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NIGERIA: Opportunity Beckons
By Afolabi Elebiju, Principal, LeLaw (Barristers & Solicitors)
professional services firms on landmark crossborder 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.
Long described as the “Giant of Africa”, Nigeria
became Africa’s largest economy in 2014. Foreign
investors on the ground have always had a countryoptimistic 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.”
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.”
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.
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
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
LeLaw (Barristers & Solicitors) Plot B23 Mutual Alpha Courts Off Afric Road (Behind Leadway Assurance) Costain, Lagos, NIGERIA
Mobile: +234 703 244 8845 Email: a.elebiju@lelawlegal.com Website: www.lelawlegal.com