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Two of Nigeria’s leading corporate law firms have extended their long-running relationship with the Dangote Group after securing key legal roles in the initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE.
According to Nairametrics’ review of the IPO prospectus, Banwo & Ighodalo and Olaniwun Ajayi LP, which have previously advised on major financing transactions involving the Dangote Refinery and other companies within the Dangote Group, are among three leading Nigerian law firms appointed to the transaction.
AELEX is the third Nigerian law firm involved in the IPO, which involves an offer of up to 4.1 billion ordinary shares and could become one of the most consequential capital-market transactions in Nigeria’s history.
What they are saying
The offer prospectus identifies Banwo & Ighodalo as Solicitor to the Issuer, Dangote Refinery, while Olaniwun Ajayi is identified as Solicitors to the Offer. The appointments put some of Nigeria’s biggest commercial law practices at the centre of the refinery’s public offering.
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The prospectus also stated that Ms. Fatima Aliko-Dangote is a member of the Nigerian Bar and “was an Associate at Banwo & Ighodalo.”
For Banwo & Ighodalo and Olaniwun Ajayi, however, the IPO represents more than another major mandate, as both firms have repeatedly appeared on some of the largest financing transactions involving businesses controlled by billionaire industrialist Aliko Dangote.
More insights
Banwo & Ighodalo’s appointment as Solicitor to the Issuer places the Lagos-based commercial law firm directly on the side of the company offering its shares to the Nigerian investing public. The appointment extends a relationship built through several major transactions involving the Dangote Group.
- Most recently, the firm acted as Nigerian counsel to Dangote Petroleum Refinery and Petrochemicals FZE on a $4 billion syndicated term loan provided by lenders led by the African Export-Import Bank (Afreximbank) and Access Bank.
- Banwo & Ighodalo also acted as transaction counsel on Dangote Cement Plc’s N500 billion Commercial Paper Issuance Programme established in 2025. The programme subsequently produced the N119.87 billion Series 1 and Series 2 commercial paper issuance.
- The firm has also advised on other major Dangote transactions, including the N300 billion multi-instrument debt issuance programme and financing connected with the development of the refinery and petrochemical complex.
Olaniwun Ajayi has similarly featured prominently in major Dangote transactions, although it has sometimes represented financiers and other parties sitting across the table from the Dangote Group.
The firm was involved in the recent $4 billion syndicated term loan to the Dangote Refinery, advising Afreximbank, Access Bank and the syndicate of lenders. This meant Banwo & Ighodalo and Olaniwun Ajayi were effectively on different sides of the same transaction, with the former advising the refinery and the latter advising the lenders.
- Olaniwun Ajayi worked on the establishment of the N300 billion Dangote Industries Funding Plc Bond Issuance Programme and the subsequent N187.58 billion Series 1 and N112.42 billion Series 2 bond issuances.
- The firm has also been associated with financing transactions involving Dangote Cement, including a $675 million secured corporate finance term loan.
It has also worked on earlier financing connected with the construction of the Dangote Refinery and petrochemical complex.
Its latest role on the IPO therefore adds another major Dangote transaction to a relationship spanning corporate finance, banking and capital markets.
What you should know
Nigeria’s leading corporate law firms have become important participants in the country’s biggest financial transactions, working alongside investment banks, issuing houses, auditors and other advisers.
- Banwo & Ighodalo and Olaniwun Ajayi are among Nigeria’s highly ranked firms in international legal directories, with both recognised across major commercial practice areas.
- Banwo & Ighodalo is ranked by Chambers Global and Legal 500 across several leading practice areas. Its work includes the $4 billion syndicated financing for Dangote Petroleum Refinery and debt and commercial paper programmes for Dangote Cement.
- Olaniwun Ajayi is similarly ranked among Nigeria’s leading firms, particularly for corporate and commercial law, banking and finance, capital markets, projects and energy.
- Both firms have worked on transactions involving Afreximbank, Zenith Bank, the Bank of Industry, international lenders and development finance institutions.
Their mandates have ranged from multibillion-dollar project finance and syndicated loans to bonds, commercial paper programmes, acquisitions and energy transactions.
The refinery IPO now extends that track record as Dangote Petroleum Refinery moves from a privately financed industrial project towards a publicly owned company with potentially millions of Nigerian shareholders.
