CAPITAL AND MONEY MARKET

Our firm is familiar with workings of the capital market, and with the process of raising finance to meet clients needs:-

In October 1993, the firm was the Solicitor to the issue when the Gamji Bank of Nigeria Plc now International Trust Bank Plc offered 41,909,000.00 of its ordinary shares to the investing public for subscription at the rate of N1.10K per share. We prepared and/or vetted all the agreements and documentation required to take the bank to the Capital Market. These included the Prospectus, the Abridged Prospectus, the Underwriting Agreement and the Vending Agreement. The firm was also involved in numerous meetings with the Issuing House and the Bank and was present at the completion board meeting. We also liaised with the Securities and Exchange Commission and the Corporate Affairs Commission on the matter until the finalization of the documentation and the closure of the public offer.

Our firm has been very active in the documentation of facilities in the money market.

• In June 1994, the firm carried out the documentation of the Loan of US$2,611,820 (Two Million, Six Hundred and Eleven Thousand Eight Hundred and Twenty United States Dollars) only which was made available to Kano Sugar Processing Company Ltd by the Nigerian Industrial Development Bank Limited from one of its foreign credit lines. The same was for the procurement of refurbished cubing lines, new sugar packages systems and new shrink foil packaging plant. We were involved in many meetings with the bank liaising with the Borrower Company, the Stamp Duties Office and the Corporate Affairs Commission. We prepared the Loan and Mortgage Agreement, which was entered into by the Lender Bank and the Borrower Company. We finalized the documentation and got the security registered as a fixed charge on the assets of the company.

• In August 1997, we carried out the documentation of the overdraft facility of N25, 000,000.00 (Twenty –five Million Naira) only given to Metalum Ltd, makers of Aluminum windows, doors etc by Afribank International Ltd (Merchant Bankers). Many meetings were held. We liased with the bank, the Borrower company, Solicitors and Corporate Affairs Commission. We prepared the Floating Debenture Agreement and had the same registered as a floating charge against the assets of the Borrower Company.

• In the year 2001 the firm was involved in the documentation of overdraft facilities of One Million Naira only (N1, 000, 000.00) given by Peak Merchant Bank (now liquidated) to Basic Agro and Allied Company for the expansion of its facilities. We liaised with the bank, and the Corporate Affairs Commission. We successfully sought and obtained the consent to mortgage the borrower’s property and registered the tripartite legal Mortgage as a fixed charge on the borrower’s assets.