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We are also advising on bond offering programmes by non-bank corporate issuers. Two of them are by food-sector companies, a third is by a property developer, a fourth is by a conglomerate and a fifth by a manufacturer of consumer durables.
For three non-bank issuers we have advised on convertible debt offerings -- two food producers and an equipment leasing company.
In the structured finance arena, perhaps our most significant work has been advising on an offering under a seminal residential mortgages master trust, the largest ever in sub-Saharan Africa.
Beyond that, we have advised on a pioneering “future flow” securitization, a second tranche of the master trust offering mentioned above and a separate offering of mortgage-backed securities.
One of the bank Tier II capital bond offerings and the bond offering programme by a conglomerate, both mentioned above, are also structured debt finance offerings.
We have advised on efforts to introduce prime brokerage and custodial arrangements to Nigeria and on the introduction of market makers and the development of an over-the-counter securities market.
The volume of legal business in contentious work emerging out of securities offerings has been rising. We have been active in advising issuers, managers and underwriters in this context.
We have also been active in advising issuers and their directors on delistings and on complying with share ownership disclosure regulations for regulatory filings and stock exchange purposes.