Africa is the last frontier & Nigeria, the biggest piece of that activity – GBENGA OYEBODE
With the increase of Mergers & Acquisition (M&A) activities around the globe, Africa and indeed Nigeria has been a significant part of the market growth. Now, as interests on the continent increase, Nigeria’s position as a significant player on the continent has made it a quite attractive to global players.
It is for this reason that the international legal and business community through the International Bar Association (IBA) will be gathering in Lagos, Nigeria from November 6-8, 2013, to discuss “Mergers Acquisitions & Inward Investments in Africa,” at an event organised by the IBA African Regional Forum and the IBA Corporate M & A Law Committee, with the support of the IBA Arbitration Committee and the Asia Pacific Region committee.
LEGALBUSINESS, recently caught up with the Co-Chair of the Conference and Managing Partner, Aluko & Oyebode, MR. GBENGA OYEBODE MFR, to throw some light on the forthcoming event and its implication for Nigerian economy.
An astute businessman, exceptional corporate commercial lawyer, and a key player in the market, Oyebode was quick to list the benefits of such a conference for the legal and business community.
“Essentially,” he begins, “the topics to be discussed at the conference, will bother on issues of interest to investors, investment bankers, corporate commercial lawyers, and judges.”
“The session on Investing in Africa, will focus on critical issues that a foreign investor must bear in mind when investing in Africa, considered from a pan African perspective. The panellists will share their legal experience on matters such as investment protection, exchange control rules, IP protection, anti-corruption laws, FDI restrictions, project financing and joint venture agreements, among other issues,” he listed.
“Participants should be interested in the development of M&A activities and the regulatory issues surrounding the practice. They should be interested in networking and meeting with the notable speakers and panellists who are coming to Nigeria from some of the world’s leading firms that carry out these activities around the world.
Participants should also be interested at the line up of topics and issues which is of significant importance to both local and international practitioners.”
An outline of the topics reveal that discussions will centre around, ‘Investing in Africa: Investors’ Protection and General Issues, ‘ ‘Transactional Issues in African Cross Border M&A,’ ‘Capital Markets In Africa,’ ‘Chinese Investment in Africa,’ Oil & Gas Industry Law in Africa’, ‘Alternate Dispute Resolution in Africa.’
Speaking on the status of M&A in Nigeria and future projections,, the Conference Co-Chair explained the importance of having appropriate and relevant laws to guide the practice in Nigeria.
“It is important in our practice of M&A that our laws and regulations that are compliant with global standards. I must say that through the different enactments and regulations that the Securities and Exchange Commission (SEC) has put in place and the reforms that have taken place, Nigerian laws are in compliance with global standards. What this means is that, we can actually say to ourselves that we are on the right path to taking.
When asked why very few African law firms feature in the global rankings of M&A, Oyebode explained that, international Mergers & Acquisitions of significant value take place offshore.
“However,” he noted. “In the operating environment where there are subsidiaries or affiliates of these companies in the local community, you will tend to see a little bit of that activity, but as I said, the critical factor is whether or not our laws are compliant with global standards, and I would categorically state, that it is.”
He continues, “We are still at a very nascent stage of economic activity and development, in terms of building institutions. Therefore, you don’t see a lot of mergers between local businesses. However, we all feel the impact of international mergers and acquisition activities locally.
This is to say, that while a merger may have taken place offshore, there will be two operating entities in Nigeria for these businesses.
“Nigeria may not be ranked in the sense that the activity didn’t take place here, that notwithstanding, the impact of it is felt here. We are at the building-blocks and early stages of our development. And f you ask me, the more critical element would be whether these M&As have a Nigerian dimension and I’d say that most of them do.
The IBA regional conference which will hold in Lagos, Nigeria from November 6th – 8th, 2013, is expected to host well-over 500 delegates from various IBA jurisdictions across the globe, including Africa, Asia and Europe.
Presently, the conference is said to be attracting a lot of interest from the international legal and business community, with registered delegates and guests from all the major law firms around the world.
When asked whether this had anything to do with the conference being an IBA conference, The Conference Co-Chair had this to say,
“In my view, it is not just because it is an IBA conference, but also due to Nigeria’s pre-eminent place in investment activities on the continent today and the size of our economy. This is one of the main reasons the conference is attracting a lot of interest globally.
“A large number of people from offshore are beginning to pick up significant interest in what is happening in Africa. Africa is the last frontier; and even when we say Africa is the last frontier, Nigeria is the biggest piece of that activity. To this end, we are starting to see a lot of interest in the continent. Right now, we have delegates, speakers and guests coming from all the major law firms in the world,” he revealed.
Some of the panellists are, Clement N. Fondufe from Latham & Watkins in Paris, David Glennie, Blake Cassels & Graydon, London, Afolabi Caxton-Martins from Adepetun Caxton-Martins Agbor & Segun in Lagos, Guy Harles Treasurer, IBA Corporate and M&A Law Committee, who is from Arendt & Medernach in Luxembourg; Richard Harney of Coulson Harney in Nairobi, Rebecca Major of Herbert Smith Freehills, Paris amongst several others.
On the target audience
“The target audience include, legal practitioners within and outside Africa, business men and women, investors with interest in Nigeria and Africa, investment bankers, etc.
Our speakers have also come from various parts of Africa, Europe, Asia and other parts of the world. It is an international conference in every sense of the word,” he points out.
Q: Any hot topics?
“Every single topic chosen for this conference is a hot topic.” Mr. Oyebode tells us.
“For instance, the session which covers transactional issues in African cross-border M&A, will give participants an introduction to recent M&A transactions within/into or from Africa. At this session, Panellists who have first-hand experiences being involved in M&A transactions on the continent, will provide participants with practical tips on doing an M&A transaction in Africa. Where appropriate, the panellists will explore the difference between private and public M&A and why this is may be especially important in African cross-border M&A.”
“It is really a function of who the speakers are,” he continues. “We have put together the best speakers, in the broad spectrum of topics to be discussed this conference. Therefore, I will not single out any particle one as a hot topic, because I think all the topics as captured by the calibre of people discussing it, are going to be of significant value to participants.
“How much interest would the conference generate for lawyers in smaller localities and communities within Nigeria? Is the conference for every lawyer?” we asked.
“The conference is an international conference,” Oyebode clarifies. “Nigerian lawyers travel across the globe to attend conferences with topics that have no relevance to Nigeria. How much less significant can an international conference taking place in Nigeria (with Nigerian and African issues) possibly be? We don’t need to take the conference to a remote part of the country for us to feel ownership of the conference or find the conference relevant.” He emphasized,
‘‘It is about having a conference in Lagos with experts from around the world, who are discussing things that are important to us. If I were a lawyer in a small community in Lagos and had an interest in securities, investments, and capital market regulations, I would make sure that I was at this conference.”
“Not all seminars, workshops and conferences are for all lawyers, it is for the individual lawyer to determine the focus of his practice; be it Dispute Resolution, Capital Market, Mergers & Acquisitions, etc, and to see how the conference and the selected topics will help his practice,” he stated.
The conference is expected to open on Wednesday November 6, 2013 with a Welcome Cocktail/Reception, followed by an Opening Ceremony, plenary sessions and Dinner on Thursday, November 7th with more sessions and other activities on the 8th, at the Eko Hotel & Suites, Victoria Island, Lagos. As part of the conference line-up, the Host Committee has also put together a schedule of local activities to give the international guests a view of Nigeria’s culture.
Speaking on the conference schedule, the Co-chair informed LEGAL BUSINESS that other than the Welcome Reception holding at the ‘Freedom Park’ in Lagos, guests will also be taken on a tour of museums, art galleries, the lush and all-new Lakowe golf course, and an exclusive boat cruise on the coastlines of the Lagos and Victoria Island.
“Lagos as you know, is not just the financial and commercial capital of the country, but one that has significant variety of places, activities, displays and things to view.”
In response to our enquiries on local mergers within the legal industry, Gbenga Oyebode who is also the Managing Partner of Aluko & Oyebode, one of the country’s leading commercial firms, points to the significant fact that Nigerian firms law firms still have a long way to go, in this regard.
“Where are we in terms of institution-building amongst law firms?” he asks, “Mergers and acquisitions amongst law firms will happen, we are just not there right now. With the growth of the economy, we will see more growth in this regard.
Looking forward to successful deliberations at the conference, Mr. Oyebode explains that success for him, will mean a high number of attendees at the conference, and a knowledge that at the end of the deliberations, participants would have fully benefited from the conference.
The event is open to legal professionals in the private and public sector, businesspersons, the corporate world, judges and investors based in or with an interest in the African region.
Through its various committees and divisions, the IBA influences the development of international law reform and shapes the future of the legal profession throughout the world.
The M&A conference provides delegates with a unique opportunity to network with professional colleagues, the business community and international law firms.