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Sefton Fross advises TLG Capital Investments Limited and Stichting Medical Credit Fund on their growth capital investment in Express Pharmacy

Sefton Fross has advised TLG Credit Opportunities Fund (Cayman) – an open-ended debt vehicle, and Stichting Medical Credit Fund, on its growth capital investment in Express Pharmacy, a Lagos-based mass market pharmacy retail chain.   The growth capital will be used to expand Express Pharmacy’s footprint across Lagos with the roll out of new pharmacies along busy commuter routes and in under-served communities across Lagos.   The Transaction furthers both Lenders’ continued commitment to healthcare…

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Sefton Fross advised Royal Exchange General Insurance Company Limited on the $10 million acquisition of 39.25% stake in the company

Sefton Fross has advised Royal Exchange General Insurance Company Limited (REGIC) on the InsuResilience Investment Fund’s (IIF) agreement to acquire a 39.25% stake in REGIC. The investment has been approved by the National Insurance Commission. REGIC, a subsidiary of Royal Exchange Plc, is a leading player in agriculture insurance. The proceeds of the investment will help REGIC to spur growth by increasing its risk capital and supporting its underwriting…

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Sefton Fross has advised Prudent Energy and Services Limited on its Successful Acquisition of a 74.02% Equity Stake in Forte Oil Plc.

Sefton Fross advised Ignite Investments and Commodities Limited, an affiliate of Prudent Energy and Services Limited, on its acquisition of 74.02% of the issued share capital of Forte Oil Plc, beneficially owned by Femi Otedola, CON. Forte Oil Plc is one of Nigeria’s leading downstream oil and gas companies. Ignite Investments and Commodities Limited will take over a controlling stake in Forte Oil Plc, as it has received all…

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Sefton Fross advises New Hampshire Capital Limited on its Partnership with the Ikeja Electricity Distribution Company as a Meter Asset Provider (MAP)

Sefton Fross advised New Hampshire Capital Limited, a Meter Asset Provider, on its Partnership with the Ikeja Electricity Distribution Company as a Meter Asset Provider (MAP), in line with the policy of the Federal Government and the Nigerian Electricity Regulatory Commission (NERC) to bridge the metering gap in the country. The policy evolved from the need to provide lasting solution to the problem of estimated billing. According to the…

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NAICOM (the regulator for the Nigerian insurance sector) increases the required Minimum Paid-up Capital for Insurance Companies in the Country

The regulator for the Nigerian insurance sector, National Insurance Commission (NAICOM) has increased the minimum paid-up capital of insurance companies by over 200% in a circular released on May 20 2019. The new guidelines are coming after NAICOM’s failure in its initial bid to shore up the minimum operating capital of insurance firms through its Tier Base Minimum Solvency Capital. In the new capital base, Life insurance companies will…

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Sefton Fross’ Managing Partner has been appointed Regional Representative Africa of the IBA Power Law Committee

Our Managing Partner, Olayemi Anyanechi, has recently been appointed as the Regional Representative Africa of the Power Law Committee of the International Bar Association (IBA) to serve from 1st January, 2019 to 31st December, 2020. The mission of the Power Law Committee is to provide a forum where energy lawyers with different legal backgrounds from around the world can interact and learn from one another in a setting encouraging collegiality…

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Presentation of the One Hundred Billion Naira Sukuk Proceeds

Mrs. Olayemi Anyanechi; Managing Partner, Sefton Fross pictured with Babatunde Fashola, the Minister of Works; Zainab Ahmed, Minister of Finance and Patience Oniha, the Director General of Debt Management Office at the presentation of N100,000,000,000.00 (one hundred Billion naira) 2018 Sovereign Sukuku Symbolic Cheque at the Federal Ministry of Power, Works and Housing in Abuja on 10th January 2019.

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Sefton Fross acts as Joint Legal Adviser to the Debt Management Office on the N100,000,000,000 Federal Government of Nigeria Sukuk II Issuance

Sefton Fross has once again acted as Joint Legal Adviser to the Debt Management Office (DMO) on the Federal Government of Nigeria (FGN) N100,000,000,000.00 (One Hundred Billion Naira) Sovereign Non-Interest Financing instruments (Sukuk) issuance in the domestic capital markets, following the success of the first FGN Sukuk Bond issuance in 2017. The issuance of the Sukuk is through the FGN Roads Sukuk Company 1 PLC, a Special Purpose Vehicle jointly set-up…

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Sefton Fross advises TLG Credit Opportunities Fund’s (Cayman) on the US$10 million Structured Credit Deal with Atlas Mara Limited

Sefton Fross has advised as Nigerian legal counsel to TLG Credit Opportunities Fund (TLG), an open-ended investment vehicle, on its US$10Million structured credit deal with Atlas Mara Ltd, a Pan African financial services company. The new capital is for general corporate purposes and for further investments in Atlas Mara Digital (Fin-Tech), Atlas Mara Global Markets and Treasury (GMT). Sefton Fross’ Team advisory role on the transaction included advising on the Transaction…

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Sefton Fross has advised Ignite Investments and Commodities Limited on its Proposed Acquisition of 75% Shares from the Majority Shareholder in Forte Oil Plc. Downstream Business

Sefton Fross has advised Prudent Energy and Services Limited, investing through Ignite Investments and Commodities Limited, on its agreement with Mr. Femi Otedola (CON), the Majority Shareholder in Forte Oil PLC, to acquire the 75% direct and indirect holdings of the Majority Shareholder the in Forte Oil’s downstream businesses. The Transaction is expected to close in the First Quarter (Q1) of 2019 subject to the satisfaction of various conditions and…

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