Awards for Excellence 2018
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Market conditions may not have been favourable in Nigeria in the first half of 2017, but that only makes Chapel Hill Denham’s ability to catch up from the third quarter onwards all the more impressive.
Chapel Hill, Africa’s best bank for advisory, worked on $1.5 billion-worth of deals across DCM, M&A and ECM, including more than $600 million of bonds for Union Bank of Nigeria and the $300 million merger of Lafarge Africa, United Cement of Nigeria and Atlas Cement.
The Union Bank of Nigeria transactions were particularly impressive as they were the first large capital raise by the bank since its failure during Nigeria’s 2009 banking crisis. Chapel Hill’s ability to successfully present the turnaround and the equity case generated overwhelming support from the issuer’s institutional and retail investors, both domestically and internationally.
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| Bolaji Balogun |
The bank also led the Nigerian sovereign’s debut green bond and has been appointed to work on MTN Nigeria’s IPO.
Chapel Hill, under CEO Bolaji Balogun, has been at the forefront of innovation and development in Nigeria’s domestic capital markets, as was evidenced with the work the bank did in its mandates for the Nigeria Infrastructure Debt Fund in the period under review. The bank also advised Seven-Up Bottling Company PLC on a buyout of minorities by the controlling shareholder. The take-private of AshakaCem and Seven-Up Bottling represent two of the three take-private transactions successfully concluded in Nigeria over the last decade.
