White & Case LLP (JD Supra Nigeria)

A US$3 billion financing amid a volatile market shows oil & gas projects with strong fundamentals can continue to raise debt... In May 2020, during the most volatile period in the oil & gas sector in 40 years, Nigeria LNG Ltd (NLNG) signed a historic US$3 billion corporate loan to finance the construction of its seventh liquefied natural gas (LNG) train. The Nigeria LNG Train 7 project (Train 7

Harmonizing business laws, a revised foreign exchange regulation and introducing a new currency. Currency is a hot topic in West and Central Africa, in both the Economic and Monetary Community of Central Africa (EMCCA, or CEMAC in French) and the West African Economic and Monetary Union (WAEMU) zones. Several currency and related reforms currently being implemented and contemplated could...

Third party funding – by which a commercial fund finances the costs of proceedings in return for a share of any damages awarded – has recently seen an upswing globally with a number of jurisdictions legalising it as they look to increase their attractiveness as arbitral venues. Proposed amendments to the current law in Nigeria would allow it to join this global trend and to strengthen its...

Historically, one of the key concerns of LPs regarding African private equity has been the number and quality of available exit routes. Illiquid domestic exchanges as well as political and foreign exchange risk have all weighed on the exit multiples that investors have hoped to achieve. However, as the African private equity market matures, the chances of achieving a successful exit have notably...

Today, many areas of the African economy are still growing despite challenges due to sharp reductions in the price of oil and other natural resources. Besides the industries related to the continent's natural resources, infrastructure projects, banking and telecommunications are also on the rise. In these areas and many others, Africa has a large untapped market with relatively low penetration...

While credit ratings are designed to assess the creditworthiness of country or corporation to inform the decisions of investors in these entities, the considerations of credit rating agencies may not always be fully aligned with those of investors. However, given a government's responsibility for delivering infrastructure and power and, as a result, its key role throughout the term of a project,...

Private equity in Africa has come a long way since the early 1990s, which saw development financial institutions (DFIs) investing in government-initiated development projects across the continent. During that period, such investments were restricted almost entirely to South Africa and North Africa. The period that followed was characterised by the emergence of a limited number of South African–foc

In October 2014, the Africa Development Bank noted that Africa's 'primary task' was to find ways to plug the annual infrastructure funding deficit. It is nearly a decade since they estimated the financing requirement to close the deficit amounts would be US$93 billion annually until 2020. Finding sources of funding to make up these estimated amounts is clearly key.

In 2015, two simultaneous market trends are developing across emerging markets: (1) The emergence of the international capital markets as a primary funding source for African issuers (sovereign and corporate) across the continent and (2) The convergence of the traditional English law-based eurobond market and NewYork law-based high yield bond markets in jurisdictions outside the United...

African states rich in resources are striving to increase domes tic involvement in their economies – especially in oil and gas. In attempting to increase domestic participation throughout the value chain, some African states have begun introducing local content laws, supporting industrial diversification and creating a broader economic base for the future. If effective, these measures could...