Summative Course Evaluations in LA&PS Opportunity beckons …… November 12, 2015.
Le law opportunity beckons (guide to trade & investment 2014 article)
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NIGERIA: Opportunity Beckons By Afolabi Elebiju, Principal, LeLaw (Barristers & Solicitors) Long described as the “Giant of Africa”, Nigeria became Africa’s largest economy in 2014. Foreign investors on the ground have always had a country- optimistic outlook; returns on their investment provide the most compelling evidence. Recently, a global CEO stated that their market leadership of the country’s brewery sector is because they “invest ahead of the curve.” Successful bidders for Nigerian mobile licenses in 2001 (and subsequent entrants) have earned stellar returns whilst building a major global telecoms market – growing teledensity from 0.4% to 93.70% as at May 2014. In the battle for continental supremacy between Vodacom and MTN, the latter’s entry into Nigeria has been decisive. Nigeria’s current realities demonstrate that there is no better time to invest than now. Despite our positive demographics and liberalization of the investment environment under the military, many multinationals exited the country. With democratic rule and improving demographics, investors have better comfort, reflecting in Nigeria’s status as an emerging markets investment powerhouse. Nigeria’s massive infrastructural deficit represents significant investment opportunities in almost all sectors. What is critical is a robust risk management strategy, including engaging Nigerian advisers with requisite mastery of the business regulatory terrain and having the “right” partners whose vision/ethics align with the foreign investors’. Power sector privatization and agricultural sector reforms evidence intent of Nigerian government to facilitate private sector led growth. Lessons learnt from telecoms sector signposts many transformational possibilities, albeit public sector reforms have been slow. Although the Ministry of Trade & Investment has been championing business reforms, this has not significantly improved Nigeria’s position in Global Competitiveness Index/Ease of Doing Business rankings. The 2015 elections (and for the incumbent, the desire to leave a legacy if re-elected) should provide the necessary impetus for exponential growth. McKinsey’s Nigeria Renewal: Delivering Inclusive Growth in Africa’s Largest Economy (July 2014) exemplify ammunition for discerning investors to be part of Nigeria’s growth story. About LeLaw At LeLaw, we thrive on “doing things differently”, operating at the highest levels of engagement on client issues, to deliver customized, optimal solutions. Our deep sense of values exemplifies our responsibility to our clients, our profession, our community, and to ourselves. Our values are: "Clients First", Empathy, Contribution, Integrity, Excellence and Stewardship. Our Vision is to be the “go to firm” for creative, value adding and cost effective solutions to our clients’ complex business issues. Our Mission is to help our clients succeed and make an impact in their markets and communities. Our approach is defined by the LeLaw Process – our proprietary methodology for providing services to clients. Our services leverage deep sectoral expertise, thorough understanding of Nigerian legal tax and regulatory framework and valuable regulatory relationships. We provide advisory, transaction support and research services; we are adept at supporting foreign investors throughout their investment cycle – entry, growth and exit. Our Team Our team is led by Afolabi Elebiju, a versatile business lawyer, and recognized as a leading tax/regulatory specialist with cutting edge transaction structuring expertise, especially for foreign investments. His career spanned two decades with leading Nigerian/multinational professional services firms on landmark cross- border deals for global market leaders, the public sector and international agencies. Until recently, he was General Counsel at African Capital Alliance (ACA), Nigeria’s leading private equity firm focused on the Gulf of Guinea. Afolabi was educated at OAU, Ile-Ife (B.A. 1987; LLB (1994); Lagos (LLM, Corporate Commercial Law, 1997) and Harvard (LLM, International Finance, 2007). Afolabi’s book, Promoting Country Competitiveness Through Sectoral Reforms: Case Study of Nigerian Telecommunications Sector, 1999 – 2006, (MentorHouse 2014) is dedicated to “those who took a bet on Nigeria, and despite all, are staying true to their bets.” An accomplished presenter, Afolabi regularly speaks at professional, academic and mentoring fora. He has authored/co-authored several publications on diverse areas of commercial law in prestigious journals, including Nigerian chapters to leading international treatises. A columnist since 2009, he writes the Taxspectives column for ThisDay Lawyer, legal section of This Day Newspaper. Other members of our rapidly expanding advisory team are: Modupe Odele, Sandra Okon Manah and Adelayo Fawole – emerging thought leaders who are passionately committed to personal and professional excellence. For further details, please visit: www.lelawlegal.com LeLaw (Barristers & Solicitors) Plot B23 Mutual Alpha Courts Off Afric Road (Behind Leadway Assurance) Costain, Lagos, NIGERIA Mobile: +234 703 244 8845 Email: [email protected] Website: www.lelawlegal.com
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Transcript of Le law opportunity beckons (guide to trade & investment 2014 article)
NIGERIA: Opportunity Beckons
By Afolabi Elebiju, Principal, LeLaw (Barristers & Solicitors)
Long described as the “Giant of Africa”, Nigeriabecame Africa’s largest economy in 2014. Foreigninvestors on the ground have always had a country-optimistic outlook; returns on their investmentprovide the most compelling evidence. Recently, aglobal CEO stated that their market leadership ofthe country’s brewery sector is because they “investahead of the curve.”
Successful bidders for Nigerian mobile licenses in2001 (and subsequent entrants) have earned stellarreturns whilst building a major global telecomsmarket – growing teledensity from 0.4% to 93.70%as at May 2014. In the battle for continentalsupremacy between Vodacom and MTN, the latter’sentry into Nigeria has been decisive.
Nigeria’s current realities demonstrate that there isno better time to invest than now. Despite ourpositive demographics and liberalization of theinvestment environment under the military, manymultinationals exited the country. With democraticrule and improving demographics, investors havebetter comfort, reflecting in Nigeria’s status as anemerging markets investment powerhouse.
Nigeria’s massive infrastructural deficit representssignificant investment opportunities in almost allsectors. What is critical is a robust risk managementstrategy, including engaging Nigerian advisers withrequisite mastery of the business regulatory terrainand having the “right” partners whose vision/ethicsalign with the foreign investors’.
Power sector privatization and agricultural sectorreforms evidence intent of Nigerian government tofacilitate private sector led growth. Lessons learntfrom telecoms sector signposts manytransformational possibilities, albeit public sectorreforms have been slow. Although the Ministry ofTrade & Investment has been championing businessreforms, this has not significantly improvedNigeria’s position in Global CompetitivenessIndex/Ease of Doing Business rankings.
The 2015 elections (and for the incumbent, thedesire to leave a legacy if re-elected) shouldprovide the necessary impetus for exponentialgrowth. McKinsey’s Nigeria Renewal: DeliveringInclusive Growth in Africa’s Largest Economy (July2014) exemplify ammunition for discerninginvestors to be part of Nigeria’s growth story.
About LeLaw
At LeLaw, we thrive on “doing things differently”,operating at the highest levels of engagement onclient issues, to deliver customized, optimalsolutions. Our deep sense of values exemplifies ourresponsibility to our clients, our profession, ourcommunity, and to ourselves. Our values are:"Clients First", Empathy, Contribution,Integrity, Excellence and Stewardship.
Our Vision is to be the “go to firm” for creative,value adding and cost effective solutions to ourclients’ complex business issues. Our Mission is tohelp our clients succeed and make an impact intheir markets and communities. Our approach isdefined by the LeLaw Process – our proprietarymethodology for providing services to clients.
Our services leverage deep sectoral expertise,thorough understanding of Nigerian legal tax andregulatory framework and valuable regulatoryrelationships. We provide advisory, transactionsupport and research services; we are adept atsupporting foreign investors throughout theirinvestment cycle – entry, growth and exit.
Our Team
Our team is led by Afolabi Elebiju, a versatilebusiness lawyer, and recognized as a leadingtax/regulatory specialist with cutting edgetransaction structuring expertise, especially forforeign investments. His career spanned twodecades with leading Nigerian/multinational
professional services firms on landmark cross-border deals for global market leaders, the publicsector and international agencies. Until recently, hewas General Counsel at African Capital Alliance(ACA), Nigeria’s leading private equity firm focusedon the Gulf of Guinea.
Afolabi was educated at OAU, Ile-Ife (B.A. 1987; LLB(1994); Lagos (LLM, Corporate Commercial Law,1997) and Harvard (LLM, International Finance,2007). Afolabi’s book, Promoting CountryCompetitiveness Through Sectoral Reforms: CaseStudy of Nigerian Telecommunications Sector, 1999– 2006, (MentorHouse 2014) is dedicated to “thosewho took a bet on Nigeria, and despite all, arestaying true to their bets.”
An accomplished presenter, Afolabi regularly speaksat professional, academic and mentoring fora. Hehas authored/co-authored several publications ondiverse areas of commercial law in prestigiousjournals, including Nigerian chapters to leadinginternational treatises. A columnist since 2009, hewrites the Taxspectives column for ThisDay Lawyer,legal section of This Day Newspaper.
Other members of our rapidly expanding advisoryteam are: Modupe Odele, Sandra Okon Manahand Adelayo Fawole – emerging thought leaderswho are passionately committed to personal andprofessional excellence.
For further details, please visit: www.lelawlegal.com
LeLaw (Barristers & Solicitors) Plot B23 Mutual Alpha Courts Off Afric Road (Behind Leadway Assurance) Costain, Lagos, NIGERIAMobile: +234 703 244 8845 Email: [email protected] Website: www.lelawlegal.com
