Privatizations

 


We have advised underwriters, trade buyers and sellers on a wide range of privatization transactions and on litigation over such transactions.

We have advised the Government-controlled “resolution” company -- the managers and custodians of “toxic” bank assets -- on the first-ever sale of a now-thriving commercial bank that was originally organized as a “bridge” bank.

We were the Federal Government's legal advisers on the controversial and highly-complex privatizations of two enterprises with tortuous histories: the Government-owned insurer; and the Hilton hotel in the Federal Capital.

The former was prior to privatization Nigeria’s most asset-rich conglomerate. In its post-privatization form, it remained a substantial conglomerate although a number of its erstwhile-largest subsidiaries have been privatized separately.

The assets and liabilities relating to the Hilton hotel business were spread among three limited liability companies and a statutory corporation. Disentangling them presented numerous challenges.

Each of the hotel business and the insurer was at the time the largest in its industry in the country. The sale of the Hilton hotel is one of the largest- ever trade sale privatizations.

We also advised the Federal Government on the privatizing by private placement of its stakes in eleven oil service companies. Many of these companies were local affiliates of global multinationals.

More recently we have advised purchasers of a large electric power thermal generation company of the largest distribution company by population and of the largest distribution company by geographical area covered. We are advising a prospective buyer of the assets of the old telecommunications monopoly.

We have advised an investment holding company owned by five states governments on the restructuring with a view to privatization of companies and other investments in a diversified and controversial group owned by the states.


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