Financial Intermediation
We act as trusted independent and real-time advisors to financial institutions like banks as well as a variety of sophisticated and institutional investors, including investment banking firms, venture capital firms, accelerators and incubators, angel investors, endowments, pension funds and insurance firms. Our financial intermediation practice combines deep industry knowledge with comprehensive legal expertise, serving clients across Nigeria and Africa. We provide strategic counsel on Corporate & Private Banking, Fund Formation & Fund Operations, Legal Due Diligence, Mergers & Acquisitions, helping businesses navigate complex regulatory frameworks and achieve their commercial objectives.
Our team understands the unique challenges facing companies in this sector and delivers practical, business-focused solutions that protect client interests while facilitating growth and innovation. With extensive experience representing leading companies, financial institutions, and investors in financial intermediation matters, Balogun Harold has established itself as a trusted advisor in this sector. Our team's deep understanding of Nigerian law, combined with international best practices, enables us to deliver strategic counsel that helps clients maintain competitive advantage while ensuring regulatory compliance. We work closely with clients to develop comprehensive legal strategies that align with their business goals and support long-term success in Nigeria's dynamic market. Our financial intermediation practice combines deep industry knowledge with comprehensive legal expertise, serving clients across Nigeria and Africa. We provide strategic counsel on Corporate & Private Banking, Fund Formation & Fund Operations, Legal Due Diligence, Mergers & Acquisitions, Regulatory Guidance & Licenses, Leveraged & Acquisition Finance, helping businesses navigate complex regulatory frameworks and achieve their commercial objectives.
Our team understands the unique challenges facing companies in this sector and delivers practical, business-focused solutions that protect client interests while facilitating growth and innovation. We work with leading corporations, financial institutions, and investors to structure transactions, ensure regulatory compliance, and manage legal risks effectively. With extensive experience representing clients in financial intermediation matters, Balogun Harold has established itself as a trusted advisor in this sector. Our team's deep understanding of Nigerian law, combined with international best practices, enables us to deliver strategic counsel that helps clients maintain competitive advantage while ensuring regulatory compliance. We work closely with clients to develop comprehensive legal strategies that align with their business goals and support long-term success in Nigeria's dynamic market. Our approach emphasizes proactive risk management, regulatory compliance, and strategic planning, enabling clients to make informed decisions and achieve their business objectives.
We support our Clients with:
Notable Experience
Partial Risk Guaranteed Standby Letter of Credit
Advised a leading investment bank on a Partial Risk Guaranteed Standby Letter of Credit to be issued by the investment bank acting as L/C Issuing Bank under a USD$150 million Reimbursement and Credit Agreement;
Oil and Gas Asset Acquisition Financing
Advised an indigenous commercial bank in relation to a USD$ 200 Million financing to be provided in conjunction with an international financial institution for the acquisition of oil and gas assets;
Broadband Company Refinance Facility
Advised on the USD100million Refinance Facility to an indigenous broadband company to refinance and restructure its existing debt obligations of circa USD80million and fund the construction of a data center;
Diversified Business Group Debt Refinancing
Advised on US$ 60m debt refinancing of a diversified business group with interests in pharmaceutical, energy, industrial plastic packaging, importation and distribution of consumer goods as well as the agricultural sectors;
ECA-Backed Real Estate Development Financing
Advised on US$107 million ECA-backed financing for the construction and development of the first phase of a mixed use real estate development.
Insights & Updates
Foreign Direct Investments in Nigeria - Policy Updates: 2024/25
Compared to other African countries, Nigeria has one of the most investment-friendly laws and continues to be an attractive destination for foreign direct inves...
Immunity of the Central Bank: Legal Issues Arising
The recent suspension and subsequent arrest of Nigeria’s central bank Governor and some Deputy Governors, as well as the appointment of an independent panel to ...
Doing Business in Nigeria Using Joint Venture Structures
Joint ventures have proven to be a highly resilient market-entry structure for conducting business in Nigeria. These strategic partnerships allow foreign busine...
Finance Act 2023: Key Updates to Nigeria's corporate tax regime
This legal update provides a high-level summary of the changes made by the Finance Act 2023 which became effective as of May 1, 2023. Businesses are advised to ...
A Highlight of the Key Protections for Private Asset Management Companies
The Bank and other Financial Institutions Act 2020 (the "BOFIA 2020") provides a number of protections for Private Asset Management Companies in Nigeria. In 2017, Nigeria's Central Bank ( the "Central Bank") proposed a legal framework for licensing Private Asset Management Companies ( the "PAMC Regulation").
Recent Changes to the Operation of Domiciliary Accounts in Nigeria
As part of efforts to unify the foreign exchange market in Nigeria, the Nigerian Central Bank recently announced changes to the operation of domiciliary accounts in Nigeria. This legal update summarizes the most recent changes to the operation of domiciliary accounts in Nigeria and provides a primer on the operation of domiciliary accounts in Nigeria.
Nigeria’s Central Bank Governor: Suspension & Immunity from Legal Actions - Matters Arising
A number of legal issues have been thrown up in the wake of the suspension of the Governor of Nigeria's Central Bank (the “Governor”) by Nigeria’s President and the subsequent arrest of the Governor by Nigeria’s State Security Services.
The Quincecare Duty of Care: Lessons for Nigerian Banks & Fintechs
The Quincecare duty is an implied legal duty of care placed on commercial banks, investment banks, fintechs[1] and other financial institutions (“Banks”) to refrain from executing a payment instruction where there are reasonable grounds for believing that, a payment instruction is given dishonestly or that such payment instruction is an attempt to misappropriate customer funds.
Bilateral Loan Agreements - A Highlight of Some Contractual Defences
A March 2023 decision[1] by the English Supreme Court regarding a $3billion bilateral loan granted by Russia to Ukraine in 2013, highlights the application of English contract law principles to bilateral loan agreements between sovereigns. In this case, Ukraine failed and has refused to repay the bilateral loan which was due for repayment in 2015. When Russia sued Ukraine for repayment of the bilateral loan, Ukraine set up 4 defences
Nigerian Eurobonds - Key Contractual Terms and Considerations for Investors
The possibility that a sovereign will default on its sovereign debt or will seek to restructure its sovereign debt to forestall the occurrence of a sovereign default, despite a perception of creditworthiness, is a very real one.
Bail-in Powers of the Central Bank of Nigeria - Key Legal Issues for Bank Creditors
The recent introduction by the extant Banks and other Financial Institutions Act 2020 ( the "Act") of Bail-in, as a tool for resolving bank insolvency, is a critical discussion point for the comity of international lenders, lending to Nigerian banks and other financial institutions. This is especially important given the wide implications that the Nigerian regulatory construct of the Bail-in procedure has for the contractual and property rights of bank creditors.
Turnover and Control Considerations for Merger Clearance in Nigeria
In a recent mergers clearance filing, which we undertook and successfully concluded on behalf of a South African Power and Infrastructure Conglomerate,[1] the FCCPC[2] agreed with our pre-notification submissions regarding the application of IFRS 10 towards the calculation of the relevant turnover. The object of the pre-notification submission was to, amongst others, avoid double-counting and to positively impact the amount payable as notification fees towards mergers clearance.