In 2011, the Central Bank of Nigeria repealed the Universal Banking License and mandated Commercial Banks to adopt a Holding Company Structure or divest its interests in non-core banking businesses.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
Despite the upcoming general elections in the country, some chief executive officers (CEOs) have predicted that the Nigerian economy will perform better in 2019 than last year. The Chief Executive Officer, Eczellon Capital, Mr. Diekola Onaolapo, pointed out that the 2019 elections are expected to impact the general economic and business environment in the firstJanuary 1, 2019