The Firm is actively involved in Securitisation and Real Estate Investment Trusts in Nigeria, which are generally and essentially a pooled investment scheme enabling investors to collectively invest mainly in real property transactions and few other investments. This pooled investment enables investors to benefit from the professional management skills of the fund manager, which professionalism they might not get via direct investment.
However, Austen- Peters and Co has
continued to drive for the creation of an enabling environment for
securitization transactions in Nigeria, in concert with other
stakeholders and the necessary regulatory authorities, by organizing
workshops and contributing to the rule and regulation making process of
these authorities. The Firm is also active in many Capital Market
Operator committees set up by the regulatory authorities to seek ways of
improving the market. The Firm is currently advising a client on the
securitisation of assets worth billions of Naira.
The Firm is currently acting as solicitors to the trustee in a 15,000,000 Real Estate Investment Trust to be launched soon.
Firm is also involved in the other forms of Corporate and Project
Finance, having successfully advised BNP Paribas in its extension of a
US$180,000,000 Senior Crude Oil Pre-Export Financing Facility to Conoil
Producing Limited and Continental Oil and Gas Limited, including the
creation of security for the Facility, as well as advising and
securitizing a further US$300,000,000 Senior Crude Oil Pre-Export
Financing Facility to Conoil by the same bank. Likewise, we advised the former MBC
International Bank Ltd (now merged with First Bank Plc) as arranger and participant in Syndicated
Equipment Lease to Setraco Nigeria Limited and a Syndicated Term Loan to
UACN Property Development Co Plc. The Firm has advised Standard
Chartered Bank Nigeria as a participant in a N26, 000,000,000 Syndicated
Loan to MTN Nigeria and is currently representing Moorhouse Properties
Ltd in its development of Epe Health Farm and Spa Ltd - US$18,500,000
Timeshare Resort Project.
The Firm has also been involved in the
recapitalisation processes in the banking and finance industry in
Nigeria in the last couple of years, where it worked on the scheme of
merger arrangement of some banks and insurance companies
was recently involved in the merger of Nigeria‚Äôs 2 largest insurances
companies; and the acquisition of another major insurance company.