFRICA PRACTICE, SLAUGHTER AND MAY

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boma ozobia Boma Ozobia is a dual qualified lawyer with 20 years experience. She holds a Masters degree in Maritime law from King's College, University of London and is an accredited Civil and Commercial Mediator. She is principal partner at Sterling Partnership. Boma as chairwoman (2005) of the Association of Women Solicitors was the first person of minority ethnic origin to serve in that capacity in England and Wales. She currently serves as the Vice President of the Commonwealth Lawyers Association and as a trustee of the Royal Commonwealth Society and is on the executive committee of the British Nigeria Law Forum. An accomplished public speaker, Boma has written articles for many respected publications and is a co-author of the book, “Sisters- in -Law�, a career guide for Nigerian women lawyers.

seun abimbola He is the Senior Partner of Prime Solicitors, Ibadan. He holds a masters degree (LL.M) in law and has distinguished himself in Litigation, Arbitration, Intellectual Property, Oil and Gas Law Practices. A prolific writer and strategist, Seun is the Chairperson of the Law Firm Management Committee of the Nigerian Bar Association. He is a certified mediator with CEDR (UK), a Neutral of the multi door court houses in Nigeria, and a member of the International Bar Association.

EsQ Publisher Lere Fashola Executive Director Funmilayo Ekibolaji Advisory Board Olurotimi Akeredolu SAN Gbenga Oyebode MFR Kayode Sofola SAN Prof Mrs Yinka Omoregbe Dr Bayo Adaralegbe Editorial Consultant Seun Abimbola Distribution Manager Gabriel Idowu Tayo Finance Femi Ayanbadejo

abimbola ojenike Abimbola holds a LL.B from the University of Ibadan. A prolific writer, Abimbola is a regular contributor in newspapers and other local and international magazines. He is presently serving as an Associate in a reputable law firm in Lagos.

Graphics Design Theophilus Ayetenny Photography Esq Photo Studio Advert & Subscription +234 8035269055 +2348169309575 Legal Interns Bisola Scott Majekodunmi Deborah Adigun Boluwatife Ndudim Sarah Oladiran Quadri Aladejana Kehinde Aderinsola Adeniyi Email esqlegalpracticemag@gmail.com Website www.esqlawmag.net Published by Legal Blitz Limited Plot 2, Ayodele Fanoiki Street Magodo G.R.A Phase 1 Isheri Lagos, Nigeria Comments & Enquiries esqlegalpracticemag@gmail.com

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ESQ LEGAL AWARDS & THE CHALLENGES OF BUSINESS EXPANSION IN 2016 Indeed, this year's edition of the ESQ Nigerian Legal Awards was a huge success. Deserving winners in the various categories of the award were highly excited at the honour done to them. The climax of this event often comes with high optimism and anxiety which drive firms, organizations, winners and nominees to lookout for the next edition.

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n all obvious facts, the economy of Nigeria, and indeed Africa, calls for a more serious attention and collaborative efforts, especially as the country looks up to a more economically diversified regime.

Understanding that the firms cannot do without the clients and vice versa, there is need to devise new means, approaches and strategies while also improving on existing ones with a view to getting more productively involved in each other.

The economic downturn, though with all the negative impacts and indices, offers lawyers both in-house and private practitioners, a lot of opportunities to think outside the box. As part of the immediate consequences of the recession, especially the fall in the global oil price, companies and organizations would have to engage in mergers and acquisitions, thereby forcing them to explore new areas and create

opportunities which hitherto are non-existent. The execution of the prevailing and other emerging transactions and deals would require the necessary involvement of legal expertise and intervention at every stage.

businesses or as policy makers in government. Often times, Lawyers are also the brain behind law making and interpretation. The growth of both domestic and international economy is therefore central to the work of lawyers.

In this era when Africa is close Interestingly, there is an irony to becoming an economic about the ESQ Nigerian Legal giant, the involvement and Awards: the question is not so activities of lawyers must over and again appreciate so as to much about who wins what, but, more fundamentally, it is meet the demand of the 'new age' of economic vibrancy. about how do winners maintain and sustain the pulse of these achievements in The much admired regime of continually contributing to the diversification of the economy growth of businesses while offers a lot of opportunities to expanding their recognition to Nigeria and to stakeholders more enviable status. who are involved in the Adapting the analogy of process of growing the religion painted by Mr Yakubu economy. Lawyers in private Mohammed, 'lawyers spread and public sectors must brace all over the globe, elegantly up as the challenges, though positioned at the highest level not scaring, are enormous. of the society, sitting as it were Today’s clients are longing at the apex of decision making more than never before, for in private practice, driver of new operational, reputational good and ethical relations in and strategic plans that would

drive and sustain their businesses. All of these expectations form the foundation upon which transactions, projects and deals to be undertaken by law firms and their clients would be based.

As the business season rounds up in the year with lot of challenges, hopes, aspirations and sometimes fears, firms and organizations earnestly look forward to another more economically viable year ahead.

Does this send some hints on the next edition of the ESQ Nigerian Legal Awards in 2017?. No doubt that the edition will be more highly competitive as many more middle and top law firms and corporate organizations would be vying to coast home many more awards.

LETĘźS CELEBRATE NIGERIAN RISING STARS! visit our website www.esqnigerianlegalawards.com

#thebiggestlegaleventoftheyear

AWARDS NIGERIAN EDITION

THE

AMAZON

WHO

GRACED NIGERIAN BENCH THE

BRINGING “GLORY�

BACK TO THE BAR. ALOMA MARIAM MUKHTAR CJN RTD., GCON

The question of course is: is the existing system outdated?

Do we need a new representative and regulatory structure for the legal profession in Nigeria? Successful reforms have been undertaken in many other countries, and even in our sister African countries for instance Kenya, Ghana have all embarked on serious reforms. We should examine their experiences and see what we can learn from them. The exponential growth of the legal profession in Nigeria, now the largest in Africa, suggests to me that we need to review the system we have inherited essentially since our colonial days.

THE MUKHTAR 'HERSTORY' ronically, one of the greatest tragic injustices done to history is the ahistorical manner in which people who have, in their silent path and way, made impressive contributions to national development are treated. More worrisome is the significant historical irony of having to celebrate mediocrity at the expense of diligence and industry. These are the pulsating views of the Managing Editor of the ESQ Legal Practice Magazine. The life of Mama Mukhtar and her impact on the legal profession and restoration of justice in Nigeria is not only worth mentioning but deserves celebration. Interestingly, one can see through her that making 'firsts' in a chosen career is not as important as making very significantly impacting landmark. Born on November 20, 1944, Mukhtar was called to the

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Nigerian Bar on June 26, 1967.

By September 24, 1987, she became the first female to be sworn into the Court of Appeal. She breaks another record as the first female justice of the Supreme Court of Nigeria when the Senate confirmed her appointment on May 10, 2005. She started education at St. George's Primary School, Zaria, and later at St. Bartholomew's School, Wusasa, Zaria. She proceeded to Rossholme School for Girls, East Brent, Somersets, England, Reading Technical College, Reading, Berkshire England, Gibson and Weldon College of Law and was called to the English Bar in November, 1966.

Office of the Legal Draftsman, Interim Common Services Agency, Magistrate Grade I, North Eastern State Government in 1971; Chief Registrar, Kano State Government Judiciary, 1973; Judge of the High Court of Kano State, 1977-1987; Justice of the Court of Appeal, 19871993; presiding justice of the Court of Appeal, 1993-2005; and justice of the Supreme Court from June 2005 to date.

1973. She later became a judge of the High Court of Kano State in 1977 where she served until 1987. She was set to become the first female chief judge in the state when she was nominated by the state government to the Court of Appeal that same year. She was the presiding justice of the Court of Appeal between 1993 and 2005 before her elevation to the Supreme Court in June 2005. A Life Member of the International Association of Women She joined the Northern Lawyers, Hon. Justice Aloma Nigeria Ministry of Justice in Mariam Mukhtar has been a 1967 as a pupil state counsel Justice of the Supreme Court and later rose through the (JSC) since 2005. She was also ranks. Later she was at the the Vice President of the Office of the Legal Draftsman, National Association of before her appointment as a Women Judges of Nigeria. In Magistrate Grade 1 by the 1989, she was honoured by North Eastern Government in the Federation of Women 1969. Chief Registrar, Kano Lawyers and in 1991; she was State Government Judiciary, decorated with a Gold Merit

Award by the Kano State Government. In 2003 she was again honoured by the International Association of Women Lawyers, and in 2004, she was conferred with the Fellowship of the Nigerian Law School. Justice Mukhtar had recently rejected an offer for an international appointment when nominated as the Chief Judge of The Gambia. Justice Aloma Miriam Mukhtar is now the first female Chief Justice of Nigeria. In her career, Mukhtar has been many firsts: she is the first female lawyer from Northern Nigeria, first female judge of the High Court in Kano State judiciary, the first female justice of the Court of Appeal of Nigeria, the first female justice of the She worked as a pupil state Supreme Court of Nigeria and counsel, Ministry of Justice, the first female Chief Justice Northern Nigeria in 1967; of Nigeria. Justice Mukhtar was one of the justices who “On the perception of the judiciary by the public, indeed as it is as at now, it is very bad and I am gave a dissenting judgment saddened by it. But, then, I said earlier on, I will try, I don't want to sound like a broken record. I will that is widely acclaimed in try to make sure that the confidence reposed in the judiciary, as it were before, will be returned. I legal circles and the academia will try as much as possible to ensure that the bad eggs that are there are flushed out; that there in the Yar'Adua/Buhari will be a cleansing by the National Judicial Council based on petition. It is sad that the ordinary election result dispute in 2007. man on the street thinks and feels that he cannot get justice. This is because of the situation we The incoming CJN alongside find ourselves. I will ensure that this perception changes.�

Justices George Oguntade, Excerpts from Mukhtar's inaugural speech as CJN (now retired) and Walter

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Onnoghen, held that there was substantial noncompliance with the Electoral Act 2006 which vitiated the election of the late President.

CHECKING THE 'LEGAL MUKHTAR'S' MANY ARCHIVES Impeccable integrity and professionalism are for Mukhtar worthy values, particularly for lawyers. These values, however, are never a given; they must be earned.

This is not a mere rhetoric but practical values that must be manifested both in private and professional lives. All through her career life, she is both a reflection of momentous respect from members of the Bench and Bar in a way that is unprecedented and a personification of honesty, truth and undiluted character.

Accomplished, she comes with iconic experience and legendary judicial finesse.

Adored by many who look upon her as super model and mentor; firm yet fair with a reputation for intellectual precision and zero tolerance for corruption, Mukhtar's

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“On my assumption of office as the Chief Justice of Nigeria and Chairman of the National Judicial Council, I inherited 139 petitions, 106 of which were vexatious or baseless, only 33 of the petitions were considered worthy of attention. After my assumption of office as the Chief Justice, 198 fresh petitions were filed, of this number, 150 were found to be frivolous, 15 are awaiting responses from judges and only 21 were slated for consideration. We must always remain conscious of the fact that anybody who raises an allegation of corruption against a judicial officer must be ready to substantiate it. Anybody who also offers baseless allegation must in line with the relevant statutes must be to face the long arms of the law.�

Excerpts from Mukhtar's valedictory speech as CJN accuracy, competence and expertise at the Bench were attested to by many within and outside the legal profession. As a challenge, she came on board of the Bench at a time when the judiciary and her roles in nation building were unquestionably under scrutiny. She became the 13th Chief Justice of Nigeria and indeed first female to ascend this zenith. In approving of her professional acuity, Carol Ajie, Human Rights Lawyer and Fellow, Leadership and Advocacy for Women in Africa comments very remarkably about Justice Mariam Mukhtar. According to him, Mukhtar had worked twice as hard as others as a judge through the hierarchy of courts before she was elevated to the Supreme Court Bench in June 2005, a measure

that wholly prepares her for the challenging task ahead. In the same vein, Femi Falana, Senior Advocate of Nigeria and one of Nigeria's foremost human rights activists, also remarks about the decisiveness and uprightness of Mrs Aloma: for him, Aloma represented an icon who enters her professional practice with clean hands and retired with glorious record.

He is never associated with corruption or any form of abuse of office, especially in a country where judicial corruption has been virtually institutionalized, Falana boldly remarks. She is conservative but ready to take a radical stand in defence of the rule of law. She is quiet but aggressive in dealing with cases of corruption. Her decision to team up with

Adesola Oguntade JSC (as he then was) and Walter Onnoghen JSC in writing powerful dissenting opinions in the controversial case of Mohammadu Buhari v Independent National Electoral Commission (INEC) convinced the reactionary forces in the legal establishment that she could rock the boat if allowed to become the head of the country's judiciary.

MUKHTAR AT THE APOGEE OF JUDICIAL TABLE: THE APPLAUSES AND LIKES Prior to Justice Mariam Aloma Mukhtar's assumption of office as the Chief Justice of Nigeria (CJN), many had lost hope in the Judiciary's ability to dispense justice independently. The state of affairs in the Judiciary was

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EsQ Legal Practice

aptly captured in a report by the US Department of State on Human Rights practices for 2011. The report had observed copiously that the Nigerian Judiciary was very corrupt and susceptible to manipulations by the rich elite in business and politics. While many were still in doubt about her capacity to tackle the rot in the system, some who knew Justice Mukhtar as an incorruptible judicial officer and an individual with rare sterling qualities thought otherwise. Newsweek, a British magazine named Justice Mukhtar as one of the '125 women of impact in the world' in its April 8-15, 2013 edition. Her nomination was premised on her judicial cleansing reform and avowed determination to get rid of judges involved in fraudulent practices. While remarking on her performance: “When the Chief Justice of Nigeria, Justice Aloma Mukhtar was sworn into the office in July 2012, there were many calls upon her to restore the judiciary to its pride of place in the body polity by investigating the rumours of corruption that were rife, and acting on the many complaints about judicial behaviour. As she has only two years in office as Chief Justice of Nigeria, this is her augean stable. Specifically, the magazine noted that, ''in a country notorious for its crooked officials, Nigeria's first female Chief Justice, Mukhtar, has built a reputation as an unwavering reformer unafraid to root out criminals. Also, the World Justice Project (WJP), an independent, multidisciplinary organization working to advance the rule of law globally, scored Nigeria high only in civil justice among the nine factors it studied in its report recently released. The Washington-based WJP accessed the 99 countries studied on compliance with the rule law. The WJP Rule of Law Index 2014 report awarded Nigeria a pass mark only in Civil Justice, ostensibly the Judiciary headed by Justice Mukhtar.

In its editorial of July 15, 2015, The Guardian newspaper commented thus; ''Speaking at the opening session of a conference on judicial reforms organized by the Nigerian Bar 14

EsQ Legal Practice

Association (NBA), in conjunction with the United Nations Office on Drugs and Crime (UNODC) and some Non-Governmental Organizations, the Chief Justice accused SANs working in tandem with corrupt judges being investigated by the National Judicial Council (NJC) of being guilty of corruption and misconduct. “She cited a particular instance where a judge accused of corruption invited about six SANs to represent him before the NJC. The conference on judicial reforms, in which the Chief Justice spoke, could not have come at a better time in view of dwindling public confidence in the judiciary. It is indeed noteworthy and

commendable that Chief Justice Mukhtar has waged a relentless war on corruption in the judiciary since she assumed office.

MUKHTAR AND THE TOOL OF JUDGES Mukhtar is very passionate about transparency, competency and merit in the making of appointments into the judiciary. The primary instrument of a judge are discipline and conscientious truth which are deployed to give impartial judgement. A firm believer in judges' discipline, Mukhtar is concerned about educating on the need to thread the path of justice. He sees no reason why a judicial officer who sits over

trials should not be made to come under trial in deserving cases, as a person who cannot follow must not lead and a person who cannot practice incorruptibility must not sit at judgment over others and find it humiliating to stand trial.

The room for frivolous petitions before the National Judicial Council must be closed as much as it could.

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oil as ESQ

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17th - 19th October, 2017 LAGOS COURT OF ARBITRATION

.1A REMI OLOWUDE STREET

2ND ROUNDABOUT LEKKI PENINSULA, LAGOS

For enquiries & registration call:

+234 803 526 9055 +234 816 930 9575 training@esqlaw.net www.esqlaw.net

celebrating

40

LEADING NIGERIAN LAWYERS under 40 who will SHAPE the FUTURE of the LEGAL PROFESSION in Nigeria

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UNDER F O R T Y

celebrating

40

LEADING under 40 who will SHAPE NIGERIAN the FUTURE of the LEGAL LAWYERS PROFESSION in Nigeria

D

Outstanding Young Professional

Dapo

OLANIPEKUN SAN

apo graduated from the University of Lagos and obtained an LLB and subsequently got his BL at the Nigerian Law School. He later studied at the Centre for Commercial Law Studies, Queen Mary and Westfield College, London where he obtained a Masters in Law (LLM) and a PhD at the International Financial Law Unit, Queen Mary University of London. He currently works as a partner in Wole Olanipekun & Co.

protection, domestic and international trade, financial crime, constitutional law, general civil litigation and dispute resolution. He also heads the Au Courant Research Group. In the course of his practice, he has been invited twice by the Court of Appeal, as amicus curiae, to give expert opinion on complex issues of commercial law in Edo State Board of Internal Revenue v Independent Television/Radio (2014) LPELR 23215; and Nigerian Breweries PLC v.

Dumuje (2015) LPELR25583.

In July, 2015, Dapo was elevated to the rank of Senior Advocate of Nigeria (SAN), being the youngest person ever to be conferred with the rank since inception. Dapo's core areas of practice and academic research include banking and finance, shareholder disputes, consumer

He is the editor- in- chief of the Banking and Financial Law Reports (BFLR). He is also the chairman of the Advisory Board of the Constitutional Rights Awareness and Liberty Initiative (CRALI). Between 2012 and 2014, he served as a member of

the firm's Power and InfrastrucState, Nigeria. ture practice. He routinely advises Advising the syndicate of on all aspects of the development, lenders on financing of the privatization, acquisition, development of the 500MW financing and operation of power gas fired OMA IPP in Abia and infrastructure assets.

State.

Advising the Sponsor on the Wolemi, who has been described development of the 400MW by chambers as “…the one who gas fired power plant in Ogun can identify issues," is well State. regarded as a multi-specialist, and Advising the lenders on the has a broad based experience in financing of the acquisition of corporate and commercial law. In the Omotosho National addition to his power, infrastrucIntegrated Power Plant. ture and construction practices, he Advising the Marubeni routinely advises on complex Corporation on the resolution commercial transactions Outstanding of certain disputes arising from (including corporate finance Young the development of the Professional transactions, mergers and Nigerian Integrated Power acquisitions) across the broad Projects. spectrum of the Nigerian Represented Lagos State in the economy. high-profile Enron/Federal Government/Lagos State He is ranked as a leading lawyer Government Arbitration.

ESAN in Nigeria by most of the leading Represented Lagos State in the independent legal directories, olemi earned an LLB including Chambers Global, IFLR high-stakes Lagos State Government v National Electric from Lagos State 1000 and Legal 500. Wolemi Power Authority at the High University, a BL from occasionally undertakes pro bono Court of Lagos State and at the Nigerian Law School, criminal defense work for Court of Appeal. an LLM from University College indigent accused persons.

London, and an MBA from Advised the Lenders on the Few of his deals and transactions Durham Business School, financing of the acquisition of over the past few years include: University of Durham.

Jos Electricity Distribution Plc. Advising Warburg Pincus, Advising the finance parties on General Atlantic and Network He is a partner at Olaninwu Ajayi financing of the development of International on the acquisition and Co. Wolemi is in charge of the 500MW Azura IPP in Edo

Wolemi

W

extremely resourceful and versatile adviser as she has advised on various areas of the law including: corporate and OLATUNDE OGIEMUDIA commercial law, private equity, corporate re-structuring and mergers and acquisitions, zofu Olatunde banking, corporate and project Ogiemudia is a partner in finance, telecommunications, the commercial law firm, regulatory compliance, labour and Udo Udoma & Beloemployment, company secretarial Osagie. She joined the firm in practice with a stint in litigation 2014 as an associate and is now a and dispute resolution. Ozofu also partner in the firm's corporate heads Udo Udoma & Beloadvisory, private equity and Osagie's pro bono practice.

Mergers & Acquisitions teams.

Ozofu

O

Some of Ozofu's high profile Ozofu has come to be recognised transactions include: advising a among her peers and clients as an

the National Editorial Committee of the Nigerian Bar Association (NBA), as well as the Legal Practitioners Disciplinary Panel of the NBA. He was reappointed as the Alternate Chairman of the Legal Practitioners Disciplinary Panel B of the NBA in 2015. He was a lecturer at the Department of Commercial and Industrial Law at the Faculty of Law, University of Lagos. Dr. Olanipekun serves on the editorial boards of several leading law periodicals and has a number of publications to his credit. He has delivered papers on diverse topics at many conferences and seminars.

He is a fellow of the Chartered Institute of Arbitrators, Nigeria and he chairs the Banking and Finance Committee of the Institute

of Emerging Markets Payment Holding Limited from Actis Advising on the acquisition of 39.46% equity stake by Standard Chartered Private Equity in GZ Industries Limited (the pioneer can manufacturing company in Nigeria) Advising on acquisition by Saham Finance of minority equity stake in Sovereign Trust Insurance Plc Advising Avante Capital on the establishment of its PE fund Advising on the establishment of the African Frontier Markets Investment Fund and many others.

With an MBA from a top business school, Wolemi is not just a lawyer's lawyer, but also a rounded business solutions provider. He has consistently demonstrated a puzzling capacity to provide well rounded legal advice which takes into account not only the client's commercial objectives but also its implications on all aspects of the client's business.

South African glass manufacturing company in connection with its acquisition of a controlling interest in a Nigerian glass manufacturer. She was also part of the team that advised two major private equity funds on their separate investments in a Nigerian commercial bank (through a private placement and a a rights issue on the Nigerian Stock Exchange, respectively), and she subsequently supported one of those funds in its successful exit from that bank.

She was part of the team that advised on the acquisition financing of US$170 million for the purchase of a gas pipeline.

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PPP projects. She is recognized as one of the leading lawyers in Nigeria's Power sector having worked for government agencies, regulators, and private parties on various Power transactions.

Outstanding Young Professional

Dolapo

Consortia on its acquisition of National Integrated Power Plants – Calabar, Benin and Alaoji Generation Companies valued at US$2.7 billion for 80% interest in each of the companies.

Advised Kann Utility Company Limited on its Joint Development and Equity Arrangement for raising $121 million financing for acquisition of 60% shares in Abuja Electricity Distribution Company Plc. Advising CEC Africa Investments on its acquisition of $45 million equity interest in the Concessionaire (North South Power) of Shiroro Hydro Power.

Advising PTRL Power 1 on a bid for an IPP Solution for Supply of power to Societe Anglogold Ashanti De Guinea valued at $45 million.

Advised Sona Group in Heineken International BV's purchase of five of its breweries in Nigeria, increasing Heineken's capacity by 3.7 million hectolitres.

Advised ARM Infrastructure Fund on its proposed

investment in Azura IPP, a 450mw Open Cycle Turbine Power Plant in Edo State.

Dolapo earned her law degree from the University of Ibadan in 2001; she was admitted to the Nigerian Bar in 2004. She holds a diploma in Intellectual Property Law. Dolapo is a member of the Nigerian Bar Association (Section on Business Law), Nigerian Gas Association, Executive Committee Ebola Containment Trust Fund, British Council, AIJA (International Association of Young Lawyers), and American Bar Association Intellectual Property Section and Forum on Entertainment and Sports Law.

onna ObasekiOgunnaike is a Partner in the Energy and Project Finance Group of Adepetun, Caxton-Martins, Agbor & Segun firm. She is based in Lagos.

participated in several due diligence exercises, commercial negotiations, and the drafting and reviewing of a wide range of contracts within the industry

1000, 2015 Recognized as a 'Rising Star' in Energy & Infrastructure- IFLR 1000, 2014.

Donna is currently the youngest recipient of the Yitzhak Rabin International Award for Excellence in Leadership

Securities Clearing System Limited (the securities clearing house of the Nigerian Stock Exchange) among others.

competition, tax, employment, share acquisitions, signing, closing and opinions; · Practical Law's doing Business in Nigeria Guide 2015/2016.

Dolapo is a trendsetter in the legal industry. She started her legal practice as an IP, Media and Entertainment lawyer and earned DETAIL a Global Law Expert Recommendation for Entertainment Law in Nigeria in 2012.

Recognising the gap in the Nigerian market for lawyers in the Power sector, Dolapo transitioned to Power and is now one of the foremost lawyers in Nigeria's power sector.

She currently leads the team advising the Central Bank of Nigeria on the Nigeria Electricity Kukoyi Stabilization Facility of ₦213 billion aimed at settling outstandolapo Kukoyi is a Partner ing payments due to market at Detail Commercial participants and service providers Solicitors (DETAIL). She and legacy gas debts owed to gas leads the firm's Power suppliers. and Gas to Power Practice and has ample experience working on Few of Dolapo's transactional Corporate Acquisitions and Restructurings, Infrastructure and experience also includes:§ Advised EMA and Aiteo

D

D Outstanding Young Professional

Donna

OBASEKI-OGUNNAIKE

She has also been involved in various acquisitions of insurance service providers.

She led the team that advised Kellogg in connection with ts US$450 million acquisition of 50% in food distributor, Multipro Nigeria (a member of the Tolaram group), led the teams that advised Synergy Private Equity Fund (“SPEF”) and EchoVC on their respective investments in Netplusdotcom Limited, led the team that advised Verod Capital Partners in connection with the acquisition of a significant minority interest in Central

Dolapo is recognized by the International Financial Law Review as a “Leading Lawyer” in the categories Energy & Infrastructure, Corporate, M&A and Project Finance.

Donna graduated from the University of Ilorin in 2000 with Donna has over 12 years of legal an LLB Honours degree. Donna was admitted to the Nigerian Bar Donna enjoys writing poetry and practice and experience in advising a broad range of clients in 2002. giving poetry recitals and on investment laws and practice, She is also a member of the presentations. acquisition of interest and following organizations: management of oil and gas The Nigerian Bar Association projects, corporate governance and general business compliance. (NBA) Donna consults extensively on a Negotiation & Conflict wide range of investment issues Management Group for international exploration, oil service and multinational trading Donna's accomplishments have companies. She often advises on been recognized in international strategy, planning and developlegal directories such as: ment solutions to project specific Recognized as a 'Rising Star' in ventures within the oil and gas industry. She has conducted and Financial and Corporate- IFLR

Ozofu has been a contributor to the World Bank's annual Doing Business Report since 2009.

Articles that she has co-authored include: · the IFLR's 2015 Mergers and Acquisitions country review for Nigeria; · various articles on the Practical Law International Acquisitions Transaction Guide series on

Ozofu is a regular contributor to the Taylor Vinters employment law newsletter and the Simmons & Simmons' Elexica resource.

Ozofu is a member of the technical committee of the Nigerian Bar Association that is advising the office of the President of the Senate on legal and regulatory reforms required to enhance the business environ-

ment in Nigeria. In this capacity, she recently facilitated the session on the review of the Nigerian companies and Allied Matters Act (Cap C20) Laws of the Federation of Nigeria 2004 at the National Assembly Business Environment Roundtable held at the National Assembly on 20th March 2016.

Ozofu was a speaker at the recent workshop on "Tender Offers and Takeover Bids" organized by the Mergers, Acquisitions and Corporate Re-organizations committee of the Section on Business Law of the Nigerian Bar Association.

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LEADING under 40 who will SHAPE NIGERIAN the FUTURE of the LEGAL LAWYERS PROFESSION in Nigeria

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ludare Senbore is a partner in the Corporate and Commercial Practice Group of Aluko & Oyebode, and he specializes in Energy and Natural Resources, Infrastructure and Project Finance and Private Equity, with specific focus on the following sectors of the economy: Oil & Gas, Power, Infrastructure, Minerals and Metals and FMCG.

Oludare SENBORE

Kehinde OJUAWO

“A fantastic bright lawyer, who is Catherine's College, Oxford tenacious in a pleasing way” University, England (2010), Legal 500 in 2015 organized by Euromoney Legal Training; “Legal and AdministraFramework of Taxation for Kehinde is a versatile commercial tive Efficient Service Delivery by Tax lawyer, with an uncommon Lawyers,” Lagos (2010) analytical mind and ability to

by Tax Planning understand and attend to complex organized Services; “The Core instructions. He advises on Oil & Support on International Oil and Gas, Mining and Power, Foreign Course Law,” Cape Town, South Investments & Divestments and Gas (2009) organized by the general Corporate & Commercial Africa Association of International law transactions.

Petroleum Negotiators and Rocky Mountain Mineral Law FoundaHe has taught many training tion; “Project Finance: Key Courses, among which are: Legal, Structural and Risk “High-Impact Leadership for a Issues,” Lagos (2008) organized Better Society”, Yale University, by Euromoney Legal Training; New Haven Connecticut, USA Warranties, Indemnities & (2014), organized by Nigerian Disclosure in Mergers & Leadership Initiative; "InternaAcquisitions and other International Upstream and Downstream tional Business Transactions,” Gas Business Management London (2008), Euromoney Legal Certificate Program,” Boston, Training; “Ship and Vessel USA (2011 and 2013) organized Financing,” Lagos (2007)

by International Human organized by the Legal Research Resources Development and Corporate Development Corporation; School for Projects Consulting.

International Financial Law, St.

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ONI

Oludare graduated from the University of Lagos with an LL.B. (Hons) in 1999 and obtained the B.L from the Nigerian Law School in 2000. He has a Masters of Law from the University of London. He is a member of the Nigerian Bar Association, International Bar Association and Private Equity Africa.

Oludare has over 16 years' experience in international financial transactions and advises Oludare is married to a fellow on matters such as local and legal practitioner and they are foreign currency syndicated lending, structured trade finance blessed with 2 boys. and leasing transaction, structured finance, project finance, derivatives, mergers and acquisitions, private equity investments and structures, foreign investment, privatization,

yodele is recognized as being a lawyer “in a league of his own” by the internationally renowned directory, Who's Who Legal and has also been ranked amongst the World's leading lawyers in the Chambers and Partners and Legal 500. He received an LL.M in Energy (oil, gas, power & renewables) and Environmental Law from the University of Calgary in Canada. He is currently the Partner and Chair of the Energy and Natural Resources Practice Group at the Nigerian Law Firm; Bloomfield Law Practice.

Ayodele

and the regulatory framework relating to utilities.

power, oil and gas transactions including the Shell divestment deals and Chevron's divestment of interests in a number of oil mining leases, marginal field transactions and several oil and gas acquisitions or divestments transactions.

Kehinde obtained his LL.B from the prestigious Obafemi Awolowo University, and B.L from the Nigerian Law School (B.L). He further went to obtain a Masters of Law from the University of Newcastle. He is a member of the Nigerian Bar Association.

consultant advising the transmission company of Nigeria on a number of its contracts in the power sector.

Ayodele won the Nigerian young lawyer of the year award in the year 2010 edition of the Nigerian Legal Awards and is also the He also participated extensively author of Nigeria's leading text on in the deregulation and privatiza- the electric power sector- The tion of the electric power sector Nigerian Electric Power Sector: advising on 8 of the transactions. Policy: Law: Negotiation Strategy: Business. Apart from He is currently advising on a the foregoing, he has also number of interesting transactions, including- a power project authored several articles in for a mechanized farm in South leading law publications and journals. Ayodele facilitates at West Nigeria, an integrated gas trainings and conferences on project and certain transacdiverse subjects relating to oil, Until recently, he was a Senior tions/projects being undertaken gas and power both locally and Associate and the Team Leader of by Ministries, Departments and the Energy & Natural Resources Agencies of the federal govern- internationally.

Practice Group of foremost ment of Nigeria on the postNigerian Law Firm- Banwo & privatization restructuring of the He is very happily married to his Ighodalo. He has also been electric power sector. In friend and soulmate- Aliceparticular, Ayodele is a legal actively involved in several Adetola and has three children.

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a Multinational Tobacco Company in product liability actions instituted in four States and the Federal Capital Territory in which the claims were over USD$44, 000, 000, 000.00 (Forty Four Billion United States Dollars); she was Team Leader of the defence team which defended an Oil and Gas Asian Multinational Company in a claim for over USD100, 000,000.00 (One Hundred Million United States Dollars); she was Team Leader of the team which recovered two Aircrafts for a Multinational Aviation Leasing Company; she was Senior Team Member of the team which prosecuted the appeal of an Oil and Gas Multinational Company for the purpose of preserving its interest in an Oil Mining Lease for five fields; she was Senior Team Member of the team which prosecuted the appeal ROBINSON-AYANWALE of an Oil and Gas Asian Multinational Company for the rene attended University of purpose of preserving its interest Benin and obtained her in an Oil Prospecting License for Bachelor of Law degree and a field; she was Senior Team the Nigerian Law School for Member of the defence team her Barrister at Law. She which defended a Multinational currently works as Head, Legal Automobile Company in a claim Department at the Nigerian Stock over ₦5,000,000,000.00 (Five She was senior Team Member of for Exchange. Prior to this current the defence team which defended Billion Naira); Team Leader of

Irene

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engagement, Irene has had a robust career history with cognate experience both as a lawyer in private practice and as in-house counsel. She has worked in Clarke & Paiko as intern and Assistant to Head of Chambers; Igwenyi and Co, Strachan Partners, Kola Awodein & Co, and Sofunde, Osakwe, Ogundipe and Belgore as Associate in the Litigation and Solicitors Units; and Aluko & Oyebode as Senior Associate in the Litigation and Alternative Dispute Resolution department. While gathering this experience, Irene was involved in and advised on quite a number of successful deals, transactions and projects, among which are serving as member of the defence team which defended an Oil and Gas Multinational Company in a claim for over ₦17, 000,000,000.00 (Seventeen Billion Naira); Senior team Member of the defence team which defended an Oil and Gas Multinational Company in a claim for over USD$10, 000, 000, 000.00 (Ten Billion United States Dollars).

ALIU

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lujoke Enitan Aliu (Joke) graduated from the University of Ibadan in 2001 with an LL.B. (Hons). She attended the Nigerian Law School and was admitted to the Nigerian Bar in 2003.

In order to expand her world view and increase her knowledge of international transactions and culture, Joke did a business tailored LLM at one of United States oldest Ivy League Universities – the University of Pennsylvania. She also obtained a Wharton Business and Law Certificate (WBLC) from the Wharton School of the University of Pennsylvania, focusing on business related courses such as

Street Children: Their Plight,

The Law and The Solution

Law: The Passion and the Pain.

This Raging Bull Dog called the

EFCC.

Corporate Governance as it

relates to companies in Nigeria – The International Investigations Review 2nd Edition.

Section on Business Law of the Represented the Hydara family, Nigerian Bar Association for the Corporate Affairs Commission the family of a deceased (CAC). renowned Gambian journalist (Deyda Hydara) in a fundamental Joke is a Member of the Chartered Institute of Arbitrators rights application filed against the Republic of Gambia at the (UK) Nigeria Branch. In 2015, Community Court of Justice, she became a Fellow of the ECOWAS, for failure to Nigeria Leadership Initiative investigate the circumstances (NLI), following an induction program organized in conjunction leading to the death of the with the Yale University at New journalist. The claims were upheld and the court awarded Haven, Connecticut, USA. The Nigeria Leadership Initiative is a damages in the favour of the Hydara family. growing global network of credible and accomplished community spirited Nigerian Appointed as a joint expert in leaders committed to taking Nigerian law, in respect of responsibility for driving positive divorce proceeding pending at the change in Nigerian communities. Truro County Court, United Kingdom and provided an Expert Report on areas covering the Joke has worked in the prestienforcement of foreign judggious law firm of Aluko & Oyebode for over 13 years. She ments, divorce proceedings, started her career at the firm as a settlement of property and rules of civil procedure of the high core dispute resolution lawyer. courts of Nigeria.

Today, in addition to her core area, she has taken on more responsibilities and interests in Currently leading the team core commercial and regulatory representing a Spanish oil and gas aspects of the law proffering top multinational company which notch opinions on high value and operates across Europe, in a strategic transactions. She is dispute pending at the Federal currently a partner at Aluko & High Court, Abuja, involving a Oyebode total claim of N30,000,000,000 (Thirty Billion Naira) for alleged In the course of her professional breach of contract. career, Joke has represented several multinational and local Joke has developed good companies; non-profit organiza- management skills having tions and individuals in complex managed Aluko & Oyebode's and high value arbitration and Abuja office for the past 5 years. litigation proceedings in both In recent times, Joke participated local and regional courts. as a resource person in programs organized by the Nigerian Bar Association including the A few of the transactions and workshop organized by the cases include the following: Financial Accounting and Management. Joke is also called to the New York Bar.

Olujoke

the team which prosecuted arbitral proceedings in an international arbitration against a Libyan Oil Company for a claim of over USD$6, 000,000.00 (Six Million United States Dollars); she was Litigation Member rendering advisory services to Banks on various banking, labour, shareholding and operational issues; she is Litigation Member rendering advisory services to Oil and Gas Multinational Companies in respect of Production Sharing Agreements/ Production Sharing Contracts and the rights and obligations of the parties under these contracts.

celebrating

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LEADING under 40 who will SHAPE NIGERIAN the FUTURE of the LEGAL LAWYERS PROFESSION in Nigeria

publicly quoted company whose principal activity is the provision of life and general business risk management solutions and financial services to corporate and retail customers in Nigeria. Mrs. Omowunmi is an experienced professional with over 14 years' cognate experience which started at Energy Basefield Limited where she set up and headed the legal department as a Legal Advisory Officer carrying out various legal duties such as Drafting, Review and Proof reading of various legal documents such as simple contracts and shareholders agreement. She joined Strachan Partners where she was a senior associate counsel. She led the team involved in carrying out legal due diligence on corporate organizations such as banks and was the head of the corporate commercial OMOWUNMI department of the firm. She later moved to Gapbridge rs. Omowunmi Microfinance Bank Limited as the Adewusi is currently Company Secretary/Legal adviser the General Counsel and was one of pioneer member and Company Secretary of staff of the Bank. of AXA Mansard Insurance Plc, a

Adewusi

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In 2008, she worked briefly with Emerging Markets Telecommunications Services Limited (Etisalat Nigeria) in the Corporate Compliance Legal unit with various challenging tasks. In 2009, she joined the management of WSTC Financial Services Limited as the Company Secretary/ Head of Corporate Services. She joined AXA Mansard Insurance plc in 2011.

Omowunmi is an experienced professional with practical experience in, and solid understanding of the workings of a Company Secretary. She has excellent communication and interpersonal skills. She has over the years acquired a solid background in General Corporate Law and practice, Administration of Estates, Oil and Gas, Intellectual Property Law, Company Law, General Contract Law, and Property/Conveyance Law

Advisory and Company Secretariat. She obtained her bachelor's degree in Law from Lagos State University, and further went to the prestigious Nigeria Law School and was admitted to the Nigerian Bar Association She has attended and facilitated various courses and seminars locally and abroad.

She is Member of the International Bar Association, Nigerian Bar Association and an Associate Member of the Chartered Institute of Arbitrators. She is a Registered Legal Officer (Sponsored Individual) with the Securities and Exchange Commission. She is married with Children.

Omowunmi's experience cuts across various spheres in Human Resources, Administrative, Legal

presented articles/papers on his core practice areas in Nigerian and international publications and fora.

their Shipping and Transport (covering the shipping, oil services and aviation industries) rankings for Nigeria. Sources say Adedoyin, who is “dedicated to and whose response times He has advised extensively on the clients incredible” is known for structure and implementation of are complex ship and aircraft complex multi-million dollar financings (The Legal 500 transactions and matters 2016). involving cross border joint ventures (in compliance with the Nigerian Oil & Gas Industry Adedoyin also has considerable Content Development Act and the experience in asset management Nigerian Coastal and Inland & private equity, corporate Shipping (Cabotage) Act), ship finance, commercial litigation and and aircraft finance and lease, arbitration, project finance and registration of ship and aircraft general corporate and commercial mortgages and interests, port law. concessions and developments, corporate restructuring, maritime A product of the prestigious claims and casualties – including Kings College, Lagos, Adedoyin litigation and arbitration, a law degree from the regulatory compliance and other holds University of Ibadan and a wider ranging issues within the Masters of Laws degree in AFUN Nigerian aviation, logistics, International Commercial and shipping and oil services Maritime Law from Swansea dedoyin continues to be industries.

University, Wales. He is admitted recognised as one of the into the Nigerian bar and is also a “bright stars” in Nigerian Over the last few years, The solicitor of England and Wales.

Aviation and Shipping Legal 500 has listed Adedoyin in laws and has authored and

Mr. Adedoyin Afun is currently a Partner and Chair of Bloomfield Law Practice's Shipping & Oil Services, Finance and Aviation & Logistics practice groups.

Adedoyin

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Failure” at the Financial Institutions Training Centre (“FITC”) Course on Effective Project Finance of October 6, 2011 at the FITC Centre, Lagos, KUFORIJI In terms of leadership and and capacity development, he has 3.

Presenting on the topic “An attended several seminars and anre has acquired varied and overview of the New Laws on diverse experience spanning presented at different fora Money Laundering and Terrorism including: different industries (EnFinancing in Nigeria” at the ergy/Oil & Gas, Banking and, Chartered Institute of Bankers of more recently Telecommunica1.

As a panelist at the ESQ Nigeria (CIBN) workshop on tions) in corporate legal work, Legal Project Finance Summit Anti-Money Laundering and regulatory compliance, commer- that held on July 23, 2012 at the Terrorism Financing held at cial transactions, syndications, Civic Centre, Victoria Island, CIBN office, Victoria Island, project management, as well as Lagos, Nigeria.

Lagos, Nigeria structured and project financing. 2.

Presenting on “Legal Issues Presently, Lanre prepares and He has gained from hands-on in Project Finance” and the supervises the preparation of experience as well as attending “Warning Signals of Project documentation codifying

Lanre

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reputable trainings on varied aspects of commercial transactions.

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Akin

OLAGBENDE

kin Olagbende is a graduate of Sussex University, Brighton UK where he obtained LLB Honours in Law after studying contract law, public administrative law, land law, EU law, tort law, evicence and criminal law, among others. He currently works as Company Secretary/Legal Advisor at Forte Oil Plc. In this capacity, Akin heads the Legal department and Secretariat and is involved daily in drafting and vetting of Energy agreements, policy monitoring, liaising with regulators, shareholder relations, advising the board on their duties and functions, developing and monitoring corporate governance framework. In addition, Akin works with external counsel on all litigation and directs strategy for same. He also monitors guideline and regulatory

compliance as well as working alongside portfolio managers.

As a trade management analyst at Goldman Sachs Asset Management, Akin was responsible for the verbal and legal confirmation of Swaps derivatives trades including payments relating to these trades. He ensured that the legal and economic data and information on Interest rate Swaps, Novation and Credit Derivatives Agreements are accurate. He carried out reviews of all Swap, futures and FX options Documentation; he liaised with both Internal and external Counsel and Legal departments with regards to ISDA Master Agreements and Derivative Agreements. He liaised with Brokers, Trading Desks and Custodians with relation to breaks and other enquiries with regard to derivative trades and trade

Ijeoma commenced her career as · a legal practitioner at Templars over a decade ago. Since then, she has proven to be a formidable force and invaluable addition to the firm, rising through the ranks · to her current position as the deputy head of the corporate and commercial practice. Her dedication, determination to achieve and exceed set goals and her ability to proffer intelligent, practicable solutions to clients' needs earned her a place in the Templars partnership into which · she was admitted in July 2016.

Ijeoma UJU

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Some of her clients include · General Electric in Nigeria, Google Inc., HJ Heinz, American Tower Corporation, Novartis Pharma, ArcelorMittal and Four Seasons amongst others. In some of her some noteworthy transactions, she:

jeoma Uju is a Partner and the · deputy head of the Corporate and Commercial Law practice at the leading law firm, Templars. She holds a Bachelor of Laws from the University of Ibadan, and is an Associate of the Institute of Chartered Secretaries and Administrators in Nigeria and England & Wales.

commercial dealings, advises on risk mitigation and compliance with laws and regulations as well as coordinates the defense of several high-profile cases.

Advised American Tower Corporation on the US $ 1.05 billion acquisition of 4,800 telecoms towers from Bharti Airtel.

Advised on the restructuring of Schlumberger Oilfield Services Limited's telecoms subsidiary and the subsequent acquisition of the subsidiary by Harris Corporation, a transaction valued at US$397.5 million.

Advised Google Inc. on its entry strategy for Nigeria and provided compliance support in setting up its Nigerian subsidiary.

Advised Samsung Heavy Industries, Korea on the requirements, procedure and legal issues arising in connection with the establishment, operation and compliance of its Nigerian subsidiary for the fabrication of an FPSO (floating production storage and offloading) unit for the EGINA project structured within the LADOL free trade zone.

Advised UBA Plc, in relation to its N 100 Billion (approximately US$ 900 Million) Rights Issue and Public offer (including an issue of Global Depositary Receipts in accordance with Rule 144 A of the US SEC In addition to her transactionAct in the United States of specific work, Ijeoma regularly America). conducts regulatory compliance

He actively participated in the largest telecommunications financing deal in Nigeria – a $3.3 Billion International and Local financing deal in 2012/2013.

Participated in the legal work for the financing of the Lekki Toll Lanre worked as part of the Concession.

Project team (with JP Morgan, Clifford Chance, Vetiva Capital, Project Management: CoordiQuantum Capital & Banwo & nated a 21 Day Educational-CSR Ighodalo) that handled the Global project in 2015 involving the Depository Receipt (GDR) conceptualization, planning and Listing of a top Nigerian bank by implementation of different the UK Listing Authority educational-based CSR activities (UKLA) on the London Stock

by MTN staff across ten (10) Exchange locations nationwide.

agreements. He confirmed trades via Swapwire, DTCC, marked it and other in-house consoles in addition to receiving paper documentation.

seminars and workshops for leading Nigerian and multinational corporations.

Ijeoma is a strong advocate of knowledge development and economic/ business empowerment of Nigerians. Her advocacy and service in this regard extends beyond Templars, as she gives pro-bono presentations and workshops on business formation and other corporate compliance issues. In March 2016, she gave a presentation “Establishing a Business in Nigeria: What You Need to Know” at a free Business Impartation Seminar organised by the Covenant Capital Investment Arm which was attended by thousands of people.

Ijeoma has also written and published several articles on the subject of business formation, corporate governance and regulatory compliance in legal journals and national newspapers in Nigeria. She is a member of the Committee of Nigerian Bar Association's Section on Business Law set up to review the proposed Companies and Allied Matters (Amendment) Bill.

Lanre obtained Bachelor of Law Risk Management Traindegree (LLB) from the Ogun ing/Seminar State University (now Olabisi Onabanjo University), Barrister atLaw at the Abuja Campus of the Nigerian Law School; Postgraduate diploma in law (PGD) with specialization in Banking and Finance; Queen Mary University of London; Masters of Law (LLM)b in corporate and Commercial law. Prior to his current position, Lanre worked as Associate Counsel at Adepetun, Caxton-Martins, Agbor & Segun; and as Legal adviser at Zenith Bank group. He has presented seminar on Effective Mangement of Legal Risk at the ESQ Legal

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LEADING under 40 who will SHAPE NIGERIAN the FUTURE of the LEGAL LAWYERS PROFESSION in Nigeria Group and all its subsidiaries.

Bunmi Agagu

B

unmi is a 2005 graduate of the University of Nigeria, Nsukka where she obtained a Bachelor of Laws degree.

She also attended the Nigerian Law School and is a Barrister and Solicitor of the Supreme Court of Nigeria. She is an Associate member of the Institute of Chartered Secretaries & Administrators, in the United Kingdom and Nigeria. She also holds an MSc in Corporate Governance from the Leeds Beckett University, UK. She is the youngest member of Eterna Plc's (the Company) Management Team and Company Secretary/Legal Adviser to the

Audited Financial Statements are filed as and when due. In the that the Company would She was employed as Corporate event meet a statutory deadline, Affairs Officer in January 2008, a not Bunmi would engage the position that exposed her to: Regulators long before the default date to disclose the full particu· Liaising with various external lars of the impending default and counsel to ensure that the best obtain required regulatory interest of the Company is waivers. represented in law suits. · Liaising with the SEC, CAC & 2. 100% success rate in all legal NSE to ensure that the cases instituted by and against the Company complies with Company. Bunmi believes applicable statutory & strongly, that most disputes can regulatory guidelines. be resolved amicably and would · Liaising with institutional work to avoid long drawn out law shareholders, shareholder suits. She has had good success in groups and individual this regard based on her ability to shareholders on various engage stakeholders and identify enquiries on their equity solutions that leave all parties investments in the Company. satisfied. However, where litigation is inevitable, she has a · Reviewing day to day hands-on approach in ensuring transactions with a view to documenting agreements that success. She is actively involved in the process and provides reflect the intention of the external counsel with the parties and protecting the appropriate support (including interest of the Company. facts, context and arguments) to ensure success in court.

As Company Secretary/Legal Adviser, Bunmi's stellar 3. She has had the responsibility performance includes but not for drafting and/or reviewing oil limited to: and gas contracts valued at over Three Hundred Billion Naira 1. Ensuring that the Company did between 2011 and 2015. Till date, not incur any penalties from none of these contracts have infractions on the rules of the resulted in any significant NSE, CAC or SEC in 5 years. To transaction or legal risk for her achieve this, the Company's company. Her 360° approach to secretariat implemented a real contracting ensures that all time disclosure and engagement potential risks are identified, process with the in-house Finance mitigated and documented in the Team and the Regulators, such contract. that Quarterly Management Accounts, Earnings Forecast, 4. She initiated the Company's other Corporate Actions and restructurings and regulatory compliance.

Nigerian target companies included Oando Marketing Plc, Oando Trippmart Limited, Apapa Limited and Oando Supply He also provides advice on an on- SPM and Trading Limited. going basis on various finance, aviation, oil and gas and privatization transactions. He has He also recently led the team that been involved in the provision of advised a consortium consisting legal advice to various local and of Sub-Saharan Africa-focused 8 international clients on compliMiles LLP, West Africa-focused ance with the provisions of African Capital Alliance Limited Nigerian law. He also undertakes and DEG, the German development finance institution in the drafting and/or review of various transactional documents relation to its US$80 Million equity investment in Beloxxi and supervises the efficient and Industries Limited, a biscuit effective conduct of legal due manufacturing company in diligence.

Nigeria. The dynamic transaction represented a large capital inflow He recently led the team that the Nigerian manufacturing advised a joint venture consisting into sector and involved the investof Vitol S.A and Helios Investment of a significant amount of ment Partners in relation to its foreign exchange into Nigeria at a successful multi-million dollar time when there are concerns on acquisition of the downstream OYETUNDE the amount of foreign capital subsidiaries of Oando Plc, a being invested in Nigeria. leading Nigerian integrated yodeji Oyetunde is a energy company. The transaction Partner in the CorpoHe graduated from the Obafemi was a significant cross-border rate/Commercial Awolowo University, Ile-Ife, deal in the Nigerian oil and gas Department of Aluko & Nigeria with a Bachelor's Degree industry as a leading Nigerian Oyebode (the “Firm”). Ayodeji is integrated energy company in Law (LLB honours) and is a a core member of the Corporate engaged in every aspect of the Barrister and Solicitor of the Commercial practice of the Firm energy value chain across several Supreme Court of Nigeria. providing advice to the Firm's geographical jurisdictions was clients principally on capital seeking to divest its interest in its In addition, he has a Masters market transactions, mergers and downstream businesses. The degree in Corporate Commercial acquisitions, corporate

Ayodeji

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compliance unit to respond to Know Your Customer (KYC) requests from clients and affiliates and also help the Company have information on its business affiliates. The Company's drive to be well respected

by International Oil Companies (IOCs) commenced with due diligence and counter-party checks. The Company has been cleared by majority of the IOCs doing business directly or indirectly in Nigeria.

5. She takes the lead in ensuring that the Company participates in responsible projects that help the Company give back to the society. The Company's Corporate Social Responsibility (CSR) function falls under Bunmi's purview and the Company has been actively involved in making donations to the following organisations under her watch: a. International Women's Organisation for Charity. b. Down Syndrome Foundation. c. The NSE Corporate Challenge – A Race Against Cancer. d. Spinal Cord Injuries Association. e. Patrick Speech Languages Centre for Autistic Children. f. Police Wives Association. g. Deaf Supporters Group. h. The Energy Institute. i. Lasgidi Cultural Arts, etc.

Law from the University College London where he was the recipient of the John Carr Faculty of Laws Scholarship Award.

He is a member of the Nigerian Bar Association, the Chartered Institute of Taxation and the Association of International Petroleum Negotiators.

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Notary Public and Honourary member of the Africa Committee of the Commercial Bar Association (COMBAR) of England and Wales. Ajibola was born in Lagos on the 6th of January 1976 into the family of the late Ganiyu Babatunde Dalley of the Suenu Chieftaincy family of Lagos (a legal luminary and founding Partner of the notable commercial law firm of Abudu, Dalley and Co.) and Mrs Joyce May Dalley.

He attended Akinsemoyin Primary School and later went on to pursue secondary education at the Seaford College, Petworth, West Sussex, England. Thereafter he obtained a Second Class Upper Division Degree in Law (LLB) from the Thames Valley University in England. Thereafter he was called to the Nigerian Bar in 2001.

the responsibility of establishing and building the Banking and Finance, Aviation and commercial litigation department of the firm.

Within a period of ten years Ajibola, with shear grit and assiduous determination, not only gained notoriety for his contribution towards the development of Nigeria's field of Banking, Finance and Aviation Law but more importantly he along with his fellow Partner and Associates created an internationally recognized Banking and Finance, Aviation and Commercial litigation department. The firm and Ajibola often receive accolades from ratings agencies including but not limited to the International financial law review (IFLR), Corporate International Law Experts and Global Law Experts.

distress situations, especially those with a cross-border element.

Until recently he acted as Secretary of the Aviation Committee of the Nigerian Bar Association, Section on Aviation Law where he actively participated in the promotion of seminars on Aviation Law and Practice, in Nigeria.

He equally advises and represents, in Nigeria, Delta Airlines, United Airlines and South African Airways on a plethora of issues including but not limited to employer-employee relations, tax, baggage and cargo claims. Ajibola is equally widely recognised for his contribution towards the development of case law in the sphere of Banking and Finance. In the 2014 reported Court of Appeal decision of Avinash Chander Malhotra v Bank of Singapore DALLEY (C.A) LPELR-22442, by way of A day after his call to bar he Ajibola has key experience in superior legal arguments he the firm of Strachan advising Airlines, financial jibola Dalley is a Partner joined and in late 2003 he institutions and oil companies in played a crucial role in helping to in the firm of GRF Dalley Partners formulate the current law on the teamed up with his late father and relation to contentious issues and Partners. He is a ambit of the term “Banking to set up the firm of GRF arising from complex finance Barrister and Solicitor of brother and Partners, as co-owner. transactions as well as restructur- Business in Nigeria”. the Supreme Court of Nigeria, a Dalley At the time he was saddled with ing, insolvency and corporate

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deniyi is an astute lawyer with a decade of experience on advising on various aspects of corporate and commercial matters. . He specializes in Foreign Direct Investments, Energy (Oil and Gas, Power and Infrastructure), Mergers and Acquisitions, Private Equity and Business Regulatory and Advisory. He has advised on a number of Energy deals spanning across Nigeria and West Africa

Adeniyi DUALE

ALEX ADEDIPE

Adeniyi graduated as a lawyer from Lagos State University in 2004 and was called to the Nigerian Bar in 2006. He is a member of the Section on Business Law of the Nigerian Bar Association, the Association of International Petroleum Negotiators (AIPN) and the Energy Institute.

His experience is broad, from negotiating numerous mergers and acquisitions, private equity deals as well as representing clients on several litigious matters. He has more recently advised a client on the acquisition Adeniyi is the Managing Partner of the Firm. Prior, to his present of an embedded Independent position, Adeniyi was a Senior Power Plant. Adeniyi has Associate with a leading top tier

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Aderonke

attended several international commercial practice in Lagos. trainings on Loan Documentation, Corporate Finance, Power, Due Diligence and Accounting and Financial Analysis. He has also assisted in the setting up and structuring of many special purpose joint venture vehicles.

deronke is currently a partner in Strachan Partners, a leading commercial law firm offering legal services to its extensive local and international clients who range from national corporations, foreign international undertakings to foreign organizations and individuals. She heads the firm's corporate-commercial and project finance teams. She specializes and has in-depth experience in project financé transactions representing lenders and borrowers with particular concentration on multilateral financial institutions. She also has immense experience in advising local and foreign clients I the areas of project finance, oil and gas, real estates development, joint venture arrangements, business ventures and other commercial transactions as well as general legal advisory. In

addition to her corporatecommercial experience; she also has experience in commercial arbitration.

She recently advised a syndicate of lenders in the financing of an award-winning acquisition of an OML in Nigeria. Supervising the team advising a syndicate of lenders in a $660M reserve based lending facility for the acquisition of an OML. Currently advising a multi-national oil and gas servicing company on the divestment of its interest in a joint venture. Currently advising a multi-lateral financial institution in connection with a contour facility for the construction of an international four-star hotel and conference centre in Nigeria. She recently advised a real estate company on a joint venture participation for the purpose of

setting-up a world-class shopping centre in Nigeria. Currently advising a French-based oil and gas servicing company on compliance with local laws and regulations in connection with its potential investment in the Nigerian oil and gas industry.

She obtained LLB, Obafemi Awolowo University, BL. Nigeria Law School, and LLM George Washington University.

She is a member of the Nigerian Bar Association, International Bar Association and Lagos Court of Arbitration

celebrating

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LEADING under 40 who will SHAPE NIGERIAN the FUTURE of the LEGAL LAWYERS PROFESSION in Nigeria has earned recognition for advising blue chip clients and obtaining landmark tax judgments.

Nigeria Limited in a dispute concerning the application of the Official Selling Price as opposed to Realisable Price in the computation of the petroleum profits tax liability for Total's JV operations.

Igonikon has extensive experience in litigation, arbitration and resolving complex tax disputes.

She has acted in some of the · Is currently representing a PSC largest commercial arbitrations in Contractor Group in connecthe energy and telecommunication with an arbitration arising tion sectors. She regularly advises from a cost recovery dispute and represents a wide variety of with a State Oil Corporation. the Firm's major multinational, government and corporate clients · Represented a number of in commercial disputes. In recent shareholders as respondents in noteworthy transactions, the US$4 billion multi-party Igonikon: international arbitration arising out of a pre-emption rights · Successfully represented the dispute among shareholders of Erha PSC Contractor Group in a leading emerging markets an ad hoc arbitration against telecoms company that erupted the NNPC arising from a crude in a number of jurisdictions. entitlement dispute with the IGONIKON NNPC. (The US$2.042 billion · Obtained an award in favour of award against the NNPC was the Heineken subsidiary, gonikon Whyte is a Partner in featured as Number 4 on Nigerian Breweries Plc (NB) in the Firm's Dispute Resolution American Lawyer's ALM major dispute arising from Practice at the Nigerian Focus Europe list of the world's athe “take or pay” provisions of foremost law firm, Templars.

12 biggest arbitral awards of a Gas Sale and Purchase 2011 to 2013).

Agreement (GSPA) with She was admitted to practice in Gaslink.

2002 and began her career at · Is representing the Erha PSC Ajumogobia & Okeke before Contractor Group in numerous Igonikon plays an active role in joining Templars. Over the years cases before the Tax Appeal mentoring and knowledge she has risen across the rank and Tribunal, Federal High Court the development of associates in the file to become an integral part of and the Court of Appeal in firm inculcating in them the the Dispute Resolution and Tax connection with the tax and as lawyers to constantly Practices. Initially a pure contractual aspects respectively ability focus on the core business commercial disputes attorney, of their crude entitlement objectives of clients and to deploy Igonikon has grafted tax advisory dispute with NNPC. a practical and commercial into her areas of expertise. She sensitive approach to solving has been instrumental in building · Successfully represented and problems. She has also been a vibrant tax practice – from a secured a Landmark Judgment instrumental in winning several team of a handful of attorneys to in favour of Total E & P new clients for the firm. a standalone practice group - that

Igonikon is an associate member of the Chartered Institute of Arbitrators UK, Nigerian Branch and a member of the International Law Association, Nigerian Branch.

Whyte I

She started her professional career as an associate with the Law firm of Adepetun, CaxtonMartins, Agbor & Segun where she worked in the Shipping and litigation department of the firm.

Her quest for corporate legal practice made her quit litigation to join the commercial law firm of George Etomi and Partners.

Adefunke worked in the commercial department of the firm and acted as company secretary to several clients of the firm.

Outstanding Young Professional

Adefunke A ADEYEYE

defunke Adeyeye obtained her Bachelor of Laws degree from the University of Lagos in 2004 and was called to the Nigerian Bar in 2005.

Adefunke has an LLM with specialization in International Law and is a member of the Chartered Institute of Arbitrators (UK).

While at George Etomi & Partners, she was on assignment with the Nigerian Bar Association Section on Business Law where she served as the Director of Administration from September 2008 to July 2009. Adefunke and her team successfully facilitated the organization of the 4th Business Law Conference of the Nigerian Bar Association Section on Business Law. She has remained a regular member of the Nigerian Bar Association Section on Business Law Conference Planning Committee.

Adefunke has always had flair to work as an In-House Counsel. As

a result, has contributed to the development of entertainment law in Nigeria by being the first Inhouse counsel of the Silverbird Group which is a media and entertainment company.

Adefunke joined the Silverbird Group in 2009 barely 4 years after being called to the Nigerian bar. She took on the challenge of setting up a legal department from the scratch and left the company with a full-fledged legal team of 3 tutored by her.

forum was at the African Series of the Association of Corporate Counsel held in London in December 2013 where she talked about “Doing Business In Africa”. Subsequently, she has delivered papers on Entertainment Law and the Nigerian Entertainment Industry.

Having established a robust legal department at the Silverbird Group, Adefunke sought for bigger challenges in a multinational organization which made Adefunke was later appointed as her accept the offer to join the General Manager Corporate Guinness Nigeria Plc as the Services of the company where Senior Commercial Legal she headed the Legal and Human Manager in November 2014.

Resources departments of the organization.

She is a member of the Nigerian Bar Association; Nigerian Bar While at Silverbird, she Association Section on Business supervised the company's Law; International Bar Associainvestments in Africa (Ghana, tion; Association of Corporate Kenya & Mauritius) and was Counsel and the Chartered integral in resolving an investInstitute of Arbitrators (UK). ment dispute involving the company's investment in these Adefunke is driven by passion for African countries. excellence and strives to make a positive impact in all her Her desire to carve a niche for endeavours. No wonder she herself in the legal industry believes the Sky is only the coupled with her work experience beginning and does not believe in at SBL made her pursue her professional impossibilities. dreams as a speaker. Her first

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Chuks IBECHUKWU

n English qualified lawyer with over a decade of experience in the field of corporate finance. Chuks trained and has practiced at three leading international law firms in London, Houston and Dubai – Latham & Watkins LLP, the world's highest-grossing law firm and widely considered to be one of the most prestigious and profitable law firms in the world; Allen & Overy LLP, a member of the 'Magic Circle' of UK leading law firms; and Cadwalader, Wickersham & Taft LLP, New York's oldest law firm, which consistently tops the rankings for issuer and underwriter's counsel on mortgage-backed securitizations transactions. At these law firms, Chuks advised financial institutions, multilaterals, corporates, sovereigns and government agencies on some of the most complex cross-border

financial transactions and structures, ranging from project and leveraged finance transactions, Sharia-compliant financings and structured products, including securitizations.

services projects in about 27 countries in Sub-Saharan Africa, including Nigeria, assuming lead lawyer responsibility on those projects and across IFC's broad product offering.

Passionate about sustainable social and economic development, Chuks' educational and professional focus was and has been on emerging markets, particularly Sub-Saharan Africa. After a 10 year career in private practice, Chuks currently works as a lawyer (currently the only Nigerian lawyer) at International Finance Corporation (IFC), a member of the World Bank Group and the largest global development institution focused exclusively on the private sector in developing countries. In his current role, Chuks has worked on almost 20 new and portfolio investment projects and over 140 advisory

Chuks is IFC's lead counsel in Sub-Saharan Africa on advisory services projects, advising on the legal aspects of the various technical assistance and capacity building services and initiatives that IFC offers to private and public sector participants, including SMEs, in the region. He is also a member of IFC's Knowledge Management Team and is the Knowledge Management regional lead for SubSaharan Africa with responsibility for devising and implementing IFC's knowledge management initiatives in the region.

student in Commercial Law; and the University of Buckingham Law School prize for the best overall student in European Union Law.

committee member of the British Nigeria Law Forum; an active member of the Africa practice and Nigeria desk at Dentons where he helped to shape the firm's strategy for the Nigerian market and maintain relationships with Nigerian clients and international clients with interest in Nigeria.

He has advised on some of the market leading financing and corporate transactions that have closed recently in the Nigerian market. These transactions include: advising a syndicate of commercial banks on a US$230 million facility to Seven Energy International Limited for the development of a central gas processing facility, gas pipeline network and associated infrastructure in Nigeria; advising lenders on a US$1.4 billion reserves-based facility to Aiteo Eastern Exploration & Production Limited for the acquisition of an onshore oil mining lease ("OML 29") and associated infrastructure (the FRED-OMOSUYI "Nembe Creek Trunk Line") in Nigeria from international oil is professional achievecompanies; advising lenders on a ments to date include: a reserve-based facility to Afren plc training contract at for the development of the Ebok Slaughter and May and oilfields in Nigeria; advising MTN working for 2 years at Linklaters, Nigeria Communications Limited which are two of the five magic on a US$2.1 billion corporate loan circle law firms in the City of facility from a syndicate of London, before his current role as Nigerian banks and an internaan associate at Dentons; masters of tional financial institution; law degree from the London advising an international oil and School of Economics with merit; a gas company on the corporate and bachelor of law degree from the financing aspects of its acquisition University of Buckingham with of oil mining leases in Nigeria; first class. His academic awards advising an international include: Black Solicitors Network consortium on the corporate and 2010, 'Rising Star' award, finalist; financing aspects of its bid for a the “Law Student of the Year power asset during the power 2008” award from the British privatization programme.

Nigeria Law Forum; the “Alumni Merit Award 2007” from the International School of Lagos; the He has held a number of leadership roles within the firm.

University of Buckingham Law He is a member of the executive School prize for best overall committee of (a) the Dentons' performance in 2nd year Africa Banking Group and (b) the examinations; the Oxford University Press law prize for the Dentons' Nigeria Group. He is a member of the Dentons Associate best overall performance in 1st year examinations; the University Committee. He is currently a of Buckingham Law School prize trustee of the Black Lawyers for the best overall performance in Directory Foundation ("BLD Foundation") while also serving as 1st year examinations; the a mentor for the BLD Foundation's University of Buckingham Law Legal Launch Pad scheme. From School prize for the best overall 2008 to 2010, he was an executive

Omojole

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He has contributed to Nigeriafocused thought leadership by publishing the following articles: A legal overview of M&A and financing transactions in Nigeria's oil and gas sector, which was published in (a) NOGIntelligence Oil and Gas 2015 Annual Review and (b) Lexology. 'Reserve-based lending in Nigeria', which was published in (a) Dentons' Bank Notes 2016 (Spring edition) and (b) Lexology. Secondment to Aluko & Oyebode and business development with clients in Nigeria. Commercial awareness – At Dentons, He helps the partnership to identify and execute cross selling opportunities from a regional, practice area and industry sector perspective. He has also further developed his commercial awareness through a secondment to the corporate and M&A team at Barclays PLC, where he got a deeper insight into the commercial drivers behind corporate transactions.

He demonstrated his adaptability to change by leveraging on the shifting global dynamics whereby clients are focusing more on emerging markets (including subSaharan Africa), by arranging and completing a 12 months secondment to Aluko & Oyebode, a leading Nigerian commercial law firm, Affiliations of Note include: Dentons (employee), Slaughter and May (alumni), Linklaters London (alumni), Aluko & Oyebode (alumni), Black lawyer Directory (trustee); Black Solicitors Network (member), and British Nigeria Law Forum (member).

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LEADING under 40 who will SHAPE NIGERIAN the FUTURE of the LEGAL LAWYERS PROFESSION in Nigeria

Oladele OLADUNJOYE

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ladele Oladunjoye is the Principal Partner of Greychapel Legal, a budding full service law firm which renders first class legal advisory services across various sectors.

Oladele is an astute and resourceful lawyer with a track record of providing quality legal services on a wide range of issues. His passion for excellence and his in-depth knowledge of the law and the business environment has distinguished him as the first choice for clients. Oladele Oladunjoye was admitted to the Nigerian Bar in 2006, having obtained his LLB Degree from the University of Lagos. He holds a Master of Laws Degree (with Distinction) from the University of Warwick and he is admitted as a Solicitor of the Senior Courts of England and Wales.

Oladele commenced his legal continents. He also advised on career as an Associate in the firm the divestment of SPDC & Ors' of Jackson, Etti and Edu where he from OML 42, the Osun State was an active member of the Government N60 Billion Banking, Finance and InfrastrucInfrastructure Bond and Sukuk ture Unit specialising in (Islamic Bond) where he Syndicated Loans, Mergers, played a key role. The Sukuk is · Acquisitions, Restructuring and the first State issuance in Banking & Securities Regulation.

Nigeria and the Sukuk issuance He then proceeded to Alliance was awarded the Africa Deal of Law Firm where he held the the Year Award at the Islamic position of a Senior Associate and Finance News Awards in led the Corporate/Commercial Dubai. He has actively played a Practice. As the Head of that unit, lead role in several other he was predominantly responsible cross- border syndicated for consummating Structured facilities.

Finance and Capital Markets transactions. Being a member of Oladele has presented several the Dispute Resolution Team, he seminars and training lecture was also actively involved in Banking and Securities Litigation. papers on topical legal issues.

In 2012, he joined the law firm of Kola Awodein & Co. as a Senior Associate and was subsequently appointed the Head of the firm's Banking and Finance Practice.

There, he advised on a broad range of transactions to clients in various sectors including Banking & Finance, Telecommunications, Real Estate and Infrastructure.

He is the Legal Adviser of the Warwick University Nigeria Alumni Association.

EXPERIENCE - Over the years, Oladele has garnered experience in corporate and commercial transaction particularly in relation to Banking, Finance, Mergers & Acquisitions; and commercial litigation. He has advised on diverse areas of law and recently advised a Nigerian Bank which acted as the Mandated Lead Arranger on a $250m cross-border syndicated pre-export financing facility advanced to a United Kingdom Company with operations in 3

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Michael ORIMOBI

ICHAEL ORIMOBI Michael is an ingenious and astute commercial lawyer with years of experience in Investment Banking, Capital Markets and Finance Law. He holds a Bachelors degree in Law (LLB) from the University of Lagos. Furthermore, he has a Masters degree in Commercial Law (with emphasis on Corporate Finance Law, International Commercial Tax, International Intellectual Property Law and Corporate Governance) from the University of Cambridge. He started his career as an Investment Banker and was involved in structuring several Nigerian and Cross-border commercial transactions, such as Financial Analysis and Valuation of Companies, Mergers & Acquisitions, Listing of Companies on the Nigerian Stock Exchange, Core Investor Sale, Privatization & Commercialization, Balance Sheet Restructuring, Corporate Restructuring, Issuance of Equity,

in the Nigerian Petroleum Industry: Examining the Legal Implications & Regulatory Risks Oil, Gas and Energy Law (OGEL) Vol. 11, Issue 2 Mar 2013 Banking and Finance Laws in Nigeria: New Developments and Trends published in Aspatore's Banking and Finance Client Strategies in Middle East and Africa (2009) where he was an acknowledged contributor

Oladele is a member of the following organizations: · Nigerian Bar Association (NBA) · Institute of Chartered Secretaries and Administrators, UK (ICSA) · International Bar Association (IBA) · Law Society of England and Wales · Financial Services Lawyers Association (FSLA-UK) · Association of Professional Negotiators and Mediators (APNM) He is a prolific writer and has many published articles to his name including: · Mining in Nigeria (King & Wood Mallesons, Made in Africa, Issue 14 December 2015) · Sukuk as a Tool for Infrastructural Development in Nigeria (Journal of Islamic Banking and Finance March 2014, Vol. 2, No. 1, pp. 335-344) · Incorporated Joint Ventures Debt and Hybrid Instruments (Private Placements, Special Placings, Public Offers) and Foreign Direct Investments. He is currently the Managing Partner of Tokunbo Orimobi LP – a full service commercial law firm with offices in Lagos, Ibadan, Abuja, London and New York. Michael, in the course of his legal career has been able to perfectly combine his legal background with his Investment Banking experience in proffering highest quality advisory services to clients. Michael is ranked as a Leading Lawyer for Capital Markets Deals in Nigeria by the IFLR1000, emerged as Lawyer of The Year, Nigeria & Leading Adviser, Nigeria in the ACQ Global Awards and was awarded Marketing Law with Accolades Award in the 2016 DealMakers Country Awards. Under his tenure as Managing Partner of Tokunbo Orimobi LP, the law firm has won several awards such as Corporate Finance Law Firm of the Year,

Nigeria - 2016 Corporate Int'l Magazine Global Awards; Most Innovative Law Firm, Nigeria – 2016 Acquisition International Magazine Awards; Recommended Firm for Financial and Corporate Deals (2016) & Energy and Infrastructure Deals (2015) IFLR1000; Corporate Finance Law Firm of the Year, Nigeria 2015 Deal Makers Country Awards; Regulatory Compliance Practice of the Year, Nigeria, Dispute Resolution Law Firm of the Year, Nigeria & Best Commercial Law Firm of the Year, Nigeria - 2015 Acquisition International M&A Awards; Full Service Law Firm of the Year, Nigeria, Project Finance Firm of the Year, Nigeria & Litigation Law Firm of the Year, Nigeria 2014 ACQ Global Awards etc. He is a member of the Nigerian Bar Association and the International Bar Association.

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Head of the firms Energy Practice, Adaku is personally responsible for managing those relationships.

Adaku UFERE

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daku Abimbola Ufere heads the Energy Practice of one of the biggest law firms in Africa; Centurion Law Group. She manages a Team in five African countries; Equatorial Guinea, Ghana, Cameroon, Mauritius and South Africa; and twenty-one other strategic partnerships across the globe.

Centurion Law Group is the official Counsel to the Ministry of Mines and Hydrocarbons, and the Ministry of Industry and Energy of Equatorial Guinea. Sitting in the Malabo office, and as the

Vivian S OSAYANDE

elf-motivated, result oriented business partner and an agile learner, Vivian Osayande has over 13 years of legal practice experience. She started her career in the prestigious law Firm of Chief Afe Babalola SAN & Co where she focused actively on dispute resolution. She was exposed to complex litigation and was part of the Federal Government's prosecution team in the attempted murder trial involving Dora Akunyili, the Ex-NAFDAC

and Segun (ACAS), where she worked in the Shipping and Litigation Department under the mentorship of Mrs. Funke Agbor SAN. She then joined ACAS as Associate after graduating She and her Team act as Country an Representatives for a number of from the Nigerian Law School.

Exploration and Production companies. She acts as interWhile at ACAS, she was a governmental communicator for member of a 3-person team that the companies; organizing successfully represented a Operating Committee Meetings multinational construction and Technical Committee company at the Lagos Court of Meetings.

Appeal in a crucial appeal brought against the company by construction company.

She has also negotiated multiple Nigerian The case was written up in the Joint Operating Agreements, Guardian Law Report of 19th Memorandum of AgreeOctober 2010 and in the Nigerian ment/Understanding, Master Service Agreements, Production Weekly Law Report.

Sharing Contracts, Service Contracts; for African and The next phase of her legal career International Oil & Gas compa- saw Adaku join the legal nies, for Exploration and department of the General Production efforts globally.

Electric (GE); one of the largest multinational infrastructure and service companies in the world; Adaku attended the Queens as Legal Counsel for GE Oil & College, Lagos, obtained a Gas. Her duties at GE tranBachelors in Law from the oil and gas, and saw University of Nigeria, Barrister at scended Adaku working across the various Law from the Nigerian Law GE businesses; Aviation, School, and Masters in Oil and Healthcare and Gas Law from the University of Transportation, Power & Water.

Aberdeen United Kingdom, where she graduated with a Merit, achieving a Distinction in her While Legal Counsel for GE Oil Masters Dissertation ('Petroleum & Gas, Adaku drafted and Investment in Nigeria and the negotiated all forms of Service Local Content Regime').

Contracts, Joint Operating Agreements, Non-Disclosure Frame and Master She started her legal career as an Agreements, Service Agreements, Interintern at the esteemed firm of Adepetun, Caxton-Martins, Agbor Company Agreements. Providing

contract support regarding Terms and Conditions, risk analysis, interpretation and development of strategies to mitigate risks, and formulation, review and evaluation of contract amendments. She also personally coordinated Company Board and Shareholders' meetings, and managed regulatory filings for the Nigerian GE entities via External Counsel.

company's values and behaviours, Vivian is a skilled negotiator and deal-maker, with experience in leading large project teams, and continues to advocate for creating access to healthcare in Africa. She is an excellent communicator, speaking at International Conferences across the worldwith a view to contributing to the Global discourse on issues; that affect cross border business.

Vivian is a volunteer mentor, at the 'Bridge Program' aimed at helping indigent and intelligent young girls achieve their full potential through mentoring, facilitating internships and financial support. She also volunteers legal aid support as part of local church activities. She worked with the Global Pharmaceutical and Healthcare Industry Practice Group of Baker & McKenzie to prepare analysis of policies, laws and regulations relating to the UN Foundation mHealth Alliance pro bono project aimed at using mobile phones to improve healthcare for women and expectant mothers in developing countries. She recently led a visit to the Lagos State Old people's home in Yaba.

She is a member of the International Bar Association Pro bono and Access to Justice Committee, Africa working group. She is also a member of the Nigerian Bar Association, Section on Business

Law. Vivian obtained her LL.B from the Ambrose Ali University and is married to Osaze. Together, they have a son, Oghosa and a daughter, Osato.

Director General. While at the Frim, she took particular interest in Arbitration and was also exposed to complex arbitral proceedings as well as the Chartered Institute of Arbitrators.

In 2005, she moved to the commercial law Firm, Templars and was part of its Dispute Resolution practice group. She later straddled other practice groups and rose quickly to become a senior associate. While at Templars, she provided advice to numerous multinational companies on a wide range of issues and also acted as the Firm's Business Development Coordinator. She earned several mentions in various editions of the Who is Who Legal's International guide.

In 2013, she joined Novartis as its head of legal Africa and continues to hold this position till date. In this role, she oversees the company's legal affairs, negotiates with governments and other commercial teams in different countries across the continent and provides leadership on a wide range of issues, including Grants, Donations, Sponsoring and Other Funding. She has built the legal function from scratch and continues to support the Novartis leadership team to win for Patients. Winner of the 2015 Novartis 'People Award' for the associate who exemplifies the

Upon leaving GE Oil & Gas, Adaku founded DAX Consult, a boutique Legal Consultancy Firm, providing a complete range of legal advisory and general consulting services. Working as a Legal Consultant, she expanded her niche to include Intellectual Property, FMCG, Maritime and Media & Entertainment Law. Her clients varied from a multinational agri-business FMCG company to Nigerian music recording artists and fashion houses.

She is a member of the Nigerian Bar Association, International Bar Association, the Chartered Institute of Arbitration and Women in Tech Africa Adaku runs one of the most successful and award winning lifestyle blogs in Nigeria; www.thirdworldprofashional.com , as well as being a published poet and Contributing Writer to top print and online magazines in Nigeria.

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LEADING under 40 who will SHAPE NIGERIAN the FUTURE of the LEGAL LAWYERS PROFESSION in Nigeria

Sterling Oil Exploration & Energy Production Company Limited Prior to joining Templars, Zelda worked as a Deputy Executive on · Chinese National Oil Corporation on the financing for the the Legal Team of United Capital acquisition of Nexen Inc., a (formerly UBA Global Markets) Canadian oil company with its where she advised on several interest in petroleum assets in innovative transactions including Nigeria. the first-to-market RMBS · Standard Chartered Bank as structure in West Africa. arranger on the US$210 million term facility to Zelda has a proven track record of Ecobank Nigeria Limited delivering top quality work and performing beyond expectation; · a telecoms infrastructure provider in respect of the qualities which earned her an investment of up to US$100 invitation to join the Templars' Million by a private equity partnership in July 2016. fund based in the United Arab Emirates through the issuance Zelda has extensive experience of redeemable convertible advising clients on syndicated preference shares lending, leveraged acquisition structures, RBLs, securitization, capital markets offerings, bank re- · Series 3 of the FMBN Residential Mortgage-Backed AKINDELE structuring as well as domestic & Securitization (also advised on cross-border public and private the original establishment of elda Akindele is a Partner M&A. Some noteworthy the securitisation programme) in the Finance Practice at transactions on which she has acted include advising: Templars. he began her career in the Banking At Templars, she has additional Group at the London offices of responsibility for the continuing · FBN Quest and Access Bank the international law firm Clifford plc as mandated lead arrangers legal education initiative which Chance LLP working on cross includes legal training & on the 2-tranche US$640 border syndicated lending and research. million facility to Neconde structured finance transactions.

Energy Limited (and also the She was subsequently seconded Lenders on the initial US$470 Zelda holds a Master of Laws in to the firm's Milan office where million reserves-based loan Banking and International she worked as a member of a bifacility to the same borrower)A Finance from the London School lingual team advising on consortium of international of Economics, and a Bachelor of commercial and residential lenders on the US$1 billion Laws from the University of mortgage-backed securitisations facility to, amongst others, and derivatives.

Bristol, UK. She is admitted to practise in Nigeria and in England &Wales.

Zelda is the co-author of the Nigerian Chapter of the International Banking Regulation Review for 2010 & 2011 published by Law Business Research UK, and is currently a member of the FMDQ Debt Capital Market Regulatory Consolidation Sub-Committee.

Zelda

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practice and human capital development experience.

In addition to being a Barrister and Solicitor of the Supreme Court of Nigeria, she is a Notary Public for Nigeria, an Accredited Mediator of the Centre for Effective Dispute Resolution, UK (CEDR) and Certified Trainer in Mediation and Negotiation of the Bond University, Australia. Mrs. Odigboegwu is a member of the Nigerian Bar Association, International Bar Association, Chartered Institute of Arbitrators (CIArb), the Panel of Neutrals of the Lagos Court of Arbitration (LCA), the Panel of Neutrals and Training Faculty of the Lagos Multi-Door Courthouse (LMDC) as well as the Training Faculty of the Negotiation and Conflict Management Group (NCMG) and the Standing Conference of Mediation Advocates, UK (SCMA).

Business Development Teams; she was also the Supervisor of B&I's award-winning Internship Programme. Mrs. Odigboegwu worked with B&I for about 10 years.

Mrs. Odigboegwu has vast experience in dispute resolution (litigation, arbitration, mediation and other forms of ADR). She is very knowledgeable in various areas of Nigerian law as well as the practice and procedure of Nigerian courts, tribunals and ADR bodies before which she represented various local and foreign clients (individuals and corporate bodies, including renowned multinationals). She is a natural teacher and is able to communicate with people of various ages, cultures, and educational backgrounds. She ODIGBOEGWU lectured adult federal government workers on two courses “Business Law” and “The Law rs. Chinwe and Practice of Meetings” - at the Odigboegwu is the Federal Training Centre (FCT), Head, Litigation & Prior to her appointment, Mrs. Dispute Resolution of Odigboegwu was a Team Leader Maiduguri during her one-year national service Nigerian Bottling Company with the top-tier Commercial Law compulsory Limited (NBC), a subsidiary of firm of Banwo & Ighodalo (B&I). (NYSC).

Coca-Cola Hellenic Bottling She headed the Firm's Litigation, Company. Under NBC's Legal Arbitration and Alternative Mrs. Odigboegwu is a member of Department's business partnering Dispute Resolution (ADR) the Governing Board of HYPE model, Mrs. Odigboegwu is the Practice Group, and supported its Foundation, a youth development Legal Business Partner for the Intellectual Property, Energy (Oil and nation building initiative Company's HR and Business & Gas), Maritime & International geared towards mentoring young Services Solutions (BSS) Trade, and Corporate, Securities people for personal excellence Departments. Mrs. Odigboegwu & Finance Practice Groups. She and national transformation. In joined NBC in August 2015 with was a member of B&I's Recruit- this regard, she has acted as a many years of extensive legal ment, Website Management and Facilitator and Mentor to

Chinkwe

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adolescents and teenagers since 2001. Her passion for education, youth development and community development inspired her to implement a personal community development project (Human Resource Development for Secondary School Students) during her NYSC year in Maiduguri, Borno State. The project won her the NYSC & Borno State Merit Award. Mrs. Odigboegwu acted as a Facilitator and Mentor at the pioneer Young Lawyers Conference (YLC) held in Lagos in July 2010.

She is often called upon to speak at seminars and conferences, particularly regarding dispute resolution and career development.

Mrs. Odigboegwu is married with four children, including a set of twins. She is passionate about youth development, and enjoys singing and public speaking.

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Arbitrators. His professional responsibilities and expertise include transactions advisory, commercial litigation, Arbitration and Alternative dispute resolution with experience spanning over a decade. He represents organizations in his capacity as Barrister and Solicitor in negotiating the complex paper work necessary to running and owning a business, as well as those involved in investments and divestments, Public Private Partnerships, financial and investment management transactions, intellectual property and communications law. He also regularly advises foreigners seeking to invest or do business in Nigeria.

NWAKOGO

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reg Nwakogo is the Founding and Managing Partner of ROSBERG Legal Practitioners &

OLABODE MUNIS

ictor holds an LL.B Hons degree from University of Lagos and LL.M (International Business & Commercial Law) from The University of Manchester. He specializes in Energy & Natural Resources Law, Corporate/Commercial Law, Property Law and Arbitration. Victor has represented clients in trial and appellate courts for commercial and energy litigation matters. He has advised several clients on compliance with various legislations in the Nigerian shipping industry, power industry and the alienation of property in Nigeria. Victor has drafted several agreements for various oil and gas projects. He carries out a lot of due diligence necessities and research on the local content regime in Nigeria. He has conducted a major research on investor guarantees by the

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Uwanna IKECHUKWU

Turkey Chapter, International Chamber of Commerce Young Arbitrators Forum (ICC YAF)

An experienced commercial and dispute negotiator, mediator and arbitrator, Mr. Nwakogo has acted as counsel and as secretary to arbitral tribunals under various arbitration rules. He has been described by his clients as an He is affiliated to and serves in astute mind with practical various leadership capacities in solutions to business issues. He is professional membership a recipient of the Excellence organisations including: Award by Nigerian Top Executives where he was rated in the top 4 percent of all Nigerian Member of Executive in the Law, Legal and Committee, Chartered Institute Executives Information Services Industry in of Arbitrators (UK) Nigeria the 2015 Publication and Rating.

Branch He is a columnist in a foremost Member of Steering Commit- national daily in Nigeria, tee, Chartered Institute of He has advised in several large THISDAY, where he writes on Arbitrators (UK) Global Young legal issues. He is also a regular transactions including advising on Members Group the establishment in Nigeria of a speaker at local and international world class training company, Chairman, Chartered Institute conferences.

Dale Carnegie Training, with of Arbitrators (UK) Young presence in all 50 of the United Members Group, Nigeria States and in over 80 countries.

Branch He also advised in a Public Regional Representative for Private Partnership (PPP) Africa, Middle East and

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Victor

transaction involving the construction of a state of the art shopping mall in Abia State which is a Public Private Partnership (PPP) transaction between Abia State government and Greenfield Assets Limited.

The PPP project whose first phase has since been commissioned is valued at $300 million.

r. Ikechukwu Uwanna has over a decade of experience in commercial law practice and is a Partner with Tsedaqah Attorneys. Before co-founding the firm, he had garnered extensive corporate commercial litigation and transactional experience with Serenity Legal Union and Partners, Port Harcourt as well relevant Tax experience with SIAO Partners, where he advised both local and multinational companies on their tax concerns. He also has cognate experience in advising and handling high profile commercial transactions and litigation for the public and private sectors, as well as multinationals.

Ikechukwu has a Bachelor's degree in Law from Abia State

Economic Community of West African States (ECOWAS) and participated in advising clients in securing foreign investment in the Banking sector in Nigeria. Victor has provided company secretarial and continues to provide legal services to the concessionaire of the largest hydro power plant in Nigeria.

Finance in Nigeria. He is a contributor to the annual World Bank Group Flagship Report “Doing Business”.

Victor is a member of the Nigerian Bar Association (NBA), International Bar Association (IBA), American Bar Association (ABA), Young International Arbitration Group (YIAG) and an Victor worked with a team of Associate Member of the lawyers in the privatization of the Chartered Institute of Arbitrators UK (CIArb). Victor currently PHCN companies in the recent power privatization programme serves as the Policy Officer of the of the Federal Government where Transnational Practice Managehe represented a consortium who ment Committee of the Section on International Law of the bid and won the concession of American Bar Association. two large hydro power plants.

Victor acts as legal adviser to the Association of Power Generation companies.

He has published several articles on Banking and Corporate University Nigeria; a Master's degree in Law from Obafemi Awolowo University, Ile-Ife, Osun State and a Certificate in Entrepreneurial Management from the Pan Atlantic University, Lagos.

A Member of the Nigerian Bar Association, Commonwealth Lawyers Association, International Bar Association, Nigerian Institute of Management, Chartered Institute of Taxation, Chartered Institute of Mediators and Conciliators, Capital Market Solicitors Association of Nigeria and Association of Outsourcing Practitioners of Nigeria, Ikechukwu is also a member of the National Editorial Board of the Nigerian Bar Association and was the foremost National Secretary of the Young Lawyers

Forum of the Nigeria Bar Association. Ikechukwu currently coordinates the Legal Email Project of the Supreme Court, National Judicial Institute and the Nigerian Bar Association in Lagos. Mr. Ikechukwu Uwanna was in 2012 appointed a Notary Public of Nigeria.

celebrating

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LEADING under 40 who will SHAPE NIGERIAN the FUTURE of the LEGAL LAWYERS PROFESSION in Nigeria At Channels TV, amongst many other functions, she is primarily responsible for case management/legal and policy drafting/keeping the Company abreast of all relevant legislations (including draft Bills) which may be impacting.

ship/Presidential elections, Channels TV did not receive a single query from its Regulators, NBC during/after the 2015 elections, in spite of the Company's massive coverage of the elections. Channels TV also did not receive a single query/administrative action for its of the British elections In the course of her career, she has coverage in the same year. spoken and written both internationally and locally on trademark practice in Nigeria and She is proud to head the team, which ensures compliance of has served in various leadership legal/regulatory aspects of the capacities of the International Company's operations. Since Trademark Association (INTA). establishing the legal department At INTA, she was: for Channels TV, Adeola and her team have ensured that Com- first Nigerian to hold the pany's litigation exposure is position of Subcommittee limited to the barest minimum, by Chair of INTA's Legislation enshrining best corporate and Regulation Committee governance practices in opera(LRC) for the Middle as well as risk analyEast/South Asia/Africa regions. tions, sis/mitigation in stakeholder OLUMEYAN engagement. Her win/win - Sole Nigerian contributor to the approach to resolving disputes has deola Olumeyan is the World Trademark Report (until also enabled the Company to Company Secretary and settle any disputes which may 2011).

Head, Legal and arise in the course of daily Compliance Department In addition, since her of Channels Incorporated Limited - Only African who was part of operations. the Company has the international Project team employment, (Nigeria's foremost news and lost any of the court matters that planned and organized the not current affairs station). She is also instituted against it. This is largely 2008 INTA Trademarks the Compliance officer for due to her exceptional analysis of Administrators Meeting Channels 24 (Channels TV's potential and/or ongoing law suits, (Arlington, Virginia USA) station broadcasting in the UK). apprising the Company's strength and weakness whilst pursuing the An ardent believer in continuous best form of dispute resolution to With over 14 years' post-call legal education, Adeola was been achieve the intended purpose. experience, Adeola's formal primarily responsible for working career encompasses a coordinating the IP training of comprehensive background and exemplary understanding of extensive experience in corporate young lawyers in her department Her business environment helps at the law firm she worked prior the and commercial law pracher strike the best deals for the to joining Channels TV. At tice/corporate goverShe is also at the Channels TV, she trains/organizes Company. nance/company secreforefront of ensuring the trainings for Staff on tarial/compliance/legal and risk protection of the Company's legal/regulatory/compliance analysis/assessment/contract intellectual property, whether in drafting/due diligence/litigation, matters.

Agreements or decisively dealing intellectual property and real with infringements. estate.

In view of the success of the trainings she organized for staff Prior to joining the Channels TV before Nigeria's governorteam, she successfully managed

Adeola

the IP portfolios of, and rendered legal advisory services to many Fortune 500 Companies. In her spare time, she helps small businesses develop business strategies which enshrine intellectual property protection into the overall business plan/operations.

She is a graduate of the Lagos State University and a Notary Public of the Federal Republic of Nigeria. She is a member of the following professional bodies Nigerian Bar Association (NBA); Society for Corporate Governance Nigeria (SCGN); Nigerian International Franchise Association (NIFA); and International Federation of Women Lawyers (FIDA). Adeola is also completing her MBA at the prestigious Lagos Business School (Pan-Atlantic University).

A

with an LLB Honours degree. He requirements in relation to the was admitted to the Nigerian Bar Subordinated Note issued by the in 2005.

Bank.

negotiations, drafting and reviewing of a wide range of contracts.

Mr. Adegbayibi joined the Legal & Regulatory Unit of Ecobank Nigeria (“the Bank�) in 2007 and over the years, he has demonstrated great skill, expertise and leadership qualities in various roles as in-house Legal Counsel with the Bank.

Mr. Adegbayibi is also the Head of the Secretariat and in that capacity, works directly with the Company Secretary of the Bank on Board matters and various legal secretarial functions amongst others. He administers and co-ordinates the Bank's eGovernance platform for enhanced service delivery on Board / company secretariat affairs.

Mr. Adegbayibi heads a team in the Legal & Regulatory Unit of the Bank which deals with complex and contentious issues arising from various mergers, acquisitions and purchase & assumption transactions involving the Bank (namely African International Bank, Hallmark (in Liquidation), All States He has led a team of the Legal & Bank Trust Bank (In Liquidation), Regulatory Unit of the Bank, Oceanic Bank International) . whilst working with a team of include negotiation of international law firms (notably These judgement debts, evaluation of White & Case, Herbert Smith legal risk, interface with Freehills & Nauta Dutilh), to Regulators such as the Central anchor the documentation and of Nigeria and the Nigeria launch of a USD250million Fixed Bank Insurance Corporation Rate Limited Recourse Participa- Deposit amongst several other legal tion Notes issued for financing issues. Through his skillful the purchase of a Subordinated ADEGBAYIBI of these issues, the Note issued by Ecobank Nigeria management Bank has been able to avoid (Eurobond). He oversees and and/or settle litigation and thereby orn in 1979, Mr. provides legal support to the saving cost of over N500million.

Adegbayibi graduated from administration of EBN Finance has participated in several due Obafemi Awolowo Company B. V. (Netherlands) to He University, Ile Ife in 2004 ensure compliance with relevant diligence exercises, commercial

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He is presently the youngest SubUnit Team Lead within the Legal & Regulatory Unit of Ecobank Nigeria.

He enjoys traveling and also has a keenness for the arts and entertainment.

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ode Olanipekun stiduied at the University of Lagos and obtained an LLB, and at Nigerian Law School, where he obtained a BL. He further went to Institute of International Shipping and Trade Law, University of Wales, Swansea and obtained Masters in Law (LLM).

Bode OLANIPEKUN

Bode specializes in different areas of the firm's core competence with expertise in litigation covering different sectors of the economy as lead and co-counsel across trial and all appellate courts in Nigeria. His experience include domestic and cross border commercial disputes and disputes relating to constitutional and statutory interpretation. He has also played significant roles in many intricate pre and postHe was called to the Bar in July, 2003, after successfully completing the Bar Final Exams in the Second Class Upper Division. In November, 2003, he joined the Firm of Ukpong & Omotoso - one of three legacy Firms that, along with A. Akpomudje (SAN) & Co., and O. Omo –Eboh & Co., birthed Consolex Legal Practitioners – as a youth corps member.

With the formal inauguration of Consolex in September, 2006, he was retained as an Associate, elevated to Senior Associate in June, 2008, and admitted into Partnership in September, 2011.

Olurotimi AJU

O

lurotimi Aju graduated from the Ogun State University (now Olabisi Onabanjo University), Ago-Iwoye, Ogun State in 2002.

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MAYOMI

firm roles, he constantly engages in competence upgrade including participation in the Advanced Masters Class in Negotiating Oil and Gas Contracts at the CWC School of Energy, United Kingdom and the Harvard Law School Leadership in Law Firms Executive Course.

Combined with his expertise in litigation is also experience representing different clients in transactional work involving complex multi-party transactions.

He advised on the acquisition of the largest locally owned vessel for subsea Oil and Gas operations in sub-Saharan Africa. He has represented different clients as counsel in Commercial Arbitrations under various rules and is listed in 2016 as a Global Law Expert in Arbitration. In addition and to enhance his practice and counsels one of the world's largest deep offshore Companies in respect of its operations in Nigeria. He has advised on and prepared documentation in multimillion dollar transactions involving the acquisition of businesses.

Legal Studies. He is a Notary Public and a member of professional associations including the Chartered Institute of Arbitrators (UK) Nigeria Branch, International Bar Association (IBA), Nigerian Bar Association (NBA) and the NBA Section on Business Law.

Olurotimi possesses significant dispute resolution experience acquired from handling a portfolio of litigation matters in all the superior courts of record in Nigeria, as well as participating in domestic and international arbitration. He has given expert opinion on issues of Nigerian law He practices mainly in the areas in arbitration proceedings before of foreign investments, corporate the London Maritime Arbitrators finance, energy and natural Association and is currently resources law, commercial taking the final assessment course litigation and arbitration. for Fellowship of the Chartered Institute of Arbitrators (UK).

Olurotimi handles commercial transactions of varying nature and Olurotimi has attended local and complexities. He advises a international courses in his areas privately owned power, energy, of practice and facilitated gas and infrastructure conglomer- trainings organised by the Centre ate with over twenty operating for Petroleum Information and the companies in Nigeria, and Nigerian Institute of Advanced

olawole Mayomi was a prize-winning graduate of the Faculty of Law, Obafemi Awolowo University, Ile-Ife in 2001; and also holds a LLM from the same Univesity. He was called to the Nigerian Bar in 2003, and served pupillage in the Chambers of Chief I. N. Umezuruike, SAN (Aba). He subsequently gained extensive litigation and arbitration experience with leading Nigerian law firms. He is presently a Partner in the Lagos office of S.P.A. Ajibade & Co.

Kolawole

election disputes including acting as lead counsel for the elected candidate both at the Nigerian Court of Appeal and Supreme Court in the challenge to 2015 Governorship election in Lagos State (the commercial capital of Nigeria).

finance, and shareholders derivative rights.

considered to be a thought-leader in this field in Nigeria. In addition, he has successfully handled many cases/consulted for Some of his notable deals banks and constructing compainclude: nies on issues arising from the The Honeywell group ltd payment obligation arising from Arbitration proceedings in which bank guarantees, performance it retained the legal services of S bonds, advance payment P Ajibade and Co. the firm guarantees, etc. confirm that Mr Mayowa serve as counsel on some of the matters, and achieved excellent results. . He is a Trustee of the Society for Construction Law Nigeria, and e.g the Protea Arbitration conducted in London. These set was formerly a Regional Coordinating Committee member of proceedings are high- stake claims totaling over $750 Million, for the Africa, Middle East and Turkey Chapter of the Internaand involved highly complex tional Chambers of Commerce issues of enforcement of pre(ICC) Young Arbitrators Forum. emptive rights in shareholders' Agreement.

He has been involved as counsel in many of the high profile arbitration disputes that have taken place in Nigeria over the past decade, and is particularly noted for his expertise in handling complex arbitration claims arising Kolawole is pursuing doctoral studies on the law relating to from construction and demand guarantees, and is widely infrastructural projects, trade

celebrating

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LEADING under 40 who will SHAPE NIGERIAN the FUTURE of the LEGAL LAWYERS PROFESSION in Nigeria

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Olubukola OLABIYI

Edward OLOYEDE

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yetunde Edward Oloyede is a qualified Lawyer, Chartered Secretary & Administrator with over 10 years' experience in legal practice, spanning private legal practice, corporate and commercial practice, financial services and electronic payments technology services. Specialized in contract administration

ukola is a Senior Associate at the law firm, Odujinrin & Adefulu and practices with the firm's Corporate, Capital Market and Commercial Team with expertise in corporate governance and M&A transactions. She supervises the corporate services unit and has advised both national and international clients on varying commercial transactions as well as compliance requirements.

practice and was ranked as a “recommended lawyer” in the 2016 Legal 500 Corporate Commercial M&A profile and as an “up and coming” lawyer in the Chambers Global 2016 Corporate/Commercial profile.

Ÿ

Supervised the team that advised First Exploration and Petroleum Development Company in respect of Vitol S.A.'s acquisition of 10% stake in the company through its affiliate, Larny Investments Limited by way of private placement. Ÿ Supervising the team that is Bukki has published several articles on trending commercial advising international parent companies on legal compliance law topics, notably with the International Law Office and was requirements of their local subsidiaries vis-à-vis Nigerian a member of the panel on company law.

Corporate Governance at the Supervised the team that She is a graduate of the Univer- 2015 International Bar Associa- Ÿ sity of Buckingham, UK and a tion Conference in Vienna. advised the trustees in a N55 member of the Nigerian Bar Billion Bond Issuance Association, the NBA-Section of Her recent transactions include: Programme by Oyo State.

Business Law, the Loan Market Ÿ Supervises the company Association and the Capital secretarial unit of the firm.

Market Solicitors Association. Ÿ Advised Lafarge Africa Plc on its multiple and concurrent acquisitions in various She has 10 years of experience in equity regions of Nigeria and South corporate and commercial Africa. /negotiation, Corporate Governance, due diligence, payment and technology, and litigation among other areas.

Trust Bank Ltd in November 2008 to work as a Legal Counsel and was with the bank till February 2012.

He is a graduate University of Ilorin where he earned his Bachelor of Laws Degree in 2003. Thereafter, he proceeded to Nigeria Law School and graduated as a Barrister and Advocate of the Supreme Court of Nigeria in 2004.

He joined Nigeria Inter-Bank Settlement System PLC in 2012 where he has had the opportunity of providing legal advice on complex transactions and also involved in the management of notable contracts.

after an extensive scrutiny, awarded and ranked Mr. Oloyede among top 100 Corporate Counsel in Africa (2015) with subsequently published in the Legal500 General Counsel (GC) Powerlist for Africa 2015.

Mr. Oloyede started his career in Calabar, Cross Rivers State, at Ndoma-Egba, Ebri & Co as a Youth Corp member where he had the opportunity to represent clients in various courts within Cross River State and neighboring States while undertaking a one-year national service to his father land.

He belongs to the graduate class 2017, University of Salford, Manchester, United Kingdom, where he currently studies International Commercial Law. At the moment, he had concluded all his modules course work and working towards his Dissertation.

He is a member of the Nigerian Bar Association, Associate Member of Institute of Chartered Secretaries and Administrators, Member of International Bar Association among others.

His courses include: Children, Philanthropy, Education, Economic Empowerment, Environment, Health, Science and Technology, Social Services, and Arts and Culture.

Mr. Oloyede was honoured with two awards in 2014 by one of the Service Groups (Protocol Service Group) in Living Faith Ministry (aka Winners Chapel), Canaan Land, Ota

Upon completing his National Youth Service Corps, Edward relocated to Lagos to work with the Law Firm of John Jacobs & Co located at Lewis Street, Lagos · Most Social Unit Head and LegalHouse Solicitors, Muri· Leadership Merit Award Okunola, Victoria Island respectively between October 2005 and November 2008.

In 2015, Legal500, a prominent legal publication organization based in the United Kingdom, He was recruited by Equitorial

Development Programme in New York for 2 years and on her return Nigeria in 2009, she worked Tamara possesses an international to Chevron Nigeria Limited in academic career, having gained a with the Investigation department on EGBEDI Master's Degree in Petroleum Law and Policy at the Centre for compliance. lawyer with International Energy, Petroleum and Mineral Then she worked at AELEX (one exposure and over 8 years' Law and Policy (CEPMLP), of West Africa's leading law experience in Commercial University of Dundee, in firms), where she was actively contracts, Corporate law, Scotland. There she graduated involved in the Energy/Oil & Gas with a Distinction and was the Compliance, Commercial, recipient of the Madaki Ameh Department, Commercial, Maritime, Energy and Local Corporate, Maritime, Company Content Laws in the Oil and Gas Prize for The Top Nigerian Student in class of 2006/7.

Secretarial and Tax Transactions industry gained in working in and advised on environmental different regions in the world (in Tamara started her career as a issues especially on Carbon the UK, EAME and Asia Pacific Policy Research Analyst for Ayesha Dias, Senior Consultant Credit amongst others legal work.

Countries like Nigeria, Angola, with the United Nations Somalia, Turkey, Italy, Sey-

Tamara

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chelles, Australia etc.).

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transactions of the bank, with a view to ensuring completeness, appropriateness, conformity and compliance with the requisite conditions and acceptance criteria for the bank's credit facilities. She had also at various times past handled perfection of securities including mortgages, debentures, letters of hypothecation; analyses and resolution of legal issues; and implementation of ancillary procedures relating to the Bank's concluded Mergers and Acquisitions.

Before joining Ecobank Nigeria, Chika had some spell with private law practice working variously in the law firms of Hon. Kadiri & Co; Vin Osakwe & Co; and Philip Umeadi (SAN) & Co respectively. During these periods, she was involved in the drafting and filing of court processes; handling of civil and criminal matters; court appearances; drafting of conveyances and other agreements; and legal research and advice to clients among other legal activities. Prior to this period, she served out her mandatory NYSC programme Currently, Chika manages the with the Department of Public Litigation database of Ecobank (DPP) at the Oyo Nigeria which involves the study Prosecutions Ministry of Justice, Ibadan and review of all court processes State between 2004 and 2005. involving the bank; instructing and supervising external solicitors in the general conduct of the court A member of the Chartered cases; as well as in ensuring that Institute of Arbitrators (UK), IDIGO PATIENCE the interest of the bank is always Chika holds an LL.M degree in safeguarded. In furtherance to this Law from the University of Lagos responsibility, she not only assists in 2008; B.L from the Nigerian hika Patience Idigo is preparing both materials and Law School, Bwari, Abuja in currently a Legal Officer in personnel in the bank's litigation 2004; and LL.B (Hons) from the with the Legal and matters, she also actively engages Nnamdi Azikiwe University, Regulatory Unit of in the settlement of litigation Awka Anambra State where she Ecobank Nigeria Ltd. Since through Mediation and emerged the best graduating joining Ecobank Nigeria in 2006, matters at the Lagos Multistudent in the Law class of 2002. she has handled a wide range of Arbitration Court House and other She had her secondary school legal responsibilities. Chika was Door education at Ado Girls Secondary for many years responsible for the Arbitral panels.

School, Onitsha. legal review and assessment of credit documentation in respect of

Chika

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T

olu obtained his LL.M from Columbia Law School, where he was an editor of the American Review of International Arbitration Journal while also serving as a Research Assistant to Professor George Bermann in respect of the American Law Institute's Restatement (Third) of International Arbitration. He is a recipient of Columbia Law School's Parker School of Foreign and Comparative Law Certificate for Achievement in International and Comparative Law.

Tolu

OBAMUROH

She thereafter joined Subsea 7, an International Oil and Gas Service Company as the Country's Legal Head in 2011, Company Secretary of all its local Companies, JV's and Companies in the Free Trade Zones. She was part of the tendering team and negotiated contracts worth over 100Million dollars and managed the Company's vessels inCountry. She also headed the Compliance Unit for Nigeria and was a member of the Country's Executive Management team. She further provided legal support to all of Subsea 7 companies, departments and projects in Lagos, Warri, Port Harcourt and

Chika has attended several professional and management training programmes both within and outside Nigeria some of which include: The NCMG Training Programme on Alternative Dispute Resolution (ADR); Pre-Certification Course on Practical Skills in Negotiation, Mediation and Arbitration; Electronic Banking Law by Euromoney; Communication Skills and Forensic Techniques for Lawyers; Corporate Financing, Legal Negotiations and ADR Training; Membership Accreditation Training of the Chartered Institute of Arbitrators UK; Creative Presentation & Public Speaking Seminar. Her areas of Legal interests include: Arbitration and Mediation; Secured Credit Transactions and Banking Law and Practice.

In her private life, Chika has developed keen interests in Community Development activities; Women Empowerment; and the Development and Protection of the Girl-Child. She is a member of the Catholic Lawyers Association of Nigeria and a devout Christian. She is happily married to Dr. Edward Idigo and the marriage is blessed with a beautiful daughter.

he has been involved in setting up various initiative that has positioned the institution as the foremost arbitral institution in Africa including the first ever arbitration academy in Nigeria with facilitators from White & Case LLP, Queen Mary University, Penn State Law School, Greenberg Taurig LLP, WilmerHale LLP amongst others.

In recognition of his commitment to research and practice of arbitration and ADR, Tolu was awarded the prestigious JAMS Weinstein Fellowship in 2015. He Tolu has worked both in Nigerian is currently working on his and international law firms doctoral dissertation under the including Babalakin & Co., title: Pre-Arbitration Procedures WilmerHale, London and a brief and Expanding Arbitral Powers in stint at White & Case LLP, New International Arbitration.

York. He is currently the Associate General Counsel of the Lagos Court of Arbitration, where Onne. Due to her strong commercial, contracts, and local content knowledge, she was involved with Subsea 7 businesses in other African countries they operated from (Ghana, Mozambique and Angola).

specialist supplying the global oil and gas industry with classleading sub-surface imagery on a non-exclusive basis and holds one of the world's largest 2D offshore libraries. There, she manages the following regions: Europe, Africa, Asia, Mediterranean & East and one of her core In April 2014, she moved to the Middle functions is to conduct business UK and worked as a Legal & and contracts negotiations leading Contracts Advisor for the signed agreements with Offshore Resources Department to Government in Subsea 7 Aberdeen's office in Ministries, Agencies, National Oil the UK. Currently, Tamara works Licensing Companies and International Oil in London as the EAME Legal Companies.

Counsel and Global Contracts Manager for Spectrum Geo Ltd, a Multi-Client seismic data

Tamara is regularly invited to speak at international events and she volunteers as a guest lecturer for the CEPMLP Masters' program at the University of Dundee on topics as “CSR & Gender” and “CSR and NGOs”.

Whilst in Nigeria, she was very active at the NBA and SBL. She also actively promotes diversity at board level and business opportunities in Africa.

celebrating

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LEADING under 40 who will SHAPE NIGERIAN the FUTURE of the LEGAL LAWYERS PROFESSION in Nigeria Ibadan.

Tolu ADEREMI

P

ius Tolulope Aderemi was born into the family of Hon Justice Pius Olayiwola Aderemi JSC CON (Rtd) and Late (Dr) Mrs Folashade Aderemi.He is the last and third lawyer of seven children. He attended Maryhill Convent Primary School, Government College Ibadan, the Polytechnic Ibadan, the University of Ibadan, the Nigerian Law School Abuja and the prestigious University of Aberdeen, Scotland. Notwithstanding the seeming perceived 'comfortable' background, Aderemi had cause to pay his way through the Polytechnic Ibadan as his very strict Father (and now Mentor) would not have any of his children go to the Polytechnic.

With a similar stubborn posture, Aderemi (who went into several petty trading) struggled and paid his way out of the Polytechnic

developing the firm's Energy company Practice as well as its Indian A US$21million acquisition of portfolio. With a decade's interests in an Oil Prospecting Aderemi, a John Taylor Scholar experience in advising on License between a Nigerian of the University of Aberdeen, complex and ground-breaking entity and a South African Scotland has held many voluntary transactions, Mr Aderemi is a investor posts including the Secretary of well-rounded lawyer with a deep Council, Student Representative insight into the workings of the A US$3.5million commercial Council, the Nigerian Law arbitration between a State local and international energy School, Abuja, President, LLM party and oil contractors industry.

He has also garnered Class, University of Aberdeen, Led an investor's delegation to substantial experience and Scotland amongst others. More a West African country to in advising clients on recently, he was appointed a Tony expertise negotiate the acquisition of oil Power, Oil & Gas commercial Elumelu Mentor for the Tony blocs transaction/ disputes spanning Elumelu Entrepreneurship Programme (TEEP) as well as the litigation and arbitration.

Publications Vice Chairman, Training Committee of the Section on As an author and regular speaker An Adroit and Quintessential Business Law of the Nigerian Bar at both local and international Jurist: Biography of Hon. Association. conferences, Aderemi has (and Justice P.O Aderemi JSC; continues to) delivered papers at The Niger-Delta Crisis: various conferences including the Negotiation Versus Military As a qualified lawyer with the Section on Business Law (SBL) Force; firm of Mike Igbokwe SAN & of the Nigerian Bar Association, Co, Aderemi cut his teeth in The Indian Electricity Supply International Chambers of Maritime law and general Industry: A model for Nigeria; (ICC YAF) Confercommercial litigation. In his quest Commerce Re-Visiting The Petroleum ence, London (2012) and the to widening his legal horizon and Global Oil & Gas Professional Industry Bill In Times Of sometimes in 2006, Aderemi Crude Oil Price Decline: A Netherlands (2013) joined the firm of Perchstone & Forum, Catalyst For Increased Foreign amongst others. Mr Aderemi is Graeys Law Firm as a Pupil Direct Investment; also an Associate Member of the Counsel.

Chartered Institute of Arbitrators Oil Blocks: Any Leg for the United Kingdom, and a Member Chinese to Stand on?

At Perchstone & Graeys and very of the Nigerian Bar Association, Published on the Investor's quickly, Tolulope cut across the Young African Arbitrators, ICDR Hub website various Groups within the firm Young & International, and the A review of the Nigerian Oil and settled with the commercial Young Lawyers forum. He is a and Gas Industry Content litigation Group working with the strong member of The Elevation Development Act 2010; Eghobamien SAN and other Church and is happily married Published on The Nigeria brilliant minds on a number of with children.

Business.com website very sensational matters including Arbitration in Emerging high profile arbitration matters.

Some Notable Oil & Gas Markets: Current Challenges, For Tolulope, this was passion Transactions Being a Paper delivered at the and not vocation.

International Chamber of A multi-billion dollar oil Commerce Conference acquisition of interests in an London In 2014 and by dint of hard work, Oil Mining Lease between a diligence, forthrightness, Tolu Nigerian Entity and a French The delayed passage of the Aderemi was admitted into the Petroleum Industry Bill: investor Board of Partners of the Issues, Politics and Commer A US$5.5 billion commercial prestigious law firm of cial Consequences arbitration between a State Perchstone & Graeys. As Partner, party and an international oil Aderemi became responsible for

clean bubble

IKEYI & ARIFAYAN

is full service business law firm. Founded in 2005 as Ikeyi Egudu & Co. by Nduka Ikeyi, the firm was renamed Ikeyi & Arifayan in February 2007, following the admission of Sola Arifayan as a partner.

F

rom its offices in Lagos, Abuja and Enugu, Ikeyi & Arifayan provides its clients with a full range of legal, regulatory and tax advisory and transaction support services with a guarantee of skill, knowledge and professionalism. The firm acts for a diverse range of clients, from individuals to large public companies, including the largest multinational corporations in the world.

Admission of New Partners: In addition to the founding partners of the firm - Nduka Ikeyi, Sola Arifayan, and the adjunct partner Sina Olumide, three new partners were recently admitted by the firm.

The respective profiles of the new partners are provided below.

Kenechi Ezezika Kenechi is a partner in Ikeyi & Arifayan's Financial Services Practice group. Her core specialisations are mergers and acquisitions, financing and private equity. She has advised on private equity and other investment transactions with a value in excess of US$3 Billion. She provides general commercial and corporate law services including start up support services, corporate structuring/restructuring, private equity, corporate finance, project finance, deals and transaction support, advisory services on real estate and other infrastructure project transactions. She has attended and facilitated various courses/workshops on financing, private equity and capital market transactions.

The firm aims at all times, to provide quality and efficient services to clients, balancing excellence with costeffectiveness. Whether engaged to advise on new investments or relationships, or to resolve issues arising from existing transactions or relationships, we aim to create value for our clients by providing innovative and practical business solutions.

We start by understanding the industries in which our clients operate, the peculiarities of each client's business and the clients' expectations, as a basis for identifying opportunities and options that address the client's concerns within the framework of the law and the Kenechi graduated from the University of Nigeria in 2006; operating environment. was called to the Nigerian bar in 2007; and joined the firm We leverage our in-depth immediately thereafter. She is technical knowledge and our currently a student member of understanding of the manner the Association of Chartered in which legal issues fit into Certified Accountants (ACCA) the broader business picture, and an associate member of to help clients attain their the Chartered Institute of business needs, while Taxation of Nigeria. minimising costs and meeting their contractual and regulaSam Orji tory obligations. We provide Sam is a partner in Ikeyi & solutions that help to detect potential problems early, and Arifayan's Dispute Resolution Practice Group. Sam worked to proactively devise and as an associate counsel in the implement solutions.

Importantly, we do not profess law firm of C. C. Okpara & expertise unless we genuinely Associates between 2004 and 2006. In 2007, he joined the have it. public sector, where he served as the Personal Assistant to the We place strong emphasis on Attorney General and business ethics.

Commissioner for Justice,

Enugu State. He joined Ikeyi & Arifayan in June 2011. He is a member of the Nigerian Bar Association and an Associate of the Chartered Institute of Taxation of Nigeria (CITN).

Sam obtained his LL.B from the University of Nigeria in 2001 and was called to the Nigerian Bar in 2004. In 2010, he obtained his LL.M. degree, with special emphasis on copyrights, from the Nnamdi Azikwe University. Sam has extensive experience in legislative drafting and litigation services. He has particular experience in labour matters and election matters, subjects on which he has litigated extensively. In addition, he demonstrates growing knowledge of the legal and regulatory regime for taxation and also for mining and solid minerals development in Nigeria. He is a member of the Nigerian Bar Association and an associate of the CITN.

Group. Taofeek qualified as a full member of the Institute of Chartered Accountants of Nigeria (ICAN) in 2003, before obtaining his LL.B degree from the University of Ibadan in 2004 and a B.L. degree from the Nigerian Law School in 2005. He also holds a National Diploma in Business Studies.

Taofeek started his professional career in the Tax, Regulatory and People Services Division of KPMG Professional Services in March 2006. He left KPMG in 2010 as an Experienced Senior Consultant to join Ikeyi & Arifayan. Taofeek has provided tax structuring advisory opinions in relation to companies, contracts and projects; tax compliance services (computation, review and filing); start-up tax advisory, due-diligence and transaction support services.

He has also represented various clients before the Federal Inland Revenue Service and the Internal Revenue Services of various states in Nigeria. Taofeek is a Taofeek 'Bola Shittu Taofeek is a partner in Ikeyi & Fellow of both ICAN and the CITN. Arifayan's Tax Advisory & Representation Practice

234 (1) 461 4946

Off Panama Street Maitama, Abuja, FCT 234 (9) 2902796

info.lagos@ikeyiarifayan.com www.ikeyiarifayan.com

Off Panama Street Independent Layout, Maitama, Abuja, FCT 234 (1) 461 4946 Enugu 234 (42) 290904234 (9) 2902796 info.lagos@ikeyiarifayan.com www.ikeyiarifayan.com

3 WAYS NEW

FIRMSCAN SEIZE THE UPPER HAND DAY ONE Almost all lawyers who start their own firms do so with a great deal of trepidation, and more than a few questions: “What if I don't get any clients?” “What if I get clients, but they don't pay me?” “What if I get in over my head with expenses and can't pay my bills?”

A

The difference-maker?

Technology. While all law firms have access to the same automation tools today, older firms tend to have large investments in existing The difference? In many ways, hardware and software that new firms have a tremendous can make them reluctant to advantage over their more make the move to today's established counterparts. more agile, efficient choices. ll of which even very established firms also spend time worrying about.

Independent Layout, Enugu 234 (42) 290904

www.esqlaw.net

you're just starting out, think lean, lithe and agile, starting with these three tips:

Go paperless

Going paperless is one giant leap toward maximizing efficiency. It's so important, in fact, that many a traditional firm has bitten the bullet to turn even very old paper files Attorneys opening new into the electronic variety. firms, for the most Attorney and law firm owner part, have no such Randy Coleman made the burdens weighing commitment to go paperless in down their 2002, converting old files from practices. as far back as 1995. “It is really impressive to a client when they call about a document What they do that was completed 10, 15 or have is an enormous list of 20 years ago, and we can opportunities to immediately pull it up to review it,” he said. be more efficient, more productive and Hire a legal technologist more responsive Unless you have an unlimited to their clients amount of money to draw on, through you're much better off finding technology. If a technology expert you trust BEFORE you make your first purchase. According to Craig Bayer, founder and owner of Optiable legal technology consulting, every decision is dependent on every other.

“Are you going Mac or PC, cloud or premise-based, Microsoft Office or Google apps? And that's all before you even start investigating legal software,” he said. “Once those decisions are made, I advise getting your billing and accounting software in place.

Even if you work on contingency and don't bill clients, you still have to track expenses, you still have to pay taxes, you still need to know whether you're profitable. All

of those things are so much easier with software made specifically for law firms.

Plumbers use QuickBooks.

You're not a plumber.”

Repeat as many times as it takes: “I am not too old” According to Ernie Svenson, who started his own litigation firm in New Orleans after Hurricane Katrina brought the 50-attorney firm he had been working for to its knees, “If you've been working for someone else your entire career, you have friends you can ask about their experiences. I certainly did and it's because of all those people who helped me that I started the Small Law Firm Bootcamp for others going out on their own. You may not know that much about business, but you can learn. If you're smart enough to pass the bar exam, you can learn about good business practices, you can learn how to use technology.” Just ask Ronald Thompson, who retired from the successful litigation firm he had founded 40 years before, moved to his vacation home on the resort island of Gig Harbor and hung out a new shingle at the age of 70.

“When I first started this, I hardly knew how to turn on a computer. Now I use PCLaw law on a daily basis.”

Attorneys going out on their own to start new firms can learn more about getting off to the right start, right from the start, in the new interactive infographic, Independents' Guide 39

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EMAIL MANAGEMENT:

HOW TO DO

MORE IN LESS TIME!

E-mail may be the biggest form of electronic clutter we face each day, and keeping up with it can be a major hassle. As we discussed earlier, e-mail is one of the most often cited time wasters in modern offices. It can be overwhelming and one of the worst enemies of productivity. The following Email Management tips can help you get more control over your inbox and ensure that important messages don't get lost.

Delete liberally and quickly

I

f an e-mail message is junk or a coupon or advertisement you won't immediately act on, delete it (advertisements, specials, and coupons will come around again). Don't let junk mail sit around and clutter up your inbox. If you haven't gotten into the habit of deleting e-mails right away, you may have a lot of backlog to take care of. To do that more easily, Ben Schorr, Microsoft expert and author of several books, including The Lawyer's Guide to Microsoft Outlook, advises:

delete several at once, such as emails scheduling appointments that have already taken place, duplicate messages, or e-mails that are part of a string. Finally, sort your inbox in reverse date order. The older the message, the less likely that it will be important and the easier it will be to delete. Remove yourself from one e-mail list per day. That's right. If you don't really participate in an e-mail list, get off it. No one will hate you for it, and if you find that you really need to be on the list, then resubscribe.

get e-mails out of your inbox.

Move appointments to your calendar. If you are keeping an e-mail simply as an appointment reminder, get the information into your calendar right away and toss the e-mail.

(If you use Outlook, just drag and drop the message to your calendar and all of the information in the e-mail will stay with the appointment.)

Delegate

If the e-mail requires action by someone else, forward it to that person right away with a note. Then get the original eSeparate tasks from e-mails mail out of your inbox by If an e-mail represents a task deleting it, moving it to an Temporarily sort your inbox by that you need to complete, alternate folder for follow-up, “From” rather than by date. You move it to your tasks folder (in or converting it into a task for will likely be able to batch-delete a Outlook, just drag and drop follow-up. number of messages or move the message onto Tasks; the several at once to a client file or body of the e-mail will remain Keep only business e-mail other archive or storage method. intact as part of the task). in your business e-mail Alternatively, you can create account. to-do lists and/or action Next, sort by “Subject.” This will folders for those e-mails or use Don't clutter your regular egroup related messages together, third-party tools that help you mail inbox with newsletters, and again, you may be able to manage e-mails as tasks. Just subscriptions, and the like.

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Create a separate account for them so they're not in the way of your main personal or business messages. Make a separate shopping account for e-mail such as sales promotions and shipping confirmations. There are many free services you can use for this purpose, including Google's Gmail.

Respond immediately Don't make the mistake of “reviewing” your e-mails and planning to go back and respond to them later. It just creates extra work and may result in important client messages getting lost. If you're going to review your e-mails, respond when you first read the message if at all possible.

www.esqlaw.net

www.esqseminars.net

www.esqseminars.net training@esqlaw.net

WHAT THE

FUTURE LEGAL MARKET MEANS FOR LAWYERS & BAR ASSOCIATIONS

By Sarah Chidinma Ndudim & Lere Fashola

Years ago, the Nigerian legal profession was nearing the top of a cresting wave of profit and progress. The number of law office jobs was verging on a high-water mark large law firms were on their way to offering huge starting salaries afterall, there weren't so many people in the profession so Firms reported record profits, the economy was bubbling over, and life was good.

N

ow, unlike what we had in the past, when there was only one campus of the Nigerian Law School, we now have more campuses which churn out lawyers every year. The result is that we now have more lawyers than we ever did.

Naturally, competition for jobs has increased, meaning we have more 'unemployed' lawyers than before. The 42

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situation is even worse when one considers the pittance that over 90 per cent of young lawyers receive. It may interest one to know that there are some law Firms where young lawyers receive as little as N10,000 per month. Some even pay less! Despite this, we expect the young lawyer to dress well, possess the necessary law reports/books and have confidence. How exactly is a young lawyer not to be discouraged by this in

recession, financial crisis, and political challenges all took their toll—but there are other factors, too. Consider these factors;

the face of other job opportunities in the legal departments of blue-chip companies where he mostly receives a lot of money for little or no legal work? Firm partner profits are dropping fast. Lawyers are seeing clients demand lower fees, switch to other providers, or go out of business altogether.

· Computer programs that could replicate lawyer work weren't even in development.

How did all this happen? Of course, the economic

· Banks and realty companies weren't actively avoiding hiring lawyers.

· Nobody received news or found information on smartphones or iPads. · LinkedIn had just launched, and there was no Facebook or Twitter.

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· Millions of Nigerians with legal needs weren't representing themselves in court.

Nigeria, excluding those in 500 law schools. A law firm's foreign jurisdictions. world is no longer limited to just the county or city where (iv) Constant electricity supply the office is located. in all the branches. (v) Internet services.

One of the biggest obstacles to the modernization of legal practice in Nigeria is the number of small Law Firms. It seems every lawyer wants to own a Firm these days. Mr. A is called to the Bar, he serves in Lagos State and later carves out a little shop from where he starts his practice. Never mind that his signboard has the usual “& Co.” More often than not, he is the only one lawyer in Chambers. He survives on all kinds of briefs, often struggling with Estate Agents for the five per cent Commission during property conveyance. He is found in Police Stations, lending further credence to that degrading moniker for Lawyers, “Charge and Bail”. In a shopping complex, there could be (20) or more of such “Chambers” where a single lawyer practices but gives off the impression that it is a Firm which has many other lawyers. There are other Law Firms with a sizeable number of lawyers who are usually underpaid and have very small offices. Some have big offices but very few briefs.

Only a few can truly be said to be of international standard.

Because a lot of our Firms are not “firms” in every sense of the expression, there is a glaring lack of funds, specialisation, personnel and equipment. One thing the foreign Firms have going for them is their willingness to merge in order to adequately cater for the needs of the Firm.

Not many Firms in Nigeria have the following:

(vi) Good salaries/allowances and Welfare packages for lawyers. (vii) Sponsorship of lawyers to international and local legal conferences. (viii) Clients from the government, multi-national companies, individuals, foreign companies, political parties, etc. (ix) Lawyers who can practise outside Nigeria.

Technology: It's more than just clients insisting on immediate service and 24/7 accessibility, or the internet enabling clients to access legal knowledge, and nonlawyers to deliver basic legal products online.

Technology has also created programs that can take on lawyer tasks: automated contract creation engines, expert applications that answer regulatory and compliance questions, and online dispute resolution systems.

(x) Lawyers grouped into various departments allowing for specialization. Regulation: England and Wales allow multidisciplinary practices and nonlawyer investment in and ownership Many of our Firms are of law firms. Australia has two therefore unable to compete publicly traded law firms and internationally because they are ill-equipped and lack the imposes discipline on law firms, not just on individual requisite specialisation.

Finally, the reason a few of our attorneys. Europe and Canada Law Firms are rated globally is have changed their rules to because those few Law Firms allow increased mobility of at least have some semblance lawyers among jurisdictions. of a large Firm and not the average Nigerian law Firm.

LACK OF

SPECIALISATION

The saying jack of all trades, master of none adequately describes a substantial number of Nigerian lawyers. Because several young lawyers are left to fend for themselves at such an early age, they dabble into any aspect of law. Property conveyance, Criminal law, Company Law, Election Globalization: Transatlantic Petitions etc. There is hardly mergers have resulted in any lawyer that has not tried gigantic, 4,000-lawyer firms. at least one of these areas of Legal work flies across borders law once. While it enables a and over oceans via the lawyer to broaden his horizon, internet. Outsourcing legal it leaves him averagely work to common-law grounded in each area, like a butterfly that floats from one (I) At least 30-40 Associates or countries is now routine for some large commercial clients flower to another without Junior Lawyers. and a growing number of law really settling down. This is (ii) At least 10 Partners. firms. India has 1 million even more pronounced if he lawyers. China plans to open fails to carve out a niche for (iii) At least 4 branches in In the American Legal Market, the three big factors are Globalization, technology, and regulatory change which have combined with economic upheaval to transform the legal world.

himself. Nigerian firms need to identify the strengths and weaknesses of their lawyers and build upon those strengths. In foreign countries, specialization is a common feature.

There are personal-injury lawyers, insurance lawyers, settlement lawyers (lawyers whose specialty is that they close settlement deals), criminal litigation lawyers, constitutional lawyers, lawyers who are experts in international financial crimes, entertainment lawyers and sports lawyers. Because they are firmly grounded in specific areas of law, lawyers in advanced jurisdictions can be said to be truly specialized.

Most Firms abroad have specific lawyers for specific legal issues while there are even instances in which an entire Law Firm consists of lawyers who are experts in a particular field of law.

Consequently, the Firm is known for its expertise in that particular area alone and corners that particular part of the market to itself. It is not an uncommon sight for foreign companies to prefer that their transactions be handled by foreign Law Firms who possess the requisite expertise in that particular field. For instance, not many Nigerian lawyers are well versed in the maritime law field. Likewise, sports law and entertainment law are areas that have not been substantially tapped by Nigerian lawyers. The reason is quite obvious. Most Nigerian lawyers are so focused on the same areas of law that they have allowed other areas to escape their notice.

Perhaps the most significant factor driving all these market changes, however, is the gap between what lawyers charge for their services and what Continued in page 57

Frederic S. Ury is a founding partner of the law firm of Ury & Moskow LLC in Fairfield, Conn. He is a board-certified civil trial lawyer and an AV-rated attorney listed in Martindale Hubbell's Bar Register of Preeminent Lawyers. He concentrates his practice in the areas of civil and criminal litigation. He served three years on the Executive Council of the National Conference of Bar Presidents and was president of NCBP in 2011-12. Jordan Furlong is a Canadian lawyer, consultant, and legal industry analyst who forecasts the impact of the changing legal market on legal organizations. He is a partner with global consulting firm Edge International and a senior consultant with legal web development company Stem Legal Web Enterprises. Jordan is a Fellow of the College of Law Practice Management. His blog, Law 21.ca, has been named for five straight years as one of the top 100 legal blogs in North America by the ABA Journal.

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SOUTH AFRICA:

WHOLESALE LICENSING

IN THE DOWNSTREAM PETROLEUM INDUSTRY IN SOUTH AFRICA & CERTAIN OTHER AFRICAN JURISDICTIONS The oil and gas industry is material to any economy as it has an impact on our everyday lives in various areas, including transportation, electricity, heating, lubricants and a variety of petrochemical products. The downstream sector of the oil and gas industry involves the activities of petroleum product distributors, natural gas distribution companies, petrochemical plants and oil refineries.

I

n this issue of Dentons South Africa Insight we address matters related to wholesale licensing in the downstream petroleum industry in South Africa and highlight certain regulatory specifics in this area in Angola, Kenya and Zimbabwe.

SOUTH AFRICA

In South Africa, the downstream petroleum industry is more than 100 years old. There has been a historic reliance on imported crude oil, due to the fact that South Africa has very limited known oil reserves and the majority of its crude oil requirements are met through imports from the Middle East and Africa. In addition, at the present time there are six refineries operating in South Africa, four of which are located on the coast and two are situated inland.

In South Africa the Department of Energy has the responsibility of regulating the petroleum industry. The downstream petroleum industry is regulated in accordance with the provisions of the Petroleum 44

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Products Act, 1977 (Act No. 120 of 1977) as amended by the Petroleum Products Amendment Act of 2003 and the Petroleum Products Amendment Act of 2005 (Petroleum Products Act). The National Energy Regulator of South Africa (NERSA) is also responsible for regulating the petroleum pipelines industry.

along the manufacturing and marketing chain.

fuels industry in a sustainable way by the HDSAs, along with sustainable presence and ownership by approximately A new era of a more formal, 25 per cent of HDSAs in all legislative regulation facets of the downstream commenced in 1977 with the petroleum industry. The enactment of the Petroleum Charter was the first Products Act. However, key empowerment charter in the elements of the Petroleum history of South Africa where Products Act were designed to policies on Black Economic shroud the industry in secrecy, Empowerment (BEE) were making it difficult for those enacted in 2003 in terms of the By way of background, prior who were not in the industry Broad-Based Black Economic to 1977, the style of regulation or in the South African Empowerment Act 2003 (Act of the South African oil government to acquire 46 of 2003) (B-BBEE). industry was one that information due to the biting appeared to have relied less effects of economic sanctions upon legislation and more and the attempts at In 2003, the Petroleum upon government-initiated circumventing these Products Amendment Act of agreements intended to restrictions.

2003 was enacted which resolve market problems. In allowed the Minister of addition, a number of Energy to prescribe a licensing With the end of apartheid in agreements were entered into system to transform the South 1994, South Africa experienced by government which African oil industry into one fundamental policy shifts determined the relationships that has the optimum number resulting in significant of efficient sites to achieve changes in various industry equilibrium among all regulations, including the oil participants in the petroleum and gas industry. In 1994, products industry.

South Africa granted the opportunities for Historically Disadvantaged South Africans Through the Petroleum (HDSAs), who had been Products Amendment Acts of previously excluded from 2003 and 2005, the liquid fuels participating in some of the industry supply chain was country's important industries licensed for the first time. The and, particularly, the licensing framework is downstream petroleum provided for in the Petroleum industry.

Products Amendment Act 2003 (administered by the Department of Energy).

In December 1998, the South African government published the White Paper on the Energy The Petroleum Products Policy (White Paper) with the Amendment Act of 2003 aim of starting the review of emphasises the promotion of existing policies. By transformation, including the publishing the White Paper, empowerment of HDSAs in the South African government the South African petroleum set out to regulate the and liquid fuels industry. The promotion, development and Act supports the Charter in regulation of oil and gas terms of the licence exploration and production. In application procedure as it 2000, the Charter for the South states that "In considering African Petroleum and Liquid licence applications in terms of Fuels Industry on this Act, the Controller of Empowering Historically Petroleum Products shall – Disadvantaged South Africans promote the advancement of in the Petroleum and Liquid historically disadvantaged South Fuels Industry (Charter) was Africans; and give effect to the published.

Charter".

The South African government's key policy objective in publishing the Charter was to achieve entry into the downstream liquid www.esqlaw.net

The Petroleum Products Act regulates the manufacturing and sale of petroleum products. A manufacturing licence is required to

manufacture petroleum products. To conduct the business of a wholesaler in petroleum products a wholesale licence is required and in order to retail petroleum products a retail licence must be obtained. A retail licence will be granted provided the site to which it relates is licensed.

In advancing the objectives of the licensing framework under the Petroleum Products Act as amended, the Guidelines Governing the Recommendations by the Department of Minerals and Energy (now renamed to be the Department of Energy) to the International Trade Administration Commission in respect of the Importation and Exportation of Crude Oil, Petroleum Products and Blending Components (Guidelines) was published in 2006.

In terms of the Guidelines, only licensed manufacturers and licensed HDSA wholesalers may apply for a recommendation to import petroleum products or blending components unless elsewhere specified in the Guidelines. A permit may only be issued to the person in respect of whom the recommendation was made.

Presently, petroleum wholesalers in South Africa include the seven major oil companies as well as a large number of independent nonrefining wholesalers.

According to the data of the South African Petroleum Industry Association, approximately 600 independent wholesalers have been licensed by the Department of Energy of South Africa. Wholesalers operate storage terminals and distribution facilities throughout the country.

Furthermore, according to the South African Petroleum Industry Association, all integrated, privately owned 45

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The Energy Act also prohibits a licencee from selling petroleum to a person for the purpose of exportation or for resale in Kenya unless that person has a valid exporters or retail licence under the Energy Act. members involved in downstream petroleum activities have concluded equity ownership deals where most of these deals are in respect of 25 per cent of the full value chain in accordance with the Charter, including both refining and marketing.

Most of these deals are also broad-based and include women's groups and the community.

Under South African law, oil companies are required to obtain licences in order to establish new service stations and distribute petroleum products. These operating licences are normally granted subject to conditions, including but not limited to the issues of BEE and the environment. In terms of the Petroleum Products Act, a person may not engage in the following activities: manufacture petroleum

products without a manufacturing licence; wholesale prescribed petroleum products without an applicable wholesale licence; hold or develop a site without there being a site licence for that site; and retail prescribed petroleum products without an applicable retail licence,

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Without being issued a licence by the Controller of Petroleum Products (Minister of the Department of Energy, or an official that has been appointed by the Minister).

The Petroleum Products Act provides that if a person engages in an activity prohibited in the Petroleum Products Act, the Controller of Petroleum Products must by written notice direct that person to cease such activity forthwith.

The Controller of Petroleum Products may allow a person to continue with a prohibited activity contemplated in the Petroleum Products Act pending an application to carry on the activity and the issuing of a licence if the cessation of such an activity is likely to lead to a material interruption in the supply of petroleum products. In considering licences, the Controller must give effect to the objectives of the Petroleum Products Act and the transformation of the South African petroleum and liquid fuels industry.

ANGOLA

In Angola, the Law on Refining Crude Oil, Storage, Transportation, Distribution and Trading Oil Products (Law 28/11), published on 1

September 2011, establishes inter alia the bases for oil wholesales trade and requires that oil wholesale trading activities are subject to the issuance of a licence by the Angolan Oil Ministry.

According to the supplementary regulation issued in terms of the Law 28/11, which is set forth by Presidential Decree 132/13, dated 5 September 2013 (Decree), the companies applying for an oil wholesale trading licence have to be controlled by Angolan citizens. "Control" is defined by full compliance with the following requirements: Angolan citizens must own

at least 51 per cent of the share capital; Angolan citizens possess more than half of the voting rights; Angolan citizens have the right to appoint more than half of the board of directors or management board; or Angolan citizens have the power to determine the company's operational policies and strategies.

Pursuant to the Decree, the importation of oil products is made exclusively by the Angolan public company, Sonangol, which is the sole concessionaire for oil and gas

exploration on the subsoil and continental shelf of Angola, and is responsible for the exploration, production, manufacturing, transportation and marketing of hydrocarbons in Angola (activities that it carries out solely or in association with other parties).

KENYA In Kenya, petroleum energy matters are regulated by the Energy Act, 2006 (the Energy Act). The Energy Act repealed the Petroleum Act, Cap 116 of 1948 (the Petroleum Act), which for a long time was the prevailing law dealing with regulation of the petroleum industry.

The Energy Act requires persons engaged in wholesale distribution of petroleum or petroleum products in Kenya to do so in accordance with terms and conditions of a valid licence issued by the www.esqlaw.net

Energy Regulatory Commission (ERC). The Energy Act also prohibits a licencee from selling petroleum to a person for the purpose of exportation or for resale in Kenya unless that person has a valid exporters or retail licence under the Energy Act. Furthermore, a new Energy Bill, 2015 is expected to be passed into law in Kenya.

Reportedly, the Energy Bill will specifically address downstream petroleum licensing in Kenya and will require the licensing authority to take into consideration the impact of the undertaking on the social, cultural or recreational life of the community, the need to protect the environment and to conserve the natural resources, maritime laws and international maritime treaties ratified by Kenya. It is also expected that the other matters to be taken into www.esqlaw.net

account by the licensing authority would be compliance with occupational safety and health regulations, economic and financial benefits to the country or area of supply of the undertaking, and the ability of the applicant to operate in a manner designed to protect the health and safety of users of the service.

ZIMBABWE

retail licence.

Notably, in Zimbabwe it is mandatory to blend imported unleaded petrol with anhydrous fuel ethanol. The Mandatory Blending of Anhydrous Ethanol with Unleaded Petrol Regulations, 2013 provide that no procurement licencee or wholesale licencee or retail licencee shall sell unleaded petrol to end users, unless the unleaded petrol (which is produced by an ethanol blender) has been blended with:

blend E20.

CONCLUSION

Analysis of regulatory specifics of wholesale licensing in the downstream petroleum industry in South Africa shows that the downstream petroleum sector is regulated by legislation which aims at empowering all who want to participate in the sector. Wholesale licences in the downstream petroleum industry are issued on condition that those who had been previously excluded from the participating industry are included.

In Zimbabwe, wholesale licensing of the downstream petroleum industry is governed by the Petroleum Act [Chapter 13:22] (Petroleum Act). Section 31A  10 per cent locally produced of the Petroleum Act deals anhydrous ethanol, being Regulations related to specifically with wholesale blend E10; or wholesale licensing in the licences and defines a  15 per cent locally produced downstream petroleum wholesale licence as a "licence anhydrous ethanol, being industry in Angola, Kenya and that authorises the licensee to blend E15; or Zimbabwe also aim to take purchase bulk petroleum products into account local social and  20 per cent locally produced from any procurement licensee or economic specifics to a anhydrous ethanol, being production licensee." Notably, a varying degree. wholesale licencee is only authorised to sell petroleum The content of this article is intended to provide a general guide to the subject matter. Specialist products to the holders of a advice should be sought about your specific circumstances.

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LEGAL CONSIDERATIONS FOR INVESTING IN AFRICA: Many commentators and stakeholders, in the Nigerian oil and gas industry have called for the much publicized Petroleum Industry Bill to be enacted into law in piecemeal. Thus, it comes as no surprise that there is presently in circulation, an Executive sponsored Bill titled the “Petroleum Industry Governance and Institutional Framework Bill 2015” (the “Bill”), which we understand is yet to be formally presented to the National Assembly. From the long title of the Bill, it would appear that same makes provision for the governance and institutional framework for the petroleum industry and other related matters.

Why is your firm so interested in Africa? e are looking for two types of opportunities.

Many of our existing clients from outside Africa are talking to us about doing transactions in Africa and we need to be able to support them in that work. At the same time, many African corporates, banks and public sector institutions are increasingly engaging international law firms to work with them on cross border work or where our transactional experience may be helpful.

W

Can you give us some general information about your practice in Africa? Who are your clients, and what type of issues do you help them with?

Our work in Africa covers a broad range of types of client and categories of work. We have worked with the Government of Botswana for over 30 years; we have acted for large UK companies (such as Diageo and Unilever) on their investments in Africa and we have worked for sponsors of major oil and gas projects in Africa, such as 48

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Kosmos Energy on the Jubilee field off-shore Ghana.

What is your African Strategy and how is it different from other International Law Firms?

The starting point of our strategy in Africa is the same as our strategy all over the world: we pride ourselves in the quality of our service providing English law expertise in an international context. We have no intention of opening offices in Africa and we have no intention to practise local law. This means that we need to be able to work with the best law firms in each country and form an effective working arrangement on each piece of work, providing a seamless service to clients. Unlike our competitors, we are not looking exclusive relationships with local law firms or any other formal arrangement; a strong legal market needs good local firms providing top quality advice and managed by lawyers who understand local conditions.

What are the most common transactions you see in your work?, Are different transaction structures more suitable for different regions or countries?

There are a spectrum of transaction structures we see and I am sure that lawyers at firms in Africa will see an even broader range. This is the reason why working with local firms is an essential part of our approach. We do not seek to interpose ourselves between African lawyers and clients; it is essential that a strong partnership exists between the client, the African law firm and Slaughter and May. What regions are your clients most active in, and why?

We have clients working all over Africa; in the recent past we have worked, for example, on an arbitration arising in Tunisia, a tender offer in Nigeria, the acquisition of a

bank in Rwanda and the acquisition of a major oil and gas explorer based in Mozambique.

A 2010 report by McKinsey Global Institute noted the amazing growth of investment in African economies in the past decade.

Nine billion dollars of foreign direct investment in 2000 became $62 billion in 2008. Although this seems to be declining in recent times due to the dwindling oil price but everything suggests that there are still huge opportunities.

How has the changes in volume changed your practice?

Trends in foreign direct investment certainly influence the amount of work for international law firms in Africa. They are not, however, the only factor.

Dispute resolution work, for example, is sometimes counter-cyclical. Declines in foreign direct investment may also lead to disposals to local operators. In addition, it is wrong to think of Africa as a single place. What may be happening in one country, or region, may not be happening elsewhere. We have found that the diversity of our practice in Africa means that there may be regional or www.esqlaw.net

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sectoral trends from time to time, but there is always something going on, even in the current market.

What are the key differences between your work in African countries and your work in more developed countries?

What about the differences between African economies and emerging economies in other geographic regions?

Each market is different and has its own challenges.

Perhaps the biggest challenge working in many African markets is the uncertainty around bureaucracy and the impact of regulators. This may exist in more developed markets as well, but has a greater impact in Africa.

Comparing Africa with other developing regions, the differences are less obvious.

Perhaps one of the advantages in Africa is that many 50

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countries, including Nigeria, have a highly developed commercial legal marketplace with sophisticated and businesslike local firms with highly educated lawyers.

This is a major advantage.

Are most of your client's first-time investors in the region, or do they have significant experience in the region? What are some of the entry-points for businesses who haven't worked in Africa before but would like to? What are some of the key considerations for such a move?

Our clients are a mix of firsttimers and old hands (as well, of course, as locals). Many first-timers favour the idea of “dipping their toes in the water” by doing a small transaction in a market which they see as “easier” and less challenging. In many cases this means East Africa rather than West Africa. Few firsttimers are bold enough to try

their hand in Nigeria before having some experience elsewhere in Africa first.

Do you believe that business investment in Africa promotes economic development in host countries? Why or why not?

That is a tough question for a lawyer! I suspect that even economists might argue a bit about the answer, but my hunch is that any business investment promotes economic development both in the “target” country and the country from which the investment is made. Cross border trade and investment, leading to the sharing of knowhow and experience and the development of new markets, must benefit us all.

Africa, and how do you and your clients meet them?

Again, not really a question for a lawyer and difficult for me to assess. Many investors in Africa are looking at longterm returns and accept that it is necessary to take into account a number of risks.

Inevitably, the highest returns on investment are in those countries and sectors where the perceived risk is highest.

Have your clients established official policies and procedures for complying with international, host, and home country laws about human rights, labor and environmental standards? To what extent do you advise clients to adhere to a particular set of standards?

Most clients will address a whole series of questions before making an investment In your recent experience, what decision and will be heavily sectors and geographic regions tend to have the highest return on influenced by standards of investment? Also, what chalgood practice in their own lenges are unique to investing in www.esqlaw.net

country. We may well be asked to advise on aspects of this, but is rare for us to be asked to undertake a comprehensive review of the laws in a specific country and the extent to which they comply with particular standards.

Most clients will assess these matters in other ways.

When your clients are developing a new project, to what extent are local communities involved in the conceptualization of the project?

This will vary from project to project. Very often, however, it will be important to take into account local legal rights or ownership rights when assessing the viability of a project or the process by which it can be implemented.

To what extent has the involvement of foreign business investors led to the strengthening of legal institutions in host countries? www.esqlaw.net

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venues in the investor's home country?

Many international investors are cautious before they agree to local law applying to their investment agreements and, even more so, before they agree to local litigation or arbitration venues. This is not just the case in Africa, but across the world. A very large percentage of major cross border transactional agreements (particularly financing agreements) are governed by either English or New York law. This is because clients have confidence in the certainty and clarity of those legal systems, to an extent which does not yet exist for many other jurisdictions. We are, however, very aware that African clients are cautious on the other side and are wary of seeing their disputes settled in Europe where they feel there is a lack of understanding of doing business in Africa.

There is no easy way to square this circle, but the When drawing up an investment agreement, do you select English party providing the money, law to govern contracts, or do you whether a loan or other form of investment, will usually rely upon litigation or arbitration

The expectations of internationally active clients necessarily means that there is a growing expectation of the standards of service required from legal advisers. This applies both to the local advisors and any international firm involved. Our approach is to assist local firms with understanding and meeting the expectations of international clients; this means providing a level of service and responsiveness which may not be the norm in the local market. As time goes on, however, we see a growing harmonisation of service levels across markets; this has been true in Europe over the last 20 or more years and is increasingly the case in Asia as well. It will, no doubt, happen in Africa and will mean that there is a stronger local legal marketplace for all consumers of legal services, both local and international.

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have a stronger negotiating position and (because it is more likely to be the party seeking enforcement) has more at stake.

What are the most common ways that African business transactions end up in litigation or arbitration?

In what venues would you recommend business disputes should be adjudicated?

There is no simple answer here, but the obvious one is that the parties fall out. The legal documents should not themselves be the source of a dispute; the fundamental reason is generally that a divergence has emerged between the objectives of the parties. When this happens you want to be in a venue where both sides believe they will get a fair and impartial hearing in front of people who will understand the issues.

How does corruption affect business interests in Africa?

Corruption is clearly one of the major issues which challenges the commercial

development of Africa. Many international investors will see this as distorting the playing field and, therefore, a major disincentive to investing.

How does your investment advice differ in countries in which the rule of law is less established or human rights abuses are widespread?

The absence of the rule of law is a major impediment to inward investment. If an investor cannot be certain of the sanctity of contract and the respect of law, the risk of investment is likely to be seen as far too high. For many investors being associated with investment in a country with a poor human rights record will also be a significant factor in the making of an investment decision.

Shareholders and political activists will not be shy in coming forward where a company makes investments disregarding these factors. An obvious example is the British companies that had subsidiaries in South Africa in the www.esqlaw.net

market! My feeling is that people should focus more on individual countries and, to a lesser extent, regions, in Africa. There is, and will continue to be, a dynamic and patchy picture. Oil and commodity prices will, for some countries, be a dampener on growth for the next few years, but there is enormous potential overall.

What is the effect of the global economic crisis on Sub-Saharan Africa, and what is its effect on existing portfolio companies and future opportunities?

The crisis to be considered at the moment is the impact of oil and commodity prices on a number of African economies.

Beyond that, economies in Africa will always be influenced by the health, or otherwise, of the global economic climate. This can, however, also be an opportunity for some.

apartheid era; many suffered boycotts and other forms of direct action, as well as shareholder pressure in that period.

north American clients; similarly, French and Portuguese clients will be much more familiar working in Francophone or Lusophone countries. Increasingly, however, clients are content to How do national and regional invest in any country where legal structures (including the the legal fundamentals exist, existence of laws and their enforcement) impact investors' regardless of whether it is willingness and ability to invest in common law or civil law.

Africa?

Investors want to see a clear How does the difficulty of exit and sensible approach to affect investing in Africa? property ownership, contracAll investors will look to tual rights and obligations ensure there is an exit for their and corporate governance in investment. There is no point any country in which they invest. Unless legal structures in making an investment if it cannot be realised. Many exist which support these fundamentals, investment will African countries understand this; some do not and it makes be very tricky. investing in those countries much more difficult.

How do different legal systems affect your clients' willingness to invest and the methods chosen? What are the sources of liquidity to finance an exit? Can equity and Clients prefer to work in earnings be easily repatriated to places where they feel that the the investor's country? laws are based on principles Usually the source of liquidity broadly familiar to them. This to finance an exit will be a sale is why investing in countries of the investment. If this is a having a common law system sale locally, repatriation may is much easier for English and be a problem, depending on www.esqlaw.net

the country. If the sale is to another international entity, exit may be easier, but there could be exchange control or tax issues. We were involved, for example, in a sale of shares in an English company whose assets were primarily located in an African country. The sale should, therefore, have been straightforward, but the government in the country concerned asserted that there was a major tax liability and this considerably complicated the investor's exit.

Are there significant issues concerning intellectual property protection in most African business deals?

To say that there are significant intellectual property issues in most African deals would be an over-statement.

Where, however, there are major brands involved, this will be a factor.

What legal or policy changes would make investing in Africa more attractive to funding sources? What else should be done to encourage further private equity investment in Sub-Saharan Africa?

Governments throughout Africa should be aware of the importance of having a legal and regulatory environment which is conducive to foreign investment. Having a system which investors will tolerate is clearly not as good as having one which encourages investors. This does not mean that governments need to allow foreign investment to have free rein; foreign investors must, however, be provided with opportunities to invest and, thereby, benefit the local economy. Unnecessary or obstructive rules should be eliminated and an assessment made of what is really necessary, and what works, in achieving a government's policy objectives. A balance is required, but one which is designed to encourage, not one which will frustrate, well-structured investment. In achieving this balance, governments would benefit from listening to impartial external parties (including law firms) which can provide an international understanding of the drivers of, and impediments to, foreign investment.

Is Sub-Saharan Africa the next emerging market for investors?

Some would say it has already become “the� emerging 53

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WHEN KEEPING YOUR

LAW FIRM SMALL IS FASHIONABLE THE ESSENCE OF LAWYERING IS NOT THE SIZE OF A FIRM BUT THE IMPACT THE LAWYER MAKES ON THE OVERALL BUSINESS AND COMMERCIAL GROWTH OF THE CLIENT. IN A SESSION WITH OUR EDITORIAL TEAM, MR AROKOLARO INSISTS THAT LAWYERS MUST MAKE IMPACT

Ten years ago, the American legal profession was nearing the top of a cresting wave of profit and progress. The number of law office jobs was verging on a high-water mark of 1,123,000; 100,000 prospective students were filling out applications to law school; large law firms were on their way to offering $160,000 starting salaries.

Can we meet Advocaat? dvocaat Law Practice was formed in 2008 and has fast become one of the leading commercial firms providing services and legal support of the highest standards to clients with interests in the Sub-Sahara Africa region. Its staff of partners, associates and support staff combine an awareness of the client's needs with a practical and constructive solution to legal issues.

The firms' lawyers have specialist knowledge and experience in a vast number of legal transactions covering the firm's main practice areas; Energy and Natural Resources, Corporate and Commercial, Finance and litigation.

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What rationale gave birth to the choice of the name 'Advocaat'?

At the onset, we wanted a name that had a unique ring to it but still represented who we stand for. Advocaat is actually Dutch for lawyer and that is in effect what we are; Lawyers.

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Your firm is 'relatively small' in terms of staff capacity and yet remains one of the leading law firms in Nigeria in the achievement of high net worth transactions. Is keeping it small a strategy to cut cost or a momentary accident?

Keeping the size of the firm in the mid-size range is more of a deliberate strategy as opposed to a cost saving measure or an accident. At Advocaat, we strive to give clients a personalized experience when working on their transactions and operating at this medium size level assists us in achieving that goal. For instance, with each transaction we handle, as well as the specialist partner for the transaction we appoint a partner as the relationship manager who is primarily responsible for liaising with the clients for the duration of the transaction. We do this because we feel it is imperative that the client always has direct access to the partners at any time during their transaction.

In addition, and from an inhouse perspective, keeping the team small ensures that we engage good hands to ensure www.esqlaw.net

that the provision of providing cost-effective quality service which is the very core of our business. . It is important that our lawyers are exposed to transactions emanating from all of our different practice groups. This task force approach assists with the delivery of services to meet the clients' expectations.

legal education credit hours. I believe that the NBA should go a step further in enforcing the provisions of rule 12 which authorizes the NBA to publish a list of legal practitioners who have complied with the requirements of the CPD and are thus entitled to practice in that year. This in addition to That said, I don't believe that the already enforced use of the the law firms, particularly the authorized NBA stamp I middle tier law firms, are believe would greatly reduce The imminent influx of internadoing enough to prepare for the incidence of fake lawyers tional law firms into Africa in the the entry of foreign firms. I in Nigeria. coming years is inevitable. How adequately prepared are domestic place emphasis on the middle tier firms as I feel they are the law firms in this emerging The agenda of the new government most vulnerable in the event competition. of Nigeria in improving infrastrucFirstly, I am of the opinion that that the inevitable happens. is clear and unwavering. How The tier 1and 2 firms have long tures the influx of international do you think the government can forged alliances with foreign harness the mineral resources in firms in Nigeria is a welcome different states in the country, development as it would only firms some on an exclusive given the constitutional bottleneck basis and have the market share to attract either a merger on mineral exploration? or a takeover by these foreign There is no constitutional firms unlike the mid tier firms bottleneck. The constitution and the Minerals and Mining who are still competing for Act of 2007 are absolutely clear their market share. What we are perhaps likely to see as the in terms of their respective foreign firms make their entry objectives. Under the constituis the consolidation of some of tion, mineral resources on and beneath the ground belongs to the mid tier firms. the Federal Government whilst the Minerals and I am of the view that the Mining Act provides for how consolidation need not wait the minerals can be harnessed for the entry of foreign firms by the private sector and title but that the regulator of our in the minerals pass to them. profession should prescribe Title in minerals won can only this. This would not only pass where the private augur well for the clients in investor has a valid mining terms of service delivery, it title to mine win and carry would ensure that lawyers are away the minerals mined. The well enumerated and well key for the development of the trained. sector is to address the security situation in the states Recently, the voice of the Nigerian presently experiencing the Bar Association grows louder vis- insurgency as a lot of these Ă -vis phasing out fake lawyers. As states are ore rich; develop on a firm hell bent on professional integrity, what are your recommen- the infrastructure- perhaps dations for the professional body? dredge the river Niger so that Rules 11 and 12 of the Rules of there can be a deep sea port Professional Conduct for legal closer to the northern states for the export of these minerals practitioners makes robust provisions that I believe would and also have dedicated mine rail infrastructure (like most greatly assist in sieving out fake lawyers and standardiz- mining jurisdictions have); funding of the public mining ing legal practice in Nigeria.

For instance, rule 11 states that institutions so that they can enforce the laws and regulaa lawyer who wishes to practice as a legal practitioner tions and curb the incidence of illegal mining which accounts must satisfy the mandatory for over 50% of mining continuing professional development program of the activities in Nigeria- you can NBA. I am aware that the NBA imagine what this means in is making efforts in this regard terms of revenue loss. as the NBA conference attracts some mandatory continuing www.esqlaw.net

ensure that we in Nigeria we raise our game in terms of service delivery. Oftentimes lawyers in Nigeria adopt the attitude of doing the clients a favour and don't quite realize that it is the other way round and that the client is King!!

Diversification is one of the central focuses of the new government of Nigeria, a country that is reportedly broke. Where will the money come from and how well suited interms of policy n economy is Nigeria to attract these investments?

In my opinion, diversification of the Nigerian economy is necessary and steps should have been taken to ensure this a long time ago, if so perhaps the crash in oil prices would not have had such an adverse effect on us. Be that as it may, it is commendable that this government is seriously considering the diversification of the economy by looking to other sectors such as mining and agriculture for revenue generation.

As regards the funding required to achieve this diversification, although the country is reportedly broke, I believe that investors, both local and international, are willing to invest in various projects in the emerging sectors as they expect to get high returns on investments.

However, to answer your question directly, I believe that the main sources of funding will still have to be from government, foreign investors, development finance institutions as well as local and institutional banks. Recently, President Buhari launched the Anchors Borrowers Program, a $40M fund set aside by the CBN which is to be made available to rice and wheat farmers at a single digit interest rate of 9% per annum; this in itself is already a source of funding for the development of the agricultural sector.

I also think that our economic policies are well suited to attract foreign investments.

Our FDI incentives are top notch with 100% profit repatriation and zero chances of expropriation. We also have over 5trillion in pension funds that could be utilized for infrastructure particularly rail and seaport projects which would make accessibility to mines and minerals easier.

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and development so as to enhance the delivery of electricity.

What plans do you have in store to increase your market share in the regime of fierce competition that stare law firms in the face?

Competition? What competition?? No it is important for us to be more visible, share our knowledge of the issues and show the innovative ways in which we do things. One can be the best at their craft but if nobody knows your name or has heard of your work, then that talent will imminently go to waste. So whilst in-house we continue to build an experienced team with the requisite knowledge and skill sets to provide quality services to clients, it is also important that we get our name out there. It is well known that word of mouth is the greatest marketing tool, which is why we focus on providing our clients with a good experience in the hope that they will always refer us to others.

However, quality work alone will not win us new clients and increase our market share, which is why we have to take decisive measures to introduce ourselves and our work to prospective clients. I cannot divulge specifics about our strategy for obvious reasons, but I will say that in 2016, Advocaat Law Practice will be more visible in the market space with the hope that we will win more mandates Developing professional talents in the legal profession requires a holistic approach. What is the role of law firms in ensuring that lawyers become competitors with their international counterparts?

It is my firm belief that law firms should invest in more training and continuing development programs for their employees. I believe that knowledge garnered from law school and the university is not sufficient for modern day legal practice. There is a need to keep abreast with developments in the legal profession, In addition to core knowledge of the law, lawyers should be encouraged to pursue interests in non-legal areas such as accounting, taxation, finance etc which would better position them to effectively advise a client.

government if properly harnessed.

What reforms do you expect from the new ministers for solid minerals and petroleum?

Well to begin with, I must say that the appointment of ministers is a very welcomed development given the length of time the exercise took. I am particularly pleased with the appointment of Dr. Kayode Fayemi as the Minister of Solid Minerals as I believe he would contribute immensely to the development of the sector.

Personally I believe that the first point of call for Dr. Fayemi should be how to significantly reduce the incidence of illegal mining which currently accounts for over 50% of the mining activities in Nigeria. I believe this can easily be done by developing a policy aimed at formalizing small-scale and The mining and Gas industries are artisanal mining in Nigeria. key sectors that will obviously There is also a need to adequately serve the new strengthen regulatory

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What is your advice for upcoming law firms and lawyers?

My advice for upcoming law firms would be for them to be patient but persistent. As it is, the legal market is very saturated with law firms springing up here and there and law school churning out graduates in large numbers. So for now getting a good job in a good law firm and or winning good mandates can be difficult. As we move forward and other sectors open up As for the petroleum sector, the biggest reform I would like such as infrastructure (railway), mining and to see would be the eventual agriculture, there will be need passage of the Petroleum Industry Bill in some form or for more specialist firms and the other so that we can move advice. g Upcoming law firms will have to be well grounded away from the present in the law, provide good stagnation in the sector. We quality services at all times, be need to deregulate the downstream sector removing patient and be very, very persistent. Keep knocking on the subsidy regime and implementing the Nigeria Gas those doors and soon enough they will begin to open up.

Master Plan. We need to encourage indigenous participation in gas production authorities for efficient regulatory activities in order to attract and create confidence in the minds of potential investors. Funding is a fundamental requirement to develop the mining sector and to this end perhaps the government could provide a specialized bank or fund to provide the much needed finance.

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WHAT THE

FUTURE LEGAL MARKET MEANS FOR LAWYERS & BAR ASSOCIATIONS Continued from page 43

Streamline lawyers' practices.

Many law offices, especially solos and small practices, are low-tech, high-effort, and inefficient, resulting in higher costs of operation than necessary. Today, however, virtual firms, cloud-based software, online legal resources, social media marketing, virtual assistants, and other advances are gradually developing and can vastly reduce the costs of a law practice. In order to price As a result, lawyers are now wrestling with a fundamental competitively and still turn a profit, lawyers must lower question: How will my their cost of doing business. profession and my practice change as a result of the transformation of the legal Our Bar association can help market? Every lawyer, from by: offering CLEs on process the first-year associate to the veteran solo to the partner of a improvement and technology worldwide law firm, is trying use, providing discounted rates for cost-lowering to figure out a business plan that will respond to a rapidly suppliers, and helping lawyers improve their web presence. changing legal Specialization does not mean environment—armed with that a lawyer will lose touch ethical and professional with other areas of practice; it platforms that date from the simply means that there is that Industrial Revolution. one area of practice where he has carved out a niche for himself. To this end, lawyers NEW ROLES should attend courses and FOR BAR workshops within and outside ASSOCIATIONS Nigeria which focus on their areas of interest. Law Firms How can lawyers answer that can also sponsor their lawyers within and outside Nigeria in fundamental question respect of these courses and regarding change? And how can our bar association make workshops. The more itself indispensable to lawyers specialized lawyers we have, the more developed our Legal in this effort? Here are our practice will be. As it is now, suggestions: people feel they can or want to spend on legal matters. Too many clients, both consumer and corporate, believe that attorneys drive up the cost of legal transactions without adding commensurate value.

Now we have new competition that's faster and cheaper than us, and they're working hard on being as good as we are, or better.

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our legal practice is largely behind the times and finds it difficult to keep up with the pace set by other advanced jurisdictions as there is little innovation.

LEVERAGE COMMODITIZED WORK For many smaller firms, legal work such as leases, wills, incorporations, and real estate transactions are the backbone of their business. Lawyers' best bet is to accept that the production of legal documents is becoming commoditized, and use it to their advantage.

Attorneys can gear their practices to offer higher-value legal services associated with the commoditized legal product. Make the will available online, but build relationships around estate planning and tax structuring; offer the incorporation for free, but build relationships around regulatory advice and strategic counsel.

PRICE SERVICES RATIONALLY Very soon, lawyers will be only one type of participant in a wide-open, highly competitive legal market—and they will be the only ones who routinely tell clients that they can't provide a fixed price for their product or service.

Attorneys' reliance on billable hours and acceptance of unpredictable prices will be fatal in a market that demands predictability; equally fatal, however, will be offering flat fees without any notion of whether those fees will be profitable. Lawyers will have to embrace not just “alternative” fee arrangements, but a sensible, value-based approach to pricing their services.

Bar associations can help by: publishing ideas about ways to price legal services that focus on client value, competitive intelligence, and cost control, and by certifying CLEs that help train lawyers to be effective pricers.

Staying relevant

It's impossible to predict the future, but there's no doubt that the pace of change is not going to stand still, waiting for the Nigerian lawyer to catch up. The profession should avoid the temptation to attack new providers: These new market entrants are here because lawyers have failed to address the accessibility gap with clients.Lawyers who take steps such as those outlined above will go a long way toward both making their own firms more competitive and upscaling their services for a future market in which all but Bar associations can help by: the most strategic, complex, producing high-quality, barand trusted work can be done certified forms and documents by nonlawyers. Bar and offering them to members associations that help lawyers free of charge, and by offering in this effort will find CLEs about how to move up themselves not just relevant to clients' value chain. their members, but also, and ever-increasingly, indispensable partners to a transforming legal profession.

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A BOLD REFORM OF UNIFIED AFRICAN INSOLVENCY LAW:

OHADA's NEW LEGAL FRAMEWORK TO BOOST TURNAROUND AND CREDITOR RECOVERY

Since 24 December 2015, the 17 African Member States of the organisation for the harmonisation of business law in Africa (OHADA) have benefited from modernised, streamlined collective proceedings designed to preserve viable companies, enhance predictability and maximise recoveries for creditors.

Harmonisation of Business Law in Africa (OHADA) adopted a new Uniform Act codifying collective proceedings (the "U.A."), which replaces the legislation adopted in 1998.

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argely inspired by French law, the reforms create a new preventive proceeding, introduce a new money privilege, clarify existing legal provisions and provide for the cross-border 58

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recognition of insolvency OHADA'S NEW proceedings. It is expected that LEGAL FRAMEWORK TO these reforms will encourage BOOST TURNAROUND international trade and & CREDITOR RECOVERY improve access to finance for businesses located in OHADA On 10 September 2015, the 17 Member States.

Member States of the Organisation for the

Directly and broadly applicable, the U.A. came into force on 24 December 2015. It provides a clear legal framework designed to (I) safeguard viable companies through preventive proceedings and extrajudicial agreements, (ii) ensure the swift liquidation of non-viable companies, (iii) maximise creditor recoveries by following the creditor payment waterfall and (iv) regulate judicial representatives, such as insolvency administrators.

Finally, it provides for a high level of cooperation in international insolvencies.

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With greater predictability for insolvency proceedings, it is expected that the reforms will increase the attractiveness of OHADA states and enable their businesses to benefit from better financing conditions.

We examine below the U.A.'s most significant provisions.

Avoiding the cessation of payments through preventive proceedings The new U.A. defines the cessation of payment as a situation where the debtor is unable to pay its outstanding liabilities with its current assets'.

the commercial court to help the company to negotiate and reach an agreement with its main creditors on a financial or operational restructuring, in order to cure debtor difficulties and avoid the cessation of payments.

Participation in such an agreement is done on a voluntary basis: the conciliator has no power to compel stakeholders. The executed agreement may be filed in the original sections ("minutes") of a Notary or homologated by the Commercial Court without any publicity.

b) The Preventive Settlement The U.A. has modified some important provisions of the preventive settlement. This This notion, directly inspired proceeding is now initiated

by French law, is the dividing when the company faces "serious financial or economic line between preventive and difficulties". In support of its curative proceedings: a claim to open the proceeding, company in cessation of the debtor (sometimes payments can no longer initiate preventive insolvency alongside some of its proceedings and must resort creditors) must provide a draft only to the OHADA curative of a preventive settlement proceeding, judicial recovery, agreement, which shall mention the contemplated or file for liquidation. restructuring (sale of part or all of the assets, termination of There are two preventive, employees' contracts) and consensual proceedings in refinancing (renegotiation of OHADA law: the conciliation the terms of payments of proceeding and the preventive debts). If this draft appears to settlement, both designed to be viable, the commercial avoid a cessation of payments. court will open the preventive settlement and appoint an However, a company is not in expert for a period of 3 months (with a possible extension to a a state of cessation of further month). payments if its financial reserves and/or the payment terms granted by creditors The expert will examine the enable it to meet its situation of the debtor and will outstanding liabilities. facilitate negotiations with its a) The Conciliation proceeding This confidential proceeding was introduced into OHADA law by the U.A. and is initiated in case of actual or foreseeable difficulties on the part of the debtor. It is opened for 3 months, and can last up to 4 months.

The conciliation is a confidential and consensual proceeding in which an independent conciliator is appointed by the president of www.esqlaw.net

creditors in order to reach a settlement agreement on the basis of the draft provided to the court. Once the settlement is executed, the expert will file its report with the commercial court which will homologate the settlement agreement.

Granting a New Money privilege According to the new U.A., creditors having contributed new money to the debtor or provided new goods or services in order to maintain

proceeding; h) Creditors with a general privilege; I) Unsecured creditors in possession of a writ of execution. j) Unsecured creditors not in possession of a writ of execution k) Please note that the monies arising from the sale of immovable property and the monies arising from the This privilege is more sale of movable property extensive under OHADA law are distributed separately than it is under French law as to the relevant creditors, new money creditors are paid under the abovementioned before any other creditor, waterfall. including costs relating to judicial proceedings and Providing a legal framework super-privileged employees, and of course any secured for the mission of judicial creditors. representatives Whether they intervene as experts in preventive When homologating an settlements (see above) or as agreement, the court trustees ("syndics") in ascertains whether the preventive settlements, conditions for granting this judicial recoveries or privilege are met (in particular, the privilege must liquidations, judicial representatives ("mandataires not be detrimental to the interests of creditors who are judiciaires") play a vital role in not part of the agreement) and conducting insolvency proceedings. mentions the privilege in its decision and the relevant amounts covered by this Pursuant to the U.A., judicial privilege. representatives must be registered on a national register of "mandataires Clarifying the ranking of judiciaires" in order to be creditors nominated in the a) Under the U.A., a abovementioned proceedings. liquidation has to be This implies that they meet concluded in a reasonable certain personal requirements timeframe and the ranking (no civil or criminal sentences) of creditors is clarified as and should be chartered follows: accountants. They should also b) Creditors with new money be independent, neutral and privilege; impartial and have no c) Creditors' costs relating to personal interest in the matter at hand. judicial proceedings; d) Creditors' costs incurred prior to judicial Also, they are liable to the proceedings to preserve the debtor, the creditors and third debtors' assets (only for parties, submit to disciplinary movable properties); proceedings and are e) Creditors benefitting accordingly sanctioned in case from a super-privilege of any breach. (such as due salaries); f) Mortgage creditors and Judicial representatives are creditors secured by a lien / paid from the debtor's assets. pledge; In preventive settlements, g) Creditors with respect to their remuneration is receivables having arisen determined by the relevant in the regular course after jurisdiction upon termination the initiation of the of the proceeding and such its business as part of an homologated conciliation agreement, either in an homologated preventive settlement agreement or in an homologated recovery statement (in the course of a judicial recovery), are granted priority in the creditor payment waterfall if the debtor is later subject to a liquidation proceeding.

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remuneration is based on time spent and on the number of creditors in the estate. In the course of a judicial recovery and a liquidation, their remuneration depends on time spent, the revenue of the company, the number of employees, the debt recovery ratio and the difficulty and duration of the proceeding. In this last case, the remuneration cannot normally exceed 20% of the overall value of realized assets.

In summary, the U.A. aims to ensure the skills and ethics of judicial representatives and aims to prevent them absorbing a substantial

State (or a conflict arising from such insolvency proceeding); in this respect, the trustee must advertise the abovementioned decisions relating to insolvency proceedings in the other OHADA Member State(s) concerned; 路 the recognition of insolvency proceedings opened in a non OHADA Member State in an OHADA Member State; although only a foreign trustee representing the debtor in insolvency proceedings may apply for this recognition before the OHADA Member State's commercial court; if this recognition is granted by the court, any claims against the part of the debtor's assets. 路 strengthening legal certainty debtor are suspended, as Ensuring a cross-border well any transfer of its assets for trade activities and for recognition in international or any creation of security foreign investments; insolvency proceedings on its assets. However, the 路 protecting the interests of all opening of an insolvency The U.A. adapts the applicable creditors as well as that of proceeding in the OHADA UN model law (UNICTRAL) the debtor.

Member State whose and applicable French case commercial court has law to the OHADA Member The U.A. also provides for: recognised foreign States as far as international proceedings relating to the 路 the recognition of decisions insolvency proceedings are same debtor is possible if concerned. For instance, where opening or terminating an the latter owns assets in the insolvency proceeding in curative insolvency relevant OHADA Member one OHADA Member State proceedings (or the foreign in another OHADA Member State. equivalent) are pending in respect of the same debtor in both an OHADA Member BROWN RUDNICK, an international law firm with offices in the United States and Europe, State and a non OHADA represents clients from around the world in highstakes litigation, international arbitration and Member State, the U.A. complex business transactions. Clients include public and private corporations, multinational Fortune 100 businesses and start-up enterprises. The Firm also represents investors, as well as provides for cooperation official and ad hoc creditors' committees in today's largest corporate restructurings, both between the relevant domestically and abroad. Founded more than 60 years ago, Brown Rudnick has over 230 lawyers providing advice and services across key areas of the law. Beyond the United States, the Firm institutions and jurisdictions regularly serves clients in Europe, the Middle East, North Africa, the Caribbean and Latin America. with a view to: With its Brown Rudnick Center for the Public Interest, the Firm has created an innovative model combining its pro bono, charitable giving and community volunteer efforts.

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LAWYERING THEN&NOW: THE ROLE OF TECHNOLOGY IN STRENGTHENING COUNSEL-CLIENT RELATIONSHIP When lawyers understand the role they occupy, then they the would go after the tools they require to satisfy their client. Duale broaches the all-important significance of digital technology in approaching competitive legal market.

You recently launched your practice with two key partners drawn from different background.

What inspired this marriage? fter working in a law firm for upwards of 10 years, I felt it was the appropriate time given that I had worked in practically all departments in the organization. The experience garnered overtime, together with the restlessness to do things differently as well as an entrepreneurial spirit led to discussing with like –minded lawyers. We decided to create a law firm that caters for mid-tier clientele who were keen or retaining competent lawyers in a cost friendly manner. The Partners in DOA share similar values which supported the considerations for wining together as firm.

We had seen most partnerships in this clime had money as the primary consideration and therefore had no core value holding the firm together. A dip in the firm's revenue would affect the existence and most of the firms failed to stand the test of time. Our case is different because prior to commencement and as we move along, we have engaged different consultants to advice on various aspects of the business of law and we've

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attended various team alignment sessions prior to the commencement of our partnership.

We took nothing for granted, our main goal is to have a fully integrated law firm with the aim of providing innovative solutions to our clients and we are committed to excellent commercial consciousness What new things are you bringing to your clients?

We aim to be a disruptive force by innovating new ways to provide legal services to mid-tier organizations, high net worth individuals, as well as start-ups who desire legal support to move on to the next level. Our support would be primarily driven by technology, as well as alternative fee strategies which would take into consideration the peculiarities of each and every client. More importantly, quality of the services to be provided must be of the highest standard and regular client feedback would definitely be part of our service delivery.

into our actual and projected cost per transaction/matter and also follow up on status of transaction/matter we are handling on their behalf.

Lastly, we ensure that client information on matters and transaction at all times are secured and we maintain a high level of confidentiality.

What are your predictions of the future of lawyers – client's relationship in Nigeria?

Clients will definitely be keen on reduced cost and alternative fee arrangements.

Lawyers must possess other skills apart from lawyering; Commercial reasoning, understanding of how client's businesses work and being able to read and interpret a financial statement are some of the other skills that will come in handy.

In a jet age of information technology, it is important that lawyers move with the age and utilise information technology tools to reach out to clients, provide services and engage clients. Having said that, young lawyers must first seek to be excellent in the In addition, we intend to provision of the legal services utilise project management tools that afford our clients the prior to harnessing other opportunity to have an insight skills. It must be emphasised www.esqlaw.net

that clients would seek out lawyers who are experts in their fields.

to continue to stay tuned to the technology space and take advantage of all the services and innovations therein that What role will technology play in would enable us provide shaping the lawyers of the future? quicker, affordable and quality service to our clients.

The reality is that the world has gone smart and law as a Considering the present state of profession cannot be left the Nigerian economy, are you behind, technology will continue to play an expanding confident there will be buoyancy in commercial transactions soon? role in the legal sphere. From a traditional point of view, legal I am confident that there exist a lot of opportunities in times processes will become more automated with the advent of like this. There would be a lot new innovative solutions, such of opportunities for mergers and acquisitions in various as end to end software sectors such as oil and gas, packages.. Lawyers will be more responsive and faster in power and we are seeing dealing with and attending to increased activities in the clients matters on the go using microfinance space.

Interestingly, there would be a modern day information technology tools. Technology lot of rescheduling of debt payments with several lawyers has helped law firms in being engaged to recover managing and dealing with both local and foreign clients, debts owed to financial the advantages are enormous institutions. On an FDI side, and for us at DOA, we intend there will certainly be reduced

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inflows based on inconsistent economic policy of the government. Nonetheless, we expect to see a lot of private equity investments by bold private equity managers across sectors. The technology and media sector will also see experience a lot of activities.

Significant activities will also be encountered in the Lottery space, Agriculture, Media and Technology, Mining and Solid mineral.

We are also optimistic that as the market becomes more stable and certain and the price of oil slides up north there would a lot more investment opportunities in Nigeria and the economy will return to buoyancy with more commercial transactions for DOA and other law firms.

prepare the lawyers towards producing at the barest minimum, the experience to deal with clients in a changing environment. I say this because the tutelage period should provide the young talent with some experience required to fully service a new age client. Young talents should also look towards setting up law firms as partnerships in other to harness scarce resources and resolve the challenges encountered by sole practitioners such as “Key Man Risk�.

Do you anticipate the current economic situation in the country will have any impact on the way your firm operates?

We do not anticipate any major impact as we are optimistic of the opportunities How competitive is the market for in several sectors. Giving the current market position and young legal talents starting up a without making predictions, law firm?

Personally my opinion is that but expect an increase in cross young talents prior to starting border transactions, mergers up a law firm should undergo and acquisition, private equity tutelage in a similar manner investment, start-up as is required for solicitors in companies and more arbitration and litigation. We England. Such tutelage will

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fact that Nigeria has a huge infrastructure gap that needs the urgent attention of the both the government at all levels and the private sector.

The Federal Government and some State Governments have expressed their interest in building and improving infrastructures – roads, railway, airports etc. It is no news that financing of such infrastructural projects cannot be borne solely by the Federal Government or the State Government. Therefore, to actualise these desire or building infrastructure, we would require innovative solutions and arrangements between the federal government and the private sector – concessions, infrastructure financing, private equity investment, infrastructure bonds, joint ventures arrangements, an influx of offshore service companies, infrastructure management companies etc.

Lawyers have a major role to play in this regard. Lawyers would have to stay abreast with current financing methods, to provide robust legal advice and guidance to their clients – government, sponsors, concessionaires, financiers, investors etc. The legal documentation required for such arrangements, regulatory advices, drafting of necessary bills where required and providing general legal advice. Where required, lawyers should partner with foreign firms that have experience in such fields.

Lawyers should also attend seminars, conferences and courses that would improve their capacity. Therefore, parties will require the expertise, knowledge and capacity of lawyers to ensure the success of some of these anticipated infrastructure projects. believe there are always opportunities for lawyers in chaos and we expect to use our strength to our advantage..

In addition, , sectors such as agriculture, technology and media, foods and beverages, mining and solid mineral as well as lotteries will improve with a lot more investment in that sector. We also expect an increase by the High Networth Individual on enquiries regarding outbound immigration and economic citizenships. Innovation will 64

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What are some of your recent landmark transactions?

We are presently advising a Foreign Asset management company in the guarantee of a $USD 200million issued to a top tier commercial bank in Nigeria. Advising a joint venture company on the The government has rolled out a development of 24 luxury massive infrastructural plan in the 2016 budget yet there are still the apartments in Lekki with total value in excess of N1billion challenges of where money will come from. What role can lawyers Naira, we are currently play in supporting government's representing mix of both local plans? and foreign investors in the There is no gainsaying in the acquisition of a Micro-finance certainly be key to the survival of many businesses. The legal industry as a whole will do better than other industries because of the critical role it will play in rebuilding the economy.

Bank. We represented a Nigerian information technology focused private equity company in its investment in over 7 start-up information technology companies in a deal totalling over Ten Million USD. We are currently representing the first online peer to peer betting company in its initial capital raise of over Five Million USD. We are also providing legal support to several start-up companies and foreign investors across the spectrum.

What is DOA recruitment strategy?

Our strategy is to recruit young lawyers, whom we can train and mentor. We want lawyers who are assertive and can add value. At DOA, we understand that training is key and our strategy is to grow our own supply. By this, we mean that we try to identify from universities, the top twenty echelon students from the 300 level whom we encourage to come and intern, so that by the time they become lawyers they would be ingrained into the DOA culture.

We strongly believe that the best way to proceed is to attract talented individuals from university as mentioned earlier and train them in line with DOA excellence service culture. Having said that, we are mindful of retaining top talents and we utilize every resources at our disposal to ensure this desire is met.

Ultimately, we aim to make our lawyers more valuable to clients and themselves.

What advice would you give a law student about the future of law?

Tutelage is key in the practice of law, it is important that law students garner and expose themselves to experience of the practice. Mentorship is also very important; law students should identify persons that can mentor them.

However a lawyer must seek to do his best in whatever area of law he/she finds himself.

The threat of globalisation of legal services is real and a young wig must be able to compete successfully with the foreign lawyers. Firms are already bracing up for the challenge with a lot of older firms getting ready to combine, dispose or enter into alliances with the foreign firms. www.esqlaw.net

ENDURING STRATEGIES FOR LEGAL GROWTH AS THE RESPONSIBILITIES OF LAWYERS INCREASE, methods CANNOT BE SUFFIFICENT TO TACKLE EMERGING CHALLENGES.

In an interview with ESQ team, Attorney General of Oyo State and Honourable Commissioner for Justice, Mr Seun Abimbola gives expert opinion on how lawyers can cope with new challenges and yet deliver quality service to their clients 66

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What does recent economic trends and socio-political situation mean for legal services and business of lawyers? ndeed the Nigerian economy is in dire straits. We are in a balance of Payment deficit, foreign reserves are down, income is at an all time low for the nation, many states are unable to pay salaries for months, etc. These are truly challenging times for us as a nation. For legal services as in any other sector of the economy, there is a clear strain in the flow of transactions and commercial opportunities. Oil and Gas

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investments are on hold in view of the crash in the price of oil in the international markets and rising cases of militancy in the Niger Delta.

Financial syndication is on near hold due to the galloping exchange rate created by the depleted income and foreign reserves. Other economic ripple effects of these conditions are all combined factors that have tightened commercial activities in the economy and in turn limited available legal service opportunities especially for transactional lawyers across all sectors.

Ironically, for reputable litigators, these challenges, coupled with the ongoing purge of the system of graft embarked upon by the current administration opens up opportunities to the competent litigator. This only shows the continuing need for law firms to grow to be full service firms with domiciled competence across practice areas. The economies of nations go through these times for varying reasons. Our clear omission of the past is our total dependence on oil wealth making our economy susceptible to the international pressures on the 'blackgold'. In the same breath, Nigerian firms can no longer afford to be either full litigation firms, or strictly transactional solicitors. Competence is required in commercial transactions and litigation to insulate the Nigerian law firm of today from major economic hits as we are currently facing.

I believe every firm no matter its size ought to have a vision of becoming full service.

Furthermore, today's economic challenges are unprecedented in scale in view of surrounding complications posed by our security challenges. These have thrown up several economic battle fronts for businesses in all sectors, necessitating firms to become innovative in their approach to creating new businesses and opportunities.

In doing so, it is anticipated that in view of the slump in crude oil process, national revenue will focus primarily on efficient and effective tax administration. The discerning firm ought to begin to develop its tax practice, while expanding its practice scope to new transactional areas that must of necessity emerge in a challenging economic environment. It always makes good business sense to follow the policy focus of government in business development plans also, particularly with a renewed focus on non-oil sector.

How can law firm managers ensure that the firm is resilient enough to thrive irrespective of the increasing economic burden?

Cost management must become critical for managing partners without compromising deliverables.

The firm managers must learn quickly how to thrive on a leaner budget. Jamboree conferencing must reduce while targeted beneficial CLE programmes will be the focus not just for firms, but for State Justice departments and Legal departments of Corporates.

Innovation will need to increase in our client management, billing options and work creation efforts.

With many clients, the volume Are law firms ready for these of work firmed out to external challenges? Which economic developments will drive the legal counsel may further reduce, market out of the slump? thus demanding greater innovative marketing by firms A good number of firms in major commercial cities in the for fresh work. Again, it is not country are actually creating enough to have more work or existing work without fees operational models and being paid timeously. The training opportunities for economic conditions are members to develop and creating challenges for domicile diverse skills sets collection of fees and firms within their practice. This is will have to be more creative more common among in dealing with that as well. It contemporary firms follows that associates and particularly among second partners may take on more generation firms. involving roles in following up

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on fee notes and invoices to ensure collection is achieved.

It will not just be a task for accounts folks anymore.

These trying times may also be an opportunity for smaller sophisticated firms with less overheads but deep skills in their practice areas. They are able to bill less than the bigger firms for the same kind of work as their competitors, and once the client is assured of receiving similar or appreciable quality of service and value, these boutique firms may attract more work this season. Innovation and creativity will determine this as we trudge on through these times.

How can lawyers overcome barriers to growth and manage the pressures that come with this change The financial illiquidity created by the multiple economic challenges is a great barrier to the growth of firms at this time. Many corporate clients in manufacturing, services, etc are being strangled by the peaking exchange rate volatility, with multinationals unable to legally repatriate profits all of which combine to slow down investments. It is not improbable that just as our clients are downsizing, firms may equally downsize staff in coming months if the situation does not improve. I am however hopeful that a review of current efforts of government on the security challenges in the Niger Delta, the capital investment component of the budget if duly implemented, and revamping the business and operational culture of government through the antigraft drive, will produce some urgent fixes. As desirable as diversification of the economy is, its overall effect on the economy and government income may be from the medium to long term. For lawyers, the emerging regulatory regime, policy changes and reviews to reposition various industrial sectors as major contributors to the economy, may in themselves provide some other forms of work for firms at this time.

How can lawyers manage values and culture ensuring they fit within the firms chosen strategy and the personalities and ambitions of staff First of all I don't think it is the business of firm managers to try to fit individual lawyers' values and culture into the firm's. Rather it should be the reverse. It is for every entity to develop its winning culture and protect its values that defines the brand. Recruitment throws a mixed grill of new entrants at you, but standard practice dictates that you train the new staff, and teach them what values and culture define your brand. This is a basic human resource development module. This is no easy task particularly where a firm does lateral hire of staff from other organizations with different culture, and many sometimes with oversized egos.

Managing personal values and culture fit may be quite challenging. For example, we once had an associate who apparently lived a sheltered routine kind of life until he got to our firm. Thinking out of the box, multi-tasking and working on the go was not usual for him, but that is our culture. We see it as innovation and aspects of client management, but he called it stress and didn't last long. That is the clash of culture firms have to deal with when new associates or partners join. Ambition could be a 'rocker' of boats when not controlled. I think the work environment created, either consciously or unconsciously by an organization could either fuel or douse such disruptive egos. I am not a human resource manager, but from my experience, It may be ideal for firm leadership to consciously strive to create a level playing field among associates to aspire, keep the vision of the firm real to all to ground their conviction in your culture, base decisions on objective parameters rather than selective preferences, and by rewarding performance based on transparent assessments. In these ways and more, perhaps we can better manage productive staff with bloated egos, untamed ambitions, and disruptive personalities. These are however not exhaustive 67

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competent boutique or specialized firms in such hinterlands. On the other hand, many upcountry firms may not wish to lose their identity and rather settle for independent collaboration, by these are likely to increase in the coming days.

recommendations. Using HR consultants to draw up desired strategies will also help.

What is the role of young lawyer coaching and mentoring in this period of low business?

Irrespective of the times and season, succession planning never stops. Therefore whether it is a time of surplus or lean budgeting, mentoring within the firm, professional and personality development coaching would still continue.

Naturally, we have cut down on the more fanciful external consultancy training, but continue to develop in-house curricular for internal use and office retreats. When a firm has a development environment, learning formally and informally becomes a daily affair. Firm managers must continue to show leadership and consciously grow its next generation for succession, for management and leadership roles within the firm. Senior Associates should begin to have measured management roles to understand the management part of a law firm.

What role will collaboration and productivity play among interstate lawyers Nigeria is a big country. I 68

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believe it was Chief Richard Akinjide CON, SAN, that in a presentation several years ago, classified law firms and lawyers along the lines of the market they serve. Law firms wherever they are located, provide different legal services to different types of clients, including individuals, small businesses and large corporations from different corners of the country, hence Chief Akinjide's categorisation of firms as either High street firms, City firms, Up Country firms, etc. Whereas the core work of the City and High street firms may come from international sources, multinationals and large corporates, it is not strange to find the place of performance of some of such work located upcountry, sometimes in far flung places where there are no airports. In these tough times, finding competent local counsel by clients and firms in such hinterlands becomes an attractive option to save travel and logistics cost. Such collaborations have gone on for decades but limited to registry work and mundane issues of being an address within jurisdiction, etc.

Today's challenges may therefore encourage bigger firms to explore broader representation where possible, or consider probable acquisition or rebranding of

centers, but as value additions.

Every business, including legal practice has its business development costs which can be expanded or shrunk depending on strategy and budget. That does not make it an unnecessary cost, but a desirable cost. Target marketing is always advisable, not just general marketing, Again a competent local particularly in a lean economy. counsel has feet on the Whereas the shrinking ground, hands on knowledge economy may curtail the usual of the local terrain and a expansive marketing budgets quicker response time when in firms, it remains a necessary time is of essence, particularly cost, but the value must be with litigation matters. measurable to determine how Upcountry and hinterland effective any marketing firms with demonstrable strategy is to the firm's expertise can therefore attract profitability. other kinds of cross-selling referral work in this manner either from other firms or even Legal procurement: how should law firms approach the issue of directly from the client pricing to meet clients cost cutting expectations?

Can a local law firm really succeed A few years ago, I published in an internationalised legal an article in one of the early market? editions of your magazine on Oh yes local law firms can “The Art of Billing�. I tried to succeed in an distinguish the general forms internationalized legal market. of billing not based on the It is a matter of acquiring science of calculating it, but on relevant skills in the practice the art of demonstrating value areas of attraction to based billing and pricing. multinationals, and Many legal work go unbilled demonstrating a good for simply because understanding of one's own practitioners usually adopt the market. Attracting basic pricing models of international work is not the charging fixed percentages, or sole preserve of High street haphazard guesstimates which and city firms, but open to clients end up disputing. upcountry firms that have While it ,might have been acquired the sophistication, easier to bill a client on demonstrated the knowledge percentages a few years ago and skill, and positioned in the with minimal disputes, today's virtual space where their economic realities indicate capabilities and skills are clients attempting to easily accessible, assessable, commoditize our work to and desirable for international reduce legal costs. It is for us clients. Technology has as professionals to equally be shortened the distance innovative where possible, to between Kafanchan and attract better fees while still Lagos, Ede and London, able to accommodate the Onitsha and Newyork. The client's leaner budgets. For rest is a matter of knowledge, example, we are beginning to skill and sophistication of the see firms negotiating success firm to deliver quality work fees in more matters where the and excellent service. It may desirable fee for the work has not initially be in the volume become unattainable by compared to the cosmopolitan client's economic realities. city firms, but it can grow.

Different fee structures are emerging for various kinds of Should the Business Development work, including milestone function in the firm still be viewed billing/collection, volume as a cost centre or value-add by based billing usually in less law firm managers? sophisticated work that have For the discerning business been commoditized by clients, owner and partner, I don't etc. think business development functions are viewed as cost www.esqlaw.net

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THE WAR FOR TALENT HOW AFRICAN LAW FIRMS CAN AVOID BRAIN DRAIN WITHIN THE LAW FIRM

Since 24 December 2015, the 17 African Member States of the organisation for the harmonisation of business law in Africa (OHADA) have benefited from modernised, streamlined collective proceedings designed to preserve viable companies, enhance predictability and maximise recoveries for creditors.

African legal jobs is launching with a clear focus on Africa. Tell me MORE. Why the focus on Africa?

Where do I start?! As we all know, the African legal sector is growing locally and of increasing interest to international firms globally.

The digital sector and appetite for mobile optimized content across the continent is growing even more rapidly.

Having worked in the legal recruitment industry for over 20 years in the UK and more recently in South Africa the gap in the market was immediately evident. There was not one website those involved and interested in the Africa focused legal sector could access jobs, information, digital learning and more in one place whilst utilising the leading technology. We all want to be able to access information quickly and easily 70

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on our mobile, integrate with social media and we want it to be relevant to us- personally.

ALJ aims to provide the legal sector in Africa (business services and in house included) and Africa teams globally with readily available relevant content.

We are looking at Africa specifically as there is opportunity and a need.

Why is it important for law firm leaders to shift from a classical HR management' to the Talent Management attitude?

International law firms have had to become more www.esqlaw.net

proactive in recent times around client attraction which in turn has had a knock on effect on how the business is run. More COO and CEO roles have been created and the traditional HR function is being replaced by a more holistic talent management approach placing a greater emphasis on anticipating the need for staff and training and developing softer skills and business development more effectively. The danger of not doing so makes firms very reliant on outside hiring, inflexible and high cost. Firms need to be able to adapt quickly, have strong succession plans and they need to identify the skills required for the market ahead of time and train their lawyers accordingly. Not embracing talent management limits growth and hands an advantage to competitors who are.

What are the key factors to adopt and implement the best Talent Management policies in a firm in a strategic perspective? In particular: is there any specific implication in the African markets that are to give some considerations by dealing with Generations Y and Z? Create a clear talent management plan with clear policies on the following; recruitment, onboarding, learning, performance, personal and firm goals, compensation and succession planning.

Align your overall talent management plan with the firm's goals particularly business development. For

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example, if your learning plan does not contain ongoing business development training from trainee upwards how can you expect your senior associates or junior partners to bring in work?

For Gen Y, money and innovative work matters, as does a more flexible work environment. There is a huge trend in the UK legal market towards flexible working; hours, remote working, compressed hours, a more collaborative environment.

This has seen the rise of flexible legal suppliers such as LoD and Eversheds Agile. Do you always need to hire a permanent member of staff or could you use a flexible lawyer and open up a pool of talent not accessed before? Should this be built into your recruitment plan? For Gen Z use technology- digital is in their DNA, you are much more likely to positively influence your staff by using video content on an app or a mobile friendly intranet site.

How can young lawyers use social media to start and then build 121 relationships with potential employers?

Social media is such an important and valuable tool.

Lawyers at any stage in their career should be utilising social media in order to build their personal brand. At the junior end commenting and sharing opinions on issues and articles relevant to their market and the employers they are targeting is a good place to start. Join relevant groups, connect with recruitment staff and demonstrate values equivalent to the firm. Write your own commentary, articles and start to demonstrate awareness of business development. Some of the international law firms have identified the need to speak to their potential

candidate base in different ways on social media according to their level and location. Typically, the tone of language and way of applying is different for graduates, experienced lawyers and business services staff; connect with the contacts that are relevant to you.

and correct preconceived ideas about the firm, lack of knowledge or awareness of the quality of work or wrong ideas about what the firm is like to work for.

Direct approaches can work very well however I would recommend that partners undertake training or, if they How can a firm find the right are able, hire a recruitment calibre of candidates in an ever specialist to work internally. If increasing competitive market? an approach is not received With increasing competition well it can damage the firm's from international firms and reputation. Direct recruitment the possibility of the Nigerian working well can save money, legal market opening up firms time and can build a strong need to be putting themselves external recruitment brand. on a global platform. Firms should be engaging in social There is not a one size fit all media, sharing their success online, telling their candidate approach to recruitment. base why it is a good place to Firms should create a recruitment strategy which work, what they can achieve and what the benefits are. To allows for a combination of engage with a higher number tools against a set recruitment budget. I would recommend of high calibre candidates internationally or locally you strongly that some of the have to be visible to them and recruitment budget is used to build a strong online brand. have a professional and engaging recruitment process.

Ask your clients who they rate How can African firms create cohesive teams with instant and don't give your competitors the chance to take gratification culture?

As firms expand locally and a lawyer from you.

Candidates move for a variety into different territories in of reasons and it isn't always Africa team work is more important than ever. Lawyers money, a positive candidate working in offices outside of recruitment process could the head office of some of the make or break a candidate's decision. international law firms complain their opinions are Direct recruitment approaches vs ignored and there is a lack of traditional agency route which do understanding of their market.

African firms, as they expand, you recommend? should make sure their firm It depends on the circumstance. There are times goal is understood and when it is beneficial for a firm communicated around the firm. Law firm leaders should to use a trusted recruitment communicate regular updates agency partner to make an approach for them to sell the via email or the firm intranet opportunity and gain interest so everyone, regardless of from a pool of candidates not location, knows what is going on. Lawyers should be accessible to the firm encouraged to write their own themselves. There may be a posts and share deal need to educate the market 71

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jurisdiction?

Start at graduate and trainee level. Clifford Chance pioneered 'CV Blind' in the UK, a scheme which involved a proportion of applicants being allowed through to the final stage of interview without prior academic performance being taken into account. The aim is to give potential lawyers who didn't go to expensive private schools a better chance of getting a training contract.

Firms should also look at graduates from a range of universities, not just the top What employment strategies will two or three. They could set up working groups and CSR you recommend that will enable African law firms to attract people programmes targeted at from diverse backgrounds and underrepresented groups of information and cross selling opportunities. Technology can help to create a more cohesive team using video conferencing (or cheaper alternatives such as Skype and Google Hangout), instant messenger can be relevant for quick questions and provide access for juniors to more senior decision makers without clogging up emails. Good leaders will communicate via a number of means, choosing their tool according to the circumstance. Sometimes only Face-to-Face will do!

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school age. One initiative we are trialing at Africa Legal Jobs is to encourage clients to create digital learning accessible to all that we will promote through the site alongside relevant jobs encouraging applications from different jurisdictions.

so yourself. If they text rather than email- text. Ensure you have a mobile optimized website and/or mobile app and create relevant content as often as you can. It is predicted that 81% of Gen Z use social media and the use of mobile is one of the key drivers for the growth of How can an African law firm drive digital advertising. Use digital their strategy forward with the next media to market your brand. generation in mind?

It's come up a few times in this For more information about interview today, engage with advertising or job postings on the next generation in the way AfricaLegalJobs.com please they typically engage. Do contact Scott Cowan on your research. Whether you scott.cowan@africalegaljobs.co are recruiting a trainee or m or Wendy Bampton on trying to win a new client if wendy.bampton@africalegaljo they typically communicate on bs.com LinkedIn and Twitter then do www.esqlaw.net

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NIGERIA'S POLITICAL ECONOMIC LANDSCAPE: AND

TRENDS THAT WILL AFFECT COMMERCIAL ENTERPRISES AND THE LAWYERS WHO COUNSEL THEM Babatunde Ajibade, SAN, Fellow of the Chartered Institute of Arbitrators, a respected leader of the bar strikes a chord on the nexus between political and economic stablity and the growth of investment and commercial enterprises in Nigeria as well as the role a viable regulatory framework plays in promoting business and investment.

Nigeria's economic and investment trends: How are they affecting commercial enterprises and their lawyers? igeria is going through a period of economic correction. It's a period in which investors who have an eye for long-term value are taking positions and is not a period for seeking short-term gain. It's also a period in which discerning investors realise that there are new opportunities opening up with the Government's desperate need to diversify the economy away from its over-dependence on oil exports.

These developments are affecting commercial enterprises and their lawyers in a variety of ways, key amongst which is the need to think long term to survive.

growth of our economy. We can take advantage of the appetite in Asia and the Middle East for Sukuk Bonds by issuing sovereign backed infrastructure bonds (such as the Sukuk Ijarah) for the funding of much needed infrastructure. A framework needs to be put in place that conforms with global market practice so as to ensure that such instruments are acceptable and the issuances successful. We could also relax the restrictions on the permitted investment of pension funds and funds held by insurance companies and allow their investment in long-term infrastructure projects. These funds can also be channelled through the capital markets. Also, incentives such as tax holidays that promote investment in infrastructure instruments should be established.

Infrastructure financing through capital Such incentives will ensure demand markets – How can institutional money and channel additional funds to be channeled to infrastructure projects infrastructure projects through the through capital markets? What solutions capital markets. would address the main challenges, including supply and demand?

Will international investors demand Continued development of higher yields for Nigerian bonds with the infrastructure is critical to the

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depreciation of the Naira?

Not necessarily. It is important to remember that since 2011 the government of Nigeria has been moving away from domestic issuances of debt and have been focusing on external fund raising through bonds that are denominated in US Dollars. This being the case any new fund raising to be done by the government will likely be in foreign currency and as a consequence the depreciation of the Naira will have no impact on bond yields and real return on investment.

Even for Naira bonds, the real concern for any foreign portfolio investor is that his investment should have capital appreciation at exit. Considering that these investors are coming from markets where the 6-month LIBOR base rate is currently less than 1% per annum, even if the value of the Naira is adjusted it is doubtful that they will reject a coupon rate of about 11 13%. However, without a proper 75

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adjustment of the Naira exchange rate, not even a 20% p.a. increase in yield can compensate for the risk of a potential 30 to 40% devaluation of the Naira which will negatively impact their principal, resulting in effective negative yields. So in that scenario, investors will not demand for a higher yield, they will simply wait for the exchange rate correction, which many think is inevitable.

International investors find our rates very attractive and would make informed decisions about their 76

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investment or otherwise.

Investors receive a certificate of capital importation for investment funds brought in through official channels and would have a right to repatriate such funds upon exit from the money market.

Whether there would be a convertibility issue due to limited FX in the system is a different factor.

What are the legal, institutional and market impediments that constrain funding? For example, those that restricts development of Nigerian capital markets?

I have mentioned some of the legal impediments already.

The restrictions on the permitted investment of pension funds and funds held by insurance companies limits the funding available to critical It is a different case for local sectors of the economy. investors. If the rate of return Institutional impediments on their instrument is less than include the absence of a the current inflation rate national strategy for long-term (about 13.8%), then whether or savings and investments. The not there is devaluation they poor savings culture and lack already have a bad deal.

of structured incentives to promote savings is a constraint on funding. Market impediments include the absence of a sufficient number and variety of instruments that can attract funds and thus deepen the market. Our market capitalisation and activities are unduly concentrated in a few economic sectors and we lack specific capacity in several sectors. For example, inadequate expertise in relation to the creation of Sharia compliant instruments means that our market is not getting its fair share of the over $100billion annual global www.esqlaw.net

The Government needs to formulate fiscal policies that provide clear and transparent incentives that will drive investment into the priorities areas it has identified for the diversification of its economic base. Government must also address the challenges faced with doing business in Nigeria and make a conscious effort to eliminate the excessive bureaucracy and bottlenecks that breed corruption and make it difficult to get things done quickly. in various sectors of the economy. The challenges, which one hopes will be systematically addressed by this Government arise with the need to ensure that Government policy is clearly articulated and is consistent, so as to enable investors plan properly. The Government needs to formulate fiscal policies that provide clear and transparent incentives that will drive investment into the priorities areas it has identified for the diversification of its economic base. Government must also address the challenges faced with doing business in Nigeria and make a conscious effort to eliminate the excessive bureaucracy and bottlenecks that breed corruption and make it difficult to get things done quickly.

With the development of alternative dispute resolution mechanisms which may be better suited to resolve commercial disputes. Is commercial litigation still relevant?

Commercial litigation will always be relevant, no matter how well developed alternative dispute resolution mechanisms become. As you may be aware, alternative dispute resolution mechanisms are not selfenforcing and still require the support and assistance of the courts in various ways, both during and at the conclusion of such proceedings. The support required ranges from investment in Sharia compelling the attendance of compliant instruments. witnesses to enforcement of an award or order, where What are the unique opportunities enforcement is required. and challenges that lawyers must be mindful of as they counsel both What is the impact of the Judiciary seasoned investors and those on arbitration in Nigeria? To what relatively new to the Nigerian extent do the courts support or investment environment? disrupt arbitration?

The unique opportunities that The attitude of the Nigerian exist now that we must be Judiciary to arbitration has mindful of are those that arise improved considerably in from the current recent times due to the efforts administration's apparent of the arbitration community focus on diversifying the in terms of training for Judges Nigerian economy. This is and the greater awareness that something that has enormous arbitration complements the potential for serious investors, work of the Judiciary and is given the wide scope and not in competition with it. enormous potential that exists Indeed, given the heavy www.esqlaw.net

workload that a lot of the Judiciary labour under, and the patent fact that the Judiciary is under-resourced, it is no surprise that the Judiciary is now much more supportive of arbitration than it was in the past. The trend nowadays is for the courts to encourage arbitration rather than oppose it, as is evident from the establishment of various court annexed arbitration services. Also, the trend of recent pronouncements by the courts in Nigeria has been proarbitration.

How will you assess the Interface Between Nigerian Courts and Arbitral Tribunals in Nigeria I believe this interface is good and has improved considerably. The courts now regularly refer matters to arbitration and are willing to stay proceedings brought before them in breach of an agreement to arbitrate. The courts play an important role in arbitration, as they are often the default appointing authority where the party chosen appointment process fails and they are also the ones that review arbitral awards when challenges are brought to such awards. Consequently, there is, of necessity, a constant interface between the courts and arbitral tribunals.

How has commercial litigation therefore adapted to suit the changing disputes landscape where disputes are no longer restricted to subject matters or parties in one jurisdiction?

The world is now, more than ever before, a global village and commercial litigation practitioners have had to adapt to this fact. Not only are commercial disputes more and more likely to be cross-border but the sophistication and expectation of the clients is also a lot more advanced than it was. There is a lot more information and choice available to litigants and clients than used to be the case. The way commercial litigation practitioners have adapted or should adapt to this changing landscape is by

upping their game and ensuring that they provide service that is of international standard. What is required now is local expertise, consistently delivered at an international standard.

Navigating dispute resolution requires strategizing especially where it involves multi-jurisdiction or international disputes. Issues of forum and techniques to deploy are some of the very crucial points to worry about. A good understanding of what's new and what's hot in the relevant jurisdictions is therefore crucial.

Having inherited our legal system from the British, Nigerian lawyers are deeply accustomed to the adversarial system, with its hallmarks of cross-examination and applications for the discovery (disclosure) of documents. Each party's case is advanced at trial by its own advocates, usually after extensive discovery, while the judge sits above the fray, listening to the evidence and arguments.

However, those familiar with civil law jurisdictions, which include a good many European countries (e.g. Germany, France, Holland, Italy) as well as Asian countries (e.g. Japan, Indonesia and Thailand) with whom Nigeria today, does significant trade, will know that in these countries, lawyers operate on a totally different – inquisitorial – system where it is the judge who questions witnesses and plays a more active role in the fact-finding process, often based on a limited number of documents, without the benefit of common-law style discovery. In view of the various challenges facing our country today and indeed our judicial system, which of these approaches should Nigerian courts take going forward, to serve the ends of justice?

There is a phenomenon being experienced in the world of commercial dispute resolution at present that is blurring the edges of the sharp distinctions you have drawn in this question. This in itself is, I believe, a result of the increased internationalisation of commercial dispute resolution. Thus, whilst US style unlimited discovery is not likely to take root in civil law countries anytime soon, I sense that the civil law jurisdictions are now borrowing some of the methods of the common law.

Similarly, judges in common law jurisdictions are also 77

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becoming less passive as is evident from the advances in case management techniques that give the judge a much more intrusive role to play in the process of commercial dispute resolution, distinct from the perception that the common law judge is just an umpire!

Should we keep strictly to our traditional adversarial system or attempt a hybrid of sorts, borrowing from the best of both the common-law and civil-law worlds? If so, what features should we adopt, and why? Is it practical to do this? And have we already adopted some of the features of inquisitorial system in witness conferencing / concurrent evidence / “hot-tubbing� and in our modified procedures for lowervalue claims? What should Nigeria's judicial approach for the future be?

The question answers itself. I am definitely of the view that we should try to combine the best characteristics of these various systems with a focus on the ultimate aim, which must be to establish a fair and efficient commercial dispute resolution system. So, I would recommend that the civil law aversion for uncontrolled discovery should be adopted.

This type of discovery empowers fishing expeditions and encourages attempts to build a case based on speculation. Also, our judges need to take a more active role in ensuring that litigants are not allowed the freedom to waste judicial time, in the name of fair hearing and the adversarial entitlement to be heard, when it is evident that there is nothing to be said.

This is the essence of written submissions. However, this requires Judges and practitioners pulling in the same direction and utilising the tools and procedures that are put in place to engender efficiency. Written submissions are of no use if they have not been read, thus giving rise to a doubt in the practitioners mind as to whether the Judge appreciates some of the finer points that he has made. This would be obviated if the Judge made clear at the outset what he/she considered to be the key issues arising from the written submissions and asked to be addressed on those issues 78

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I am extremely concerned about this development and I've spoken up about it within the Body of Senior Advocates. The privilege conferred on Senior Advocates imposes on us an even greater responsibility than other lawyers have to adhere strictly to the ethics of the profession and to lead by example. Unfortunately, there are too many instances in which the conduct of some Senior Advocates has not met the high standards expected of them. only.

In current times, litigation is increasingly complex in several respects. With more international disputants opting to resolve their disputes out of the Nigerian courts. What are the issues and challenges posed to our Justice system today?

The issues and challenges posed to our Justice system today are multifarious.

Standards have dropped to an all time low and there is a strong perception that the system is not working as it should. Whilst there will be several factors responsible for this, the one that sticks out in my mind is the failure of the government to resource the judiciary properly. I have it on good authority that the budgetary allocation for the judiciary in absolute terms and not just as a percentage of the total budget, has reduced consistently year on year in recent years. In the light of such facts, it is no surprise that our Justice system is as challenged as it is today. The conditions under which a lot of our Judges operate are appalling. They are overworked and underpaid and they don't have the necessary assurance that their future is secured, which would enable them focus solely on the job at hand.

Until these issues are tackled head-on, the problems with our Justice system are likely to persist.

It is axiomatic that a judgment is of little use to anyone unless it is enforceable, not (or not just) in the jurisdiction where it is obtained, but in the relevant jurisdictions where the judgment debtor's assets may be found. Will foreign judgments against a Nigerian ruling class be easily enforceable considering the recent rulings from the Nigerian courts where it seems strong judicial reasoning is giving way to political considerations?

Please give examples of the recent rulings to which you refer, to enable me answer this

question.

This notwithstanding, the legal profession, Senior Advocates inclusive, must Recently the bar was almost have the courage to stand up engaged in a serious battle with the EFCC, with the latter calling to against any form of tyrannical question the integrity of bar conduct on the part of law leaders and especially the highly enforcement agencies and the revered Senior Advocates of existence of bad eggs in the Nigeria. As a leader in the profession, how will you react to profession can be no excuse for shirking this responsibility. this?

I am extremely concerned about this development and The recent appointments into the I've spoken up about it within highly exalted seat of the Supreme the Body of Senior Advocates. Court Bench was questioned by the leadership of the NBA who The privilege conferred on queries why the CJN purposely Senior Advocates imposes on brought some requirements which us an even greater restricted the position to the ranks of serving Justices and did not responsibility than other lawyers have to adhere strictly allow credible senior and willing to the ethics of the profession SANs to be able to apply. How will you react to this? and to lead by example.

This is a subject in relation to Unfortunately, there are too which I have views that are many instances in which the not necessarily popular. I am conduct of some Senior of the view that the agitation Advocates has not met the for Senior Advocates to be high standards expected of appointed to the Supreme them. Having said this Court is not the appropriate however, the EFCC as a law way to correct the malaise that enforcement agency has a natural tendency to overreach we have at present in our and to trample upon the rights Justice system. In my view, the system we should be of citizens who then require the protection of fearless legal looking to establish is a system in which Senior Advocates of practitioners to protect their Constitutional rights. It is this Nigeria will form the pool from which judges of the tension that needs to be various High Courts will be addressed with sobriety and appointed. The problem in the maturity. Where there is Justice system is not at its most evidence that a Senior acute in the Supreme Court Advocate has committed an but in the several courts below offence the relevant law enforcement agencies have a it. However, for this to clear duty to prosecute such a happen, the government will Senior Advocate and the fact have to come to the realisation that the Judiciary is the third that he/she is a Senior arm of government and a very Advocate is completely irrelevant. Indeed, where such important arm at that. In my conduct, as will invariably be view, there is no reason why the qualifications required for the case, also amounts to a appointment to the High breach of the Rules of Professional Conduct for Legal Court bench should be any Practitioners or a breach of the less stringent than the qualifications required for ethics of the profession, the elevation to the rank of a Legal Practitioners Disciplinary Committee ought Senior Advocate of Nigeria.

This is what happens in some to take this up of its own of the other climes we observe volition. It is because this is and compare ourselves with. not happening often enough It is the best of the Bar that that we are all being tarred with the same brush and this goes to the Bench and this makes all the difference. If we is a matter of grave concern. are able to do that, our Justice www.esqlaw.net

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When a client has a problem, he needs to know that his lawyer knows about it and is assisting in thinking the problem through. In order to keep your good name, pay attention to the quality of the advice you give. Don't focus on telling the client what the client wants to hear, but on telling the client what your understanding of the correct position is. system will be transformed in no time.

made earlier about the futility of hoping to fix the problem in the judiciary by installing a couple of Senior Advocates in The Bar and the Bench are no the Supreme Court. This doubts partners in the problem needs a root canal job administration of Justice. Taking an Interactive Journey through the not a scale and polish! most troubling ethical dilemmas of today, are there limits to this Criminal Justice Reform in Nigeria: partnership in Nigeria vis-a-vis have we really gotten it right? some recent revelations about As you know, this is not my unwholesome and unethical relationships between some forte so I hesitate to say much members of the Bar and the about it, save to say that the Bench? new Administration of This is a related problem.

Criminal Justice Act of 2015 With the important caveat that seems to have some useful this is a generalisation and in innovations, which if well recognition of the numerous implemented may address Judges of high moral and some of the problems in that intellectual calibre that we sector. One that stands out is have in Nigeria, the truth is the abolition of stay of that many who could not pass proceedings pending appeal in the smell test even when they criminal cases. were in practice have made it unto the Bench. Leopards Digital Working in the Nigerian don't change their spots Courts: What is the present overnight. Crooked lawyers position? What are the planned make crooked Judges, it's as changes? Are we really close to simple as that, and there are a the reality? sufficient number of both of Digital working in our courts these around at present. This is a necessity and though some feeds back into the point I progress is being made, it is 80

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painfully slow and is not evenly spread. I recently had cause to attend court proceedings in the High Court in Accra, Ghana and I was amazed at what I saw. The courts were housed in a modern, purpose built building that was well appointed and well equipped.

As counsel were making their submissions to the Judge, both counsel and the Judge had computer monitors before them on which counsels' submissions and the Judge's interventions were being transcribed by a stenographer.

This afforded them the opportunity to correct the stenographer if any of these submissions were incorrectly recorded and also ensured that the Judge could focus on listening to the submissions and seeking clarification as against taking down submissions in long hand.

Ghana is not anywhere near as well endowed in material resources as Nigeria. From what I saw however, it is unlikely that the budgetary

allocation to the Judiciary in Ghana has reduced year on year in recent years!

What advice do you have for juniors on getting clients, keeping clients—and keeping your good name, too?

In order to get and keep clients, lawyers both junior and senior must pay attention to client service. Lawyers are to their clients, what doctors are to their patients. If a lawyer is not available and accessible to the client, that lawyer will not keep the client for long. When a client has a problem, he needs to know that his lawyer knows about it and is assisting in thinking the problem through. In order to keep your good name, pay attention to the quality of the advice you give. Don't focus on telling the client what the client wants to hear, but on telling the client what your understanding of the correct position is. IT will not always be palatable to the client, but it will earn you the client's respect and trust in the long run. Work hard, stay focused and enjoy what you do. The legal profession is too difficult a profession to embark on just to make a living. You need to have a passion for it.

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THE LEGAL & REGULATION FRAMEWORK FOR MINING IN NIGERIA:

A CATALYST FOR INVESTMENT1

1

2

80 60 40 20 0

countries ranks Nigeria third from the bottom (see Figure 1 below). Additionally, the World Bank in its forecast for mining investments for the years 2000 – 2020 does not forecast any major mining investment coming to Nigeria.

All this despite the fact that mining projects are not as capital intensive as oil & gas projects but yet we continue to invest in numerous oil & gas projects.

Namibia Botswana Zambia Morocco Ghana Burkina Faso Mali Tanzania Ivory Coast DRC South Africa Liberia Guinea (Conakry) Eritrea Mozambique Madagascar Mauritania Uganda Angola Zimbabwe Sierra Leone Niger Lesotho Ethiopia Centra African Republic South Sudan Sudan Nigeria Kenya

T

his contribution was unfortunately truncated by the indigenization policies of the 1970's which led to decades of stagnation and neglect of the sector with virtually all Transnational Mining Companies (TMC's) operating in the country withdrawing both their technical and financial resources. The Fraser institute of Canada in its survey of leading mining companies on the mining investment attractiveness for African

100

There is no gain saying that Nigeria is richly endowed with various mineral deposits; as at the last count, the Ministry of Mines and Steel Development (“Ministry”) has identified about 44 different mineral occurrences across the country notable amongst which are Coal, Iron, Lead and Zinc ores, Gold and Columbite. Despite these vast mineral deposits, the mining sector remains unharnessed and presently contributes less than 1% to the nation's GDP. This has not always been the case; in the 1950's and 60's, mining contributed significantly to the growth and development of Nigeria.

Figure 1: Investment Attractiveness Index for Africa2

Presentation given by Ola Alokolaro, Managing Partner at Advocaat Law Practice, at the iPAD Nigeria Mining Forum held on the 18th & 19th of November, 2015 at the Transcorp Hilton, Abuja. Source: Fraser Institute Annual Survey of Mining Companies, 2014 Source: The Power of the Mine - A Transformative Opportunity for Sub-Saharan Africa, 2015.

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Forecast Investment Mining exports as a (2013-20) as a share of share of total exports GDP (2012) (2010) [forecast investment/GDP]

Investment and forecast Investment (US$ billions)

24

78

18

41

118

36

23

41

27

44

80

74

95

66

593

21

236

65

3

48

64

91

19

68

Zambia Tanzania Sierra Leone Niger Nambia Mozambique Mauritania Liberia Guinea Ghana Congo Dem Rep. Burkina Faso 0

5

10 Investment, 2000-12

15

20

25

Forecast investment, 2013-20

Source: Based on World Bank 2012.

Note: The investment figures are average across a range. For Mozambique, forecast investment excludes natural gas.

Figure 2: Mining Investment, Current and Forecast, 2000 - 20203 3

Source: The Power of the Mine - A Transformative Opportunity for Sub-Saharan Africa, 2015.

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Typically, the capital required for mining projects vary dependent on various factors such as the type of minerals sought to be mined, the precise location of the proposed mine, terrain of the mine site, foreign exchange rate, labour, fuel supply and equipment. As an example, the costs for the development of the Kalana open pit gold mine located in Mali with an output of 1.46m ounces of gold over a mine life of 14 years is estimated to be $187m in comparison to the much larger and controversial Republic of Guinea's Simandou iron ore project, the development of which is estimated to cost over $18bn. These figures when juxtaposed with the $33B spent on the development of Bonga, Nigeria's biggest oil find offshore Nigeria buttresses the fact that mining is not as capital intensive as oil production . Having identified the level of investment typically required for mining projects, a pre-requisite for any mining investor is a clear and unambiguous legal and 85

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regulatory framework. Major considerations for any investor under this head are licensing and permit requirements, conversion of exploration rights to mining rights, Duration of mining licences, ownership of mined minerals, access to mining sites and trespass, and taxes and royalties. Given the myriad of legal and regulatory issues of concern to an investor seeking to embark on a mining project, it is important to provide an insight into the legal and regulatory framework of the Nigerian mining sector so as to see how same can serve as a catalyst to attracting foreign direct investment to the solid minerals sector.

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LEGAL AND REGULATORY FRAMEWORK OF THE NIGERIAN MINING SECTOR

prospects and the lack of any These are as follows: fiscal incentives was a turn off for any foreign investor. The 1 The Ministry of Solid Minerals: Act and the regulations have The Minster of Mine and since introduced a better Steel Development is vested regulated sector and provided with the administration of The principal legislation an attractive investment the mining industry. He governing the mining sector is climate for foreign investors the Minerals and Mining Act seeking to invest in the mining oversees the sustainable development of minerals of 2007 ably supported by the sector. We now have a resources through the Minerals and Mining regula- transparent licensing regime creation of an enabling tions of 2011. Prior to the with titles issued on a first passage of the Act, the sector come first serve basis and with environment for private investors. was largely neglected and the introduction of a Mining unregulated. The various Cadastre Office we have up to public mining institutions had date data and information on 2 The Mining Cadastre Office overlapping jurisdictions (MCO) the available Mining titles. making application for mining The MCO was established titles cumbersome and for the purposes of adminisunnecessarily expensive. The In terms of regulatory tering mineral titles and responsibilities, our mining weakness of these mining maintaining cadastral institutions meant a dearth of laws and regulations create registers. Other functions of various offices and prescribe accurate geological data and the MCO include but are not statistics in identifying mining their roles and responsibilities. www.esqlaw.net

provisions of the Act. Other functions of the MID include: supervising and enforcing compliance by mining title holders with all mining regulations relating to health and safety, conducting investigations and inspections necessary to ensure that all conditions relating to grant of mineral titles as well as the requirements of the Act are complied with, and review programs for controlling mining operations for recommendation to the Minister.

limited to: considering applications for mineral titles and permits; issuing, suspending and revoking mineral titles; receiving and disposing of applications for renewal, extension of areas of, transfer and relinquishment of mineral titles; maintaining a chronological record of all applications in respect of mineral titles; and maintaining a priority book and general registry book.

3 Mines Inspectorate Department (MID) The MID has the sole duty of supervising all reconnaissance, exploration and mining operations for the purposes of ensuring that they comply with the www.esqlaw.net

basis but exploration licences and mining leases may also be granted through a competitive bidding process for brownfield mining assets. A mining title can be granted to an applicant who is an individual, a company or a mining co-operative.

The following are the different mining titles that a private party may acquire for the exploration and exploitation of mineral resources in Nigeria:

for by the applicant but not exceeding 25 (Twenty-Five) years in the first instance and may be renewed for another 25 (Twenty-Five) year period subject to satisfactory compliance with the minimum work obligations and any commitments which may be specified by the MMSD. Mining lease is granted over an area of land not exceeding 50 square kilometers and the lease holder is not permitted to commence work in the area until after it has submitted to the MECD all environmental impact assessment studies and mitigation plans required under applicable environmental laws and has procured MECD's approval for same, concluded a Community Development Agreement approved by the MECD with relevant communities, and has paid all necessary compensation as required by the Act. A holder of a mining lease has the right to export and sell minerals won subject to other requirements for such export and sale.

a`Reconnaissance Permit: This permit allows, on a 4 Mines Environmental Complinon-exclusive basis, ance Department (MECD) reconnaissance activities on The MECD has various all land within Nigeria that responsibilities which is available for mining include monitoring and operations. The permit is enforcing compliance with issued and valid for a period all environmental requireof 1 (One) year and may be ments imposed by the Act renewed upon satisfactory and the Regulations, application for renewal of periodical audit of all same. This permit does not environmental requirements cover land which is already provided by the Act, the the subject of a mining Regulations and any other exploration licence, small law for the purposes of scale mining lease, mining making recommendations lease quarry lease, or water on same to the Minister, and use permit. review of all plans, studies and reports on the mining environment prepared by b Exploration Licence: holders of mineral titles.

The Exploration licence d Small Scale Mining Lease: permits the holder to The small scale mining lease 5 Artisanal and Small-Scale exclusively conduct allows the holder of the Mining Department (ASSMD) exploration activities on a lease to conduct artisanal land area not exceeding 200 The ASSMD has the mining operations which square kilometers and responsibility of assisting, does not include the which is not subject to an and supporting small scale extensive and continued use existing exploration licence, and artisanal mining of explosives, toxic chemimining lease or small scale operations in the country. cals or agents on an area of mining lease. The licence is Other functions of the land not less than 5 acres granted for a 3 (Three) year ASSMD include provision of but not exceeding 3 square term and is renewable for extension services to smallkilometers. The holder of a two consecutive periods of 2 scale and artisanal mining small scale mining lease is (Two) years each subject to title holders, and assisting not allowed to employ more the title holder having artisanal and small-scale than 50 workers in a typical fulfilled his minimum work miners to access the Solid work day and not allowed obligation commitment and Mineral Development Fund to have underground other relevant requirements established by the Act. workings more than 7 of the Act. The holder of an meters below surface nor Exploration Licence has the galleries extending more As a precursor to discussing exclusive right to apply for than 10 meters from a shaft. the various mining rights and and be granted, subject to Small scale mining lease is titles which may be available the provisions of the Act, granted for a period of 5 to a private investor, it is one or more Small Scale (Five) years and may be important to note that though Mining Lease, Mining renewed for further terms of ownership of minerals in, Lease, or Quarry Lease in 5 (Five) years and there is no under and or upon any land in respect of any part of the limitation to the number of the Federal Republic of Exploration Licence area. renewal.

Nigeria vests in the Federal Government, title in the c Mining Lease: mineral resources passes to e Quarry Lease: the person who lawfully wins The mining lease confers on A quarry lease is granted for and recovers same in accorthe holder, amongst other the quarrying of all dance with the provisions of rights, the exclusive quarriable minerals such as the Act. Thus a foreign occupation and use of the asbestos, china clay, investor may, in accordance licence area for the purposes gypsum, marble, limestone, with the Act, acquire mining of exploring and exploiting sand, stone and gravel as rights through an application mineral resources. The may be specified in the to the MCO. These rights are duration of a mining lease is lease. The quarry lease is usually granted on a priority usually for the term applied granted in respect of an area 87

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not exceeding 5 square kilometers for a period of 5 (Five) years which may be renewed for further terms each of 5 (Five) years and there is no limitation to the number of renewal.

cover should be contiguous to each other. Additionally, the Act provides that mineral titles such as a Small Scale Mining Lease and/or Quarry Lease can each be converted to Mining Lease where the holder of such title is so qualified under the Act and f Water Use Permit: the Regulations to hold a This is a right granted to a Mining Lease. Under the Act, mining title holder to obtain Mineral titles are also water for use in mining transferable subject to the exploration and exploitaapproval of the Minister and tion. The permit is granted the subsequent registration of for the period for which the such transfers with the MCO relevant mining title is and rights arising from a granted. mineral title or permit can be wholly or partially assigned, The Act introduces a number sub-leased, pledged, mortgaged, hypothecated or of elements in relation to subject to any security interest.

Mineral titles and these include Consolidation and conversion. All mineral titles, The Act also provides that save for the reconnaissance Mineral titles can be revoked permit can be consolidated. in instances where the holder All such titles sought to be is convicted of an offence by a consolidated must be the same court of competent jurisdicin nature and the areas they tion, breaches any provisions

of the act or regulations made pursuant thereto, is declared insolvent or bankrupt by a court of competent jurisdiction, in the case of a small

scale mining lease holder or mining lease holder, they discontinue operations for a continuous period of 6 months. A mineral title stands

The Act and the regulations have since introduced a better regulated sector and provided an attractive investment climate for foreign investors seeking to invest in the mining sector.

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revoked upon the written advice of the Minister and after 30 days notice of intention to revoke the title has been served on the holder

FISCAL INCENTIVES OF THE NIGERIAN MINING SECTOR Of paramount importance to any mining investor are the fiscal regime and tax incentives of the host country.

Under Nigerian mining laws, a mining project is entitled to enjoy various tax advantages, incentives and benefits as follows:

· Exemption from customs and import duties on approved plants and machinery, equipment and accessories imported specifically and exclusively for mining operations;

portion of his earnings for use in acquiring spare parts and other inputs required for mining operations which would otherwise not be readily available without use of such earnings;

· Tax holiday for the first 3 · Grant of investment years of operation which allowance of 10% on period may be extended for qualifying plant and another 2 years. The Tax machinery; relief begins to accrue on the commencement of opera· Tax deductible for environtions. This is at odds with mental cost; · In determining total profits, CITA which only grants tax a licence holder is entitled to holiday of 3 years without deduct from his assessable any option of extension; · Tax deductible for pension profits Capital allowance of funds for employees of 95% of qualifying expendimining companies; · Expatriate Quota and ture incurred in the year in · Annual Capital Cost resident permit in respect of which the investment was Indexation-unclaimed expatriate quota personnel; made on all certified balance of capital cost shall exploration, development be increased yearly by 5% and processing expenditure · Personal remittance quota to for mines that start producincluding feasibility studies; expatriate personnel for the tion within 5 years from the transfer of foreign currency sample assaying costs; and date of enactment of the Act; out of Nigeria; infrastructure costs; · Deferment of royalty · Free transferability of · The amount of any loss payments on any minerals dividends or profits;, incurred by a licence holder for a specific period on the shall be deducted as far as is payments in respect of approval of the Federal servicing a certified foreign possible from the assessable Executive Council; and loan; and foreign capital in profits of the first year of the event of sale or liquidaassessment and thereafter in tion of mining operations in · The investor may also be the year which the loss was entitled to claim an any convertible currency; incurred and in so far as it additional rural investment cannot be so made, then and said holder has failed or allowance on its infrastrucfrom such amounts of such · The Central Bank of neglected to remedy such ture cost. This is however assessable profits of the next Nigeria(CBN) may permit a breach or remove the grounds dependent on the location of year of assessment and so title holder who earns for revocation. the company and the type of on up to a limit of four (4) foreign exchange from the infrastructure provided. years after which the period sale of its minerals to retain any unregistered loss shall in a foreign exchange lapse; domiciliary account a

Exemption Capital from Allowance import duties

Nigeria Ghana Tanzania

ü ü ü

Tax relief/ holiday

ü ü ü

ü û û

Personal Retain remittance & use quota earned FX

ü ü

ü ü û

Free transferability of FX

Deferred Royalty payment

Carryover of losses

Expatriate quota

ü ü

ü û ü

ü û ü

ü ü

Figure 3: Fiscal incentives in Nigeria compared to other African jurisdictions.

From the above and in comparison to other mining jurisdictions, the fiscal regime for mining investment in Nigeria is amongst the most favorable globally.

The legal and regulatory regime of the solid mineral sector also seeks to protect www.esqlaw.net

investment made in the sector and this is achieved through a number of statutory instruments to wit: the Nigerian Investment Promotion Commission Act, which guarantees an investor the unconditional transfer through an authorized dealer in freely convertible currency,

its profits or dividends accruing from the investments; payments to service foreign loans; and proceeds from the sale or liquidation of the investment enterprise; it also provides that disputes between an authorized mining investor and any Federal State or Local Government in

Nigeria may be settled by negotiation or arbitration in accordance with (i) a procedure specified in the Arbitration and Conciliation Act, (ii)the framework of any bilateral or multilateral agreement on investment protection entered into by the Federal Government of 89

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an opposition party. This clearly signifies political stability to any foreign investor seeking to invest in the solid mineral sector. The recent devaluation of the Naira posses its own hindrance to investment but there are ways of addressing currency risks in mining projects and this includes risk to a Mining Project and may be hedging.

RECOMMENDATIONS FOR THE SECTOR There are a number of recommendations and these include:

Nigeria and the investor's home country, or (iii)any other contractually agreed dispute settlement machinery.

Furthermore, Nigeria is also a signatory to a number of bilateral investment treaties aimed at protecting Foreign Direct Investments in all sectors of the Nigerian economy.

FACTORS IMPEDING DEVELOPMENT OF THE MINING SECTOR Given that the Nigerian legal and regulatory framework meets all the major considerations of a mining investor, one wonders why the survey conducted by the Fraser Institute ranks Nigeria so low and the World Bank's forecast for mining investment in Nigeria is nil. This may not be unconnected with the following: Security: Majority of the naturally occurring minerals are located in the schist belt which covers an extensive part of Northern Nigeria where the present insurgency is being experienced. Security is one of the main risks to any mining investment as it has a bearing 90

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1. The urgent need to improve on the funding of the public mining institutions so as to ensure effective monitoring and regulation of mining activities.

2. The spate of illegal mining must vastly reduce so as to ensure order and prevent environmental degradation and loss of life.

3. The Federal Government must as a matter of urgency address the security on the overall cost of the investment in the immediate situation in the northern project. As the government future. Perhaps we need to region of Nigeria which is improves the security start looking at various ore rich. situation in these parts of the models of how we can 4.

Enforcement of the “use it country, mining juniors and provide the needed transporor lose it principle� with TMC's may begin to refocus tation infrastructure for respect to licences which their attention to Nigeria. mining activities. One model are not utilised within a could be the use of Public specific timeframe Private Partnership to deliver Funding: multi-client/multiuser mining 5. Improved Mining related There is a challenge of transport infrastructure related rail infrastructure in funding mining projects. through Public Private Nigeria. The pension funds Mining projects have long Partnerships are also a veritable way of lead times and as such require funding the sector.

6.

Identify a specific set of long term capital which minerals to promote simply is lacking in Nigeria through roadshows Illegal Mining: presently. Perhaps with the showcasing the potential of introduction of the single Illegal mining contributes to mining these minerals in treasury account and about 60% of the mining Nigeria. limitation of focus on short activities in Nigeria. This is term funds, banks may be perhaps the biggest challenge 7. Privatisation through competitive bidding of forced to start providing to the mining sector (currently existing Federal Governlonger term funding to sectors statistics made available by ment mining properties as a such as the mining sector. the MMSD allege that over means of kick stating the $1b has been lost as a result of sector illegal mining in Nigeria over Infrastructure: the last two years). However, The lack of adequate infrathe loss of revenue is not the In conclusion, Nigeria being structure is also a challenge to only byproduct of illegal the largest economy in Africa, any mining investor. The mining as same also results in with a population of 170 mineral deposits in Nigeria the degradation of the million inhabitants to provide are too distant to the ports for environment and loss of the export market and there is human life mainly due to lead skilled and unskilled labour and a transparent legal and presently very little domestic poisoning. regulatory framework use for the minerals presently offering some of the best fiscal being produced. Our railway incentives in the global system is archaic and in need Political and Economic Risk: mining industry, offers of a complete overhaul to be Nigeria has witnessed 16 attractive mining investment able to serve the sector. In the years of uninterrupted opportunities to the discernabsence of a functional democratic rule and more ing investor. railway system Nigeria won't recently the transition of see any major mining power from a ruling party to www.esqlaw.net

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