In 2011, the Central Bank of Nigeria repealed the Universal Banking License and mandated Commercial Banks to adopt a Holding Company Structure or divest its interests in non-core banking businesses. Our Client, having identified this investment opportunity, appointed Eczellon to advise on and execute the acquisition of equity interests of a Nigerian bank in one of its subsidiaries – a registrar services business.
The main challenge on the transaction was its timely execution, as required by the client. We experienced unexpected delays in obtaining relevant documentation from other parties on the project. This was going to impact on the filing process with the Securities and Exchange Commission (SEC) – the regulator – which would typically require extensive documentation from both the sell-side and the buy-side.
Solution - Our Approach
We used our expert transaction management experience to coordinate all parties on the project. Eczellon was able to provide guidance in the collation of all relevant documents and where necessary, assist the client in the preparation of some of the required documentation for the SEC filing. With the proactive coordination of all parties and support in preparing relevant deliverables, Eczellon was able to conclude the transaction to set timelines.
The SEC gave its No-Objection to the transaction enabling our Client consummate the transactions and commence business activities under new ownership in a timely manner.
You can rest assured that the Eczellon team will deliver on your objectives
in the news
June 7, 2018
June 7, 2018
As banks continuously reassess their lending policies, corporates are increasingly seeking alternative financing options, turning to bond issuance as a source of longer term finance. There are other potential advantages companies consider such as cheaper borrowing costs, but there are other attractions: Diversification of funding is one attraction. The banking sector’s approach to lending canSeptember 7, 2018