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  • Peju Ugboma: Legal Action Against Premier Medical Centre

    The family of the late Peju Ugboma, supported by friends, colleagues and their lawyers, held a Media briefing on the painful loss of their wife, sister, Aunt, daughter, on Tuesday May 18, 2021 at our Ikoyi office.

     

    Our Managing Partner, Mrs. Yvonne Ezekiel at the briefing said Olisa Agbakoba Legal(OAL) has been retained to act as lead counsel to the late Peju Ugboma’s family. She added that Peju Ugboma died in unclear but suspicious circumstances on 25 April, 2021 at Evercare where she was rushed when the surgical operation at Premier Medical Centre went tragically wrong.

     

    Mrs. Yvonne said;

    “You have heard from the husband of late Peju Ugboma about the unfortunate and tragic events. The family is convinced that this is a case of gross medical negligence/ malpractice”.

     

     

    Her argument was summarized as follows:

    An independent autopsy was performed, but we are awaiting the results. We sought and received her medical records from the different hospitals she visited prior to the surgery. Citizens Medical Centre Ikoyi, Medisin Medical Lekki, MeCure Lekki, and George’s Memorial Lekki all provided us with her medical records. Only Premier has declined to submit the report; a petition has been filed with the Medical and Dentist Disciplinary Council of Nigeria to examine the matter; a petition has also been filed with the Nigerian Medical Association; a coroner’s inquest has been requested; and a letter to the Lagos State Health Facilities Monitoring and Accreditation Agency’s Executive Secretary demanding an investigation of the hospital’s facilities and the hospital’s temporary closure.

     

     

    We insist that the hospital premises be inspected, as well as assurance of the hospital’s license and accreditation to conduct major operations. Blood clots, serious illnesses, hemorrhage, bowel obstruction, and urinary tract injuries are all risks associated with hysterectomy. As Premier Specialist Hospital performed the procedure on Peju, it lacked CT scan equipment and a blood bank, prompting a petition to the Lagos State Attorney General.

     

     

    The matter is currently being handled by the Director of Public Prosecution for Lagos State (under the Attorney General’s office), a petition has been filed with the Consumer Protection Council (CPC), a petition to the Nigerian Police’s Panti Homicide Department is under consideration, and a petition has been laid before the State House of Assembly to trigger a public discussion on health policing with the title “THE PEJU UGBOMA HEALTH REFORM INITIATIVE”, and a full investigation into Peju’s tragic death will be carried out. For medical malpractice and negligience, doctors should be held accountable.

     

  • How to Sue a Person in Nigeria

    How to Sue a Person in Nigeria

    Thinking about How to sue someone in Nigeria? Generally, instituting an action against a person in Nigeria can be straightforward. However, it is advisable that other modes of settling disputes be explored before a trip to the court room is made. For example, the claimant may consider ADR mechanisms such as – Arbitration, Conciliation, Negotiation, expert determination or Mediation as this generally saves more time and cost and has a better potential of preserving an existing cordial relationship between the parties where future relationship is important.

     

     

    Things to Consider Before suing a person in Nigeria:

    These are factors to consider when you think about suing someone in Nigeria:

    1. Capacity:

    To sue someone in Nigeria, the claimant and defendant must be legally capable to sue and be sued respectively. In Nigeria only legal persons (Natural or Non-natural) can sue and be sued. For example, you cannot make a claim directly against a minor (person under the age of 18) expect such minor is being sued for necessities. You can however sue a minor for other reasons through their legal guardian.

     

    2.  Cause of Action:

    Not all actions are valid before the court of law. It is important that the existence of a recognizable cause of action be established before a claimant proceeds to court against an individual. A lawsuit can be struck out or dismissed for lack of valid cause of action. A cause of action us the fact or combination of facts that gives a person the right to seek judicial redress or relief against another. This is usually contained in the Statement of Claim.

     

    3.  Limitation of Action:

    Before filing a lawsuit against a person, it is critical to confirm whether the cause of action identified is statute barred. The status of limitation prescribes a period after which a claimant will be unable to bring an action against a defendant.

     

    4.  Jurisdiction:

    It is one thing to identify a valid cause of action and another to file a suit in the correct Court. Considering how foundational jurisdiction is to every lawsuit, a claimant must ensure that they confirm the jurisdictional validity of their case before instituting the action in any court in Nigeria. The court’s jurisdiction in Nigeria can be divided into two categories: territorial jurisdiction and subject matter jurisdiction.

     

    Some jurisdictional dynamics include:

    • In Lagos State, for example, a monetary claim of N10, 000,000 (Ten Million Naira) or less can be filed in the Magistrate Court. However, where it exceeds N10, 000,000 (Ten Million Naira), the magistrate court lacks jurisdiction.
    • Matter concerning Land are filed in the State High Courts’ of the state where the land is situated.
    • The National Industrial Court has jurisdiction concerning Employment disputes.
    • Matrimonial causes are filed in the High Court of the place where the Respondent is domiciled.
    • Admiralty and Maritime issues are filed at the Federal High Court.

     

    A defendant who wishes to defend an action must also file a defense, which must include:

    • statement of defense
    • list of witnesses to be relied on
    • Witness statements on oath,
    • Documents to be relied on.

     

    Overall, instituting an action whether against an individual or a company in Nigeria requires specialize skill. Consequently, it is important for aggrieved persons without the said skills to engage legal counsels and seek legal advice. In order to sue someone in court, you would need the assistance of a lawyer. Where cost is an issue, you may wish to take advantage of the access to free or affordable legal services provided by Non-Governmental Organizations, Human Rights Commission, and Legal Aid Council. In addition, you can reach out to some private practitioners who provide pro bono legal services on need basis. The office of the public Defender is also available to defend you where you are sued and lack resources to defend yourself. Contact Us for further directions.

     

  • How to Sue a Company in Nigeria

    How to Sue a Company in Nigeria

    A company incorporated in Nigeria can be sued in its name. This ability to be sued stems from the corporate principle of “corporate legal personality” which suggest that upon incorporation, a company takes up a legal identity. It should be noted that this principle also allows the company to sue. An incorporated company in Nigeria is an independent legal entity. Since an incorporated company becomes a legal person with rights and privileges, the process for suing it is not dissimilar to the procedure for suing an average individual in Nigeria.

     

    There is a plethora of reasons for which a company can be sued. For example, it can be used for monetary claims. Here, the claimant must first deliver a written demand letter to the company. The demand letter serves as a notice of debt. It also states the exact amount owed and demand for payment. In anticipation of a potential disregard for the letter by the company, the demand letter also gives notice to the company that in such event the claimant will proceed to court to enforce their rights within a set time stated in the letter.

     

    Generally, the court that has jurisdiction over matters concerning companies as defendants is the federal high court. However, depending on the cause of action, some matters may be filed in the State High Court. Claimants must pay keen attention to this and seek legal advice in this regard. Where the matter is being taken to court, the court processes generally includes:

    • Writ of Summons/Originating Summons (Depending on the matter)
    • Statement of Claim
    • List of Witnesses
    • Witnesses statement on Oath
    • List of Documents to be relied on
    • Affidavit of non-multiplicity

     

    Which must all be served on the company upon filing at the Courts’ registry. One must note that service is fundamental to any lawsuit and can affect the entirety of a case. It is advised that legal counsel be sought in prosecuting a case against a company.

     

    Finally, and in addition to the above, a person looking to sue a company must pay attention to the issue of limitation period. Depending on the cause of action, the law (i.e. status of limitation) provides a period after which a claimant will be unable to bring an action against a defendant.  The aim of this article is to provide a general overview of the topic. Regarding your specific situation, you may consult a lawyer.

  • 10 Reasons Why You Need a StartUp Lawyer

    10 Reasons Why You Need a StartUp Lawyer

    What Does a Startup Lawyer Do?

    Before we dive into what a startup lawyer really does, it is essential to first of consider what a ‘startup’ is, the legal needs of a startup and the role of a startup lawyer.

     

     

    What is a Startup:

    So what is a Startup you ask? Well, according to Forbes, “Startups are young companies founded to develop a unique product or service, bring it to market and make it irresistible and irreplaceable for customers”. Startups have one goal; to sell their product, either goods or services to the public for profit. What makes Startups special is that they are designed to grow fast hence the interest they draw.

     

    Wil Schroter took the definition of a startup to another level when he defined it as “the living embodiment of a founder’s dream”.  In essence, startups are not just businesses but visions brought to life, legacies to be around for a very long time.

     

     

    Do you need a lawyer for your startup?

    Obviously Yes! And see why you need a good start up lawyer to help grow your business.

    From incorporation to investment negotiations, startups have legal needs necessary for the success of their business. For instance, Startups find that they may have to deal with government established institutions, be it for issuance of licences or payment of taxes.

     

    Secondly, risk management equally tops the list as your startup will need to be protected from various types of risk that arise in the course of dealing with third parties. Contract Drafting and Management comes in handy to avert risks, be it founders agreement or Non-disclosure agreement. Contracts are indispensable documents for any startup.

     

    Intellectual Property Protection is equally key at the onset. Trademark and Patent Registration can also arise at the beginning of any business particularly those which are considered creative or deal with consumers and clients.

     

     

    The Roles of a Startup Lawyer in Your Business 

    Still thinking of how and why you should work with a startup lawyer? These are the 10 top reasons you need a startup lawyer to support your startup

     

    1. Identification of Risks

    A startup lawyer helps your business foresee legal issues and also advised on how to successfully avert them. It is the role of a lawyer to ensure that your business is protected from the beginning. He/She analyses your business, proffers preventive solutions and manages the business risks. This is typically done by identifying key agreements that are needed especially in the beginning and advising on the same.

     

    2. Licensing:

    Registration, licensing, and authorisation are Fundamental for any business and a startup lawyer will identify the required licenses and approval for any specific business.

     

    3. Company Type:

    A Startup Lawyer will assist a founder or entrepreneur by advising on the best type of corporate structure suited for your business. Whether it is a sole proprietorship, Public Limited Company, Private Limited Company, Limited Liability Partnership (LLP) or group of companies. Please be advised that incorporating your business as a separate legal entity protects its founders from liability. A competent startup lawyer is equally skilled to advise on the legal requirements of having your startup registered in a foreign country.

     

    4. Funding:

    Capital is the lifeblood of any business and founders think about securing funding usually from day 1. During the fund raising process, your startup lawyer will be able to advise on the best investment options, be it seed investment, venture capital or crowdfunding and advise on the structure (debt or equity). The startup lawyer will reflect the level of control you want to maintain as a founder in the board structure and voting rights. A startup lawyer will review investment agreements and advise you on any long term effect.

     

    5. Taxation:

    Any company starting out must make tax compliance a priority. A startup lawyer will be there to guide you through the sometimes rigorous process of taxation.

     

    6. Intellectual Property Protection:

    A startup lawyer’s job is to protect your business and ensure growth and sustainability. The lawyer will advise on the intellectual property to be registered and when Non – Disclosure Agreements should be executed.

     

    7. Regulatory Compliance:

    A startup lawyer will assist with identifying the specific regulation for your business and advice on compliance.

     

    8. Website User Agreement and Data Privacy:

    Most business now have strong digital presence whether it’s by having a website or social media presence. This also comes with its own set of risks and challenges. Your Lawyer will be able to draft the essential documents required to support your business digital presence or online marketing strategies. Eg website terms and conditions, personal data collection and usage.

     

    9. Shareholding of Founders:

    Startup lawyers come up with the share structure of the founders and spell out the conditions for qualification.

     

    10. Drafting and Review of Contracts:

    Contracts are imperative to Startups actualizing their vision. From investment contracts to founders agreements and shareholding agreements etc. Contracts not only averts risks but saves the startup from unnecessary loss financial or otherwise so that founders can focus on their product. Early Startups particularly the high growth ones will probably be seeking funding/investment, etc. An experienced Startup lawyer will be familiar with drafting and reviewing these agreements.

     

     

    Conclusion

    Consulting a startup lawyer at the early stage of your business is critical particularly if you want to save your business from legal issues that may come up. Startup Lawyers not only bring their legal experience to the table but their business experience and creativity having worked with numerous businesses. You can be rest assured that your business is in safe hands.

     

    Start worrying about the business’s legalities as early as possible! Olisa Agbakoba Legal (OAL) will help you find a qualified startup lawyer to address and explain your needs so you can concentrate on growing a profitable business and lowering debts. In the long term, doing that would save you a lot of time, money, and stress.

     

    So please feel free to contact OAL’s startup lawyers for a legal consultation.

     

     

     

    Written By:

    Kaetochukwu Udeh

    Associate, OAL

  • Document Legalization and Authentication in Nigeria – Step By Step Guide

    Document Legalization and Authentication in Nigeria – Step By Step Guide

    Getting ready to move to a new country always entails a lot of paperwork! Since certain countries only recognize legalized international certificates, it’s a good idea to have those you’ll need abroad authenticated until you travel. This method verifies that a certificate was issued by a legitimate authority and that the signature is authentic. Learn about the legalization of documents in Nigeria.

     

    What is Document Legalization?

    Legalization, also known as document attestation, is a process that involves the formal validation of Nigerian documents for use in other countries. The Embassies and Consulates of the destination countries are usually in charge of this process. For example, if you need anyone in the UAE to look after your property on your behalf, you’ll need a power of attorney from the UAE embassy in Nigeria. They have no legal standing in the UAE until they take this important measure. All Nigerian certificates that are to be used in any foreign country are subject to these conditions.

     

    In Nigeria, document authentication entails the procedure of certifying documents, while document legalization entails the certification of a document that has already been authenticated at the embassy or mission of the foreign country where the document may be used or presented. A document must be authenticated at the Ministry of Foreign Affairs in Abuja before it can be legalized. Nigeria does not issue apostille stamps because it is not a member state to the Hague Apostille Convention, which eliminates the need for legalization for foreign public documents. In Nigeria, the authentication performed at the Ministry of Foreign Affairs replaces the apostille.

     

    Document Legalization For Education Purposes

    For educational document legalization, three steps and three different authorities are involved in the verification process before the oversea authorities accept the public document.  The documents should be notarized in the Ministry of Education and Science, and also in the Ministry of Foreign Affairs. After that, all the educational documents are submitted to the consulate or the embassy of oversea country for the final checking.

     

    The 3 Step Procedures & Authorities in the Document Authentication & Legalization Process:

    1. Ministry of Education: Authentication by the Nigeria ministry of education (Incase if needed; It Only applies for educational purposes)
    2. Ministry of Foreign Affairs: Additional legalization by the Ministry of Foreign Affairs of Nigeria
    3. DestinationForeign Country Embassy or Consulate: Completion of the legalization process by the foreign country embassy in Nigeria

     

    In a nutshell, the key measures for document authentication at Nigeria’s Ministry of Foreign Affairs are as follows:

    • If the embassy or destination country requires it, get the document notarized. Otherwise, you may skip this stage.
    • Bring the document to the Ministry of Foreign Affairs’ Abuja headquarters and fill out the authentication forms at the Ministry’s Legal Services Division (LSD).
    • Obtain a cost quote for the document(s) you wish to authenticate, which is priced per page, and then make a REMITA payment to the designated government account (provided by the assigned officer of the Legal Services Department).
    • Return to the Ministry of Foreign Affairs Legal Services Department after making payment to deposit the proof of payment (e.g. bank deposit tellers) and receive an acknowledgment receipt from the ministry.
    • Submit the document for authentication at the required LSD desk at the ministry, and you will be notified when the document has been authenticated.

     

    There is no assurance that the document authentication will be done by the recommended deadline, so you will have to wait and maybe make several trips to the ministry to find out how far along the process is.

    The time it takes to authenticate documents in Nigeria varies depending on the type of document, as different documents can necessitate different follow-up actions on the Ministry’s part before final authentication.

     

    What Documents We Legalize

    • Birth certificate or Attestation of Birth Certificate
    • Marriage certificate
    • Divorce certificate
    • Single status affidavit
    • Police character certificate
    • Nigerian International Passport Data Page
    • Academic documents (results, degree certificates and transcripts)
    • Incorporation documents
    • Authorization letters
    • Declaration of assets
    • Bank statements
    • Sponsorship letters, etc.
    • Death Certificates
    • Change of Name Certificates
    • Diplomas, Degrees, Transcripts
    • Non Impediment to Marriage Certificates
    • Statement In-lieu of Certificate of Non-impediment to Marriage Abroad
    • Powers of Attorney
    • Criminal Record Check Certificates
    • Fingerprints
    • Citizenship and Immigration Canada documents
    • Corporate Documents
    • Commercial Invoices
    • Medical Reports
    • etc.

     

    When a birth certificate, police character certificate, or marriage certificate has to be legalized, it must first be notarized by a Notary Public, then validated by the Federal Ministry of Foreign Affairs, and finally legalized by the embassy. It’s important to note that not all documents are appropriate for legalization. Many embassies, for example, may not legalize any documents that are in violation of their domestic laws or whose material may cause harm to their own people. Any document bearing an unusual seal or stamp that differs from those used by the Ministry of Foreign Affairs will be disqualified for legalization.

     

    Given how time-consuming and burdensome the process is, it might be worthwhile to hire the services of a reputable Law Firm who can complete it quickly using their experienced public notary. Contact us!

     

     

     

    Written By:

    Ebere Josephine Uba – (Lead Digital Strategist, Olisa Agbakoba Legal)

  • Exploring SAFEs as the ideal Investment Contract for Start-ups and Investors

    Exploring SAFEs as the ideal Investment Contract for Start-ups and Investors

    What is a Simple Agreement For Future Equity (SAFE)?

    ‘SAFE’ stands for Simple Agreement for Equity Finance. It is a relatively new type of contract created by the American seed money start-up accelerator YCombinator in 2013.  It is a simple agreement popularly used as a form of financing contract that may be used by start-ups as a means to raise capital during the early stages of the company known as the seed financing stage. The agreement purports to create and provide future equity which will hopefully gain significant value in the company in future in exchange for capital to the company.

     

     

    How Does a SAFE Work?

    The SAFE contract is usually signed between an investor and the start-up and gives the investor the right to receive equity of the company on certain events occurring such as the sale of the company or future equity financing. Although, the investor does not obtain the equity until one of the triggers listed in the SAFE agreement is met.

     

     

    Terms and Rights Fundamental to a SAFE Agreement

    There are some terms and rights fundamental to a SAFE agreement that are vital for founders and for investors to know of;

    • Conversion terms – the terms must be clear on the amount that gets invested that turns to equity.
    • Repurchase rights – there may be some provisions that allow founders to repurchase the future right to equity before it turns into equity.
    • Dissolution rights – the terms for what occurs if the company is dissolved must be clearly written out in the SAFE agreement.
    • Voting rights – SAFEs do not represent current equity stakes in the company for investors and therefore do not provide the investors with any voting rights in the early stages of a company.

     

     

    Are SAFEs good for Entrepreneurs and Start-ups founders?

    A Critical element of SAFE agreements is that they enable high resolution funding. Both parties can close a deal when both are ready to sign and wire the money. The transparency that a SAFE agreement provides and the certainty it gives on what both the investor and the start-up is giving and getting, allows for a more efficient process.

     

    It is regarded as amore founder-friendly investment contract than the alternative which are convertible notes. They are both similar in the fact that they both create future equity for an investor during a preferred valuation stock round and can include discounts or valuation caps. With the valuation cap the investor is entitled to equity at the price of the cap. In contrast to SAFE agreements, convertible notes act as debt instruments and thus with convertible notes if the company fails they have the burden of having to pay back the investor. This is not the case with SAFE agreements. The strict obligations in convertible notes can cause a company stress and can even bring the end to a company, therefore the SAFE agreements in the form of equity funding avoids the problem of a company taking on debt.  Unlike convertible notes, SAFEs do not accrue interest as a loan does and do not have a specific maturity date.

     

    As a result of not having a maturity date, start-ups save money in legal fees by reducing the time spent on extending maturity dates and revising interests, thus we can see the advantage in using SAFEs over convertible notes.

     

    However, issues can arise using SAFE agreements and care must be taken when drafting these agreements. The more SAFE agreements that are issued the less shares the founders have which could be unappealing for venture capitalists in future rounds of financing. Multiple valuation caps in multiple SAFE agreements can adversely affect the capitalisation table and can negatively impact the financial viability of the company.

     

    It is critically important for founders to understand the impact a SAFE agreement has on the dilution of shares and for investors to appreciate the percentage  ownership in the company they have purchased. This where it becomes important to have a very experienced legal team involved with guiding the transaction/s.

     

    It is also why in 2018 YCombinator introduced the terms ‘pre-money’ SAFEs and ‘post-money’ SAFEs and advised companies to treat them as wholly separate financings to simplify the process. They said that the ‘post-money’ has the advantage of being able to ‘calculate immediately and precisely how much ownership of the company has been sold’.]

     

     

    Are SAFEs Good for Investors?

    Having comparatively evaluated the advantages and disadvantages of a SAFE agreement , let’s consider how SAFE agreements can also be beneficial to investors. Always remember that there is always a risk of providing funding to an unproven company, so there has to be some upside to attract investors.

     

    In general, the benefit to investors is that they have a right to purchase shares under favourable terms upon some future event. For example, with the valuation cap in most cases if the company’s value is astronomically high, it guarantees the investor a certain amount of equity regardless of the valuation. Moreover, there are pro rata rights which allow investors to participate further in future financing rounds but these are normally reserved for investors who contributed significantly to the start-up in its early stages.

     

    To Conclude: 

    There are a number of benefits the use of SAFEs can provide to an entrepreneur or founder of an early-stage company in creating SAFE agreements. The simplicity and cost-effective nature of these agreements allow for an easier means to raise funds. It may however not be suitable for all financing situations and it is of particular importance that the parties involved in the agreement have the SAFE agreement reviewed and have investigated all other options before deciding to pursue with SAFE.

    Feel To Contact OAL if you are a startup looking for a Start-up Lawfirm to guide you with your SAFE Agreement

     

     

    Written By:

    Beverley Agbakoba-Onyejianya
    (Associate Partner/Head- Sports, Entertainment and Tech Practice)
    William Hardwick

    (Virtual Intern – Sports, Entertainment and Technology Practice)

  • Private Equity Investment in Sport

    Private Equity Investment in Sport

    2020 represented a tough financial year for sports organisations, sports teams and the governing bodies of sport due to the Covid-19 pandemic. However, this hasn’t put off investment from private equity firms seeking financial returns from the sporting market. Private equity is typically a non-publicly traded source of capital from investors who seek to invest or acquire equity ownership in a company.

     

    The problems of cash flow and liquidity challenges in sport as a result of the pandemic are attracting capital from private equity firms. Just recently private equity firm CVC Capital partners purchased a 14.3% stake in Six Nations Rugby, which will see CVC pay roughly £365 million over the next five years. This deal secures investment in rugby for the near future and is due to offset some of the heavy losses that unions of its member nations such as the Rugby Football Union have suffered. The investment into a sport that has struggled significantly at the hands of Covid-19 is an encouraging sign for the potential expansion of the game and for other sports that have struggled, it is a sign of faith in the sports industry, but why is this?

     

    This type of investment should not come as a surprise as despite the continual global restrictions as a result of the pandemic, sport has in the majority continued to be enjoyed by fans across the world (albeit with no crowds for most of the time) since as early as June 2020. Also, as a result of games being played behind closed doors, tv viewing figures have risen for franchises such as the UFC and WWE.

     

    There continues to be a resolute appetite to watching sport. It has proven to be recession-proof and therefore has remained an attractive proposition to investors. Sport has provided an ‘escape’ for many during Covid-19 restrictions and will be quick to bounce back following the pandemic. The ability to bounce back will allow them to return on investments from broadcasters, sponsors and their fans. This will prove very attractive for the continued growth of private equity in sports.

     

     

    Why Private Equity Investment in Sport?

    Sports teams and leagues tend to have an unparalleled brand loyalty. They represent investments with an infinite lifespan. Consumer behaviour and technological advancements see many established brands in other industries change drastically over the years. However, sport seems to have an enduring shelf-life spanning lifetimes and different generations of families. The unrivalled loyalty of fans to teams and sports leagues allows for a relationship that offers revenue avenues and growth opportunities that no other industry can through sponsorship, ticket sales and merchandise amongst other things.

     

    Furthermore, there continues to be new opportunities in existing sports. The growth of e-sports and women’s sport have led to greater media coverage, revenues and prize money. The increased profile these sports have acquired has led to more private equity firms approaching them for investment. Whilst, there also sports such as netball that are on the rise but require a more specific approach to commercial expansion due to the fact they are heavily reliant on government as shown by England Netball who are still 64% funded by Sport England despite the exponential growth of the Netball Superleague over the last 5 years.

     

     

    What Private Equity in Sports Mean for The Six Nations

    Private equity firms can not only provide investment but are able to reshape organisations in a way that will financially benefit them due to their vast commercial expertise. This is also thought to be the reason for CVC’s increasing involvement in rugby. Their minority stakes in the Six Nations, Gallagher Premiership and PRO 14 are thought to be because the sport is undervalued by media broadcasters and it is rumoured they are exploring options to revolutionise the way rugby is broadcasted.

     

    This may have consequences however as it is believed CVC may introduce a ‘paywall’ to rugby union bringing an end to free-to-air coverage by the BBC and ITV in order to spark a lucrative bidding war between broadcasters and subscription services. This may take the game away from millions of fans who cannot afford to subscribe to such channels. CVC were previously criticised during their pioneering ownership of Formula 1, where they bought it for $1.6 billion in 2006 and sold it for $8 billion in 2017, but were condemned for commercialising the sport in a manner that led to a lesser spectacle and reduced competition between teams and thus a poorer product for spectators to watch. It remains to be seen how their involvement in rugby union will impact the sport and how other private equity firms’ investments will impact other sports.

     

     

    Why Is the News of Private Equity Firms Becoming Invested in Sport and CVC’s Acquisition of 14.3% Of The Six Nations Important to Africa?

    The role of private equity could have a very positive impact on sport in Africa. Traditionally, an underappreciated and undervalued market that could utilise the commercial expertise of private equity firms to grow their leagues and clubs. The signs of this happening are there as the South African Rugby Union Chief executive Jurie Roux has announced they are discussions with CVC and other private equity firms about a purchase of South African Rugby.

     

    Furthermore, changes in the ownership regulations in the USA across in major leagues in response to the shortening amount of candidate for illiquid ownership has allowed private equity firms to become involved in propelling its global image. So much so that the NBA now owns the BAL (Basketball Africa League). Projects such as this and either Rwanda or Morocco hosting the UCI World Road Cycling Championships in 2025 and other growing projects such as the Lagos City Marathon in Nigeria show how Africa is increasingly becoming a market where investment from private equity will grow.

     

    Particularly as the consumption of sport is becoming increasingly digitised with major networks such as Amazon now competing with broadcasters, investment into sports related media and technology will only increase. And with the continent now having 1.1 billion people in its middle class and with a projected 690 million smartphones to be in sub-Saharan Africa by 2050, the target audience for lucrative and ambitious sports investments is set to increase dramatically.

     

     

    Private Equity in Sport Is Growing in Africa

    As we can see there are numerous reasons to be positive for the involvement of private equity firms in sport as it leads to sports growing in popularity and can lead to an improvement financially and commercially. This could be vitally important for smaller, emerging markets such as women’s sport or sport in Africa.

     

    However, over-excitement must be cautioned as sports teams and leagues face losing commercial control over their future and there is possible threat to the identities of clubs and leagues and as evidenced by Formula 1, spectators may be the ones who suffer.  Concerns over Silverlake’s investment into New Zealand Rugby have been expressed for example but we will have to wait and see what kind of developments and changes are made in sport over the next 10-15 years as a result of the involvement of private equity firms.

     

     

    Written By: 

    Beverley Agbakoba-Onyejianya

    Beverley is an Associate Partner and the Head of Sports, Entertainment & Technology (SET) group at OAL. She is a regulatory and compliance professional and a lawyer with over twelve years professional experience in the banking and capital markets sectors…

    View Beverley’s Profile >

     

     

  • Olisa Agbakoba Legal (OAL) Relaunches its Official Website

    Olisa Agbakoba Legal (OAL) Relaunches its Official Website

    Breaking News! OAL ‘s Website Has Been Redesigned!

     

    We are pleased to announce the launch of our redesigned Olisa Agbakoba Legal (OAL) website. It’s finally arrived!

    Olisa Agbakoba Legal (OAL) relaunches it BRAND NEW Law Firm Website! After months of hardwork and commitment, the new OAL website is up and running! It is very responsive, allowing web pages to render well on a range of devices (smartphones, iPads, tablets) as well as desktop windows or screen sizes, like a Smart TV.

     

     

    The new website will make it easier for users to learn about our legal services and free resources. Our legal experts will be able to assist clients navigate by online chats, legal consultations, and event-based networking.

    The new OAL website is interactive and gives full access to new features like; OAL team & Profile Page Design (adding a Bio, practice specialization, contact form, etc.), Online Legal Consultation Booking System,  Blogs/News, Bookstore/Publications, Chat Bot, Side Menu, lawyers booking form, Testimonials, Case Studies, Training/Events, Past Events Gallery and Lots More…

     

     

    The website includes integrated social media buttons for Facebook, Twitter, and Linkedin, and many new features, to facilitate connectivity with external social media networks. Clients can now categorize our content in Blogs, Articles, News, Press Releases, Profiles, Case Studies, or Publications based on their unique legal interests in practice areas or sectors, for example.

    OAL is very grateful to its IT team, for the website redesign process led by Ebere Josephine Uba, Lead Digital Strategist at Olisa Agbakoba Legal (OAL).
    We hope you enjoy the new website’s fresh look, simple navigation, and easy-to-find information. Please inform your contacts, including family and friends, about this exciting news!

    Take a Tour at OAL website at https://oal.law/ for more information.

  • OAL Announces New Managing Partner and Creates Worldwide Synergy

    OAL Announces New Managing Partner and Creates Worldwide Synergy

    Olisa Agbakoba Legal (OAL), last Thursday, announced the appointment of Mrs Yvonne Ezekiel as its new Managing Partner, and unveiled a rebranded platform and its innovative strategy to create a worldwide synergy with industry players, in actualisation of its vision.

     

    Addressing the media at a press briefing, the new Managing Partner said the firm which started as a sole proprietorship over four decades ago, has over the years grown to its present form with offices at Apapa, Ikoyi and Abuja. She stated that the firm has also produced from amongst its former associates and partners, several Senior Advocates of Nigeria, a sitting Attorney-General, human rights defenders, and many successful Lawyers. According to Mrs Ezekiel, the firm thrives on four key principles: Excellence, Professionalism, Innovation and Commitment (EPIC).

     

    Mrs Ezekiel stated that the rebranded firm is now expanding into new frontiers, and going into novel areas of law. In her words, she says;

    “The unsavory effects of Covid-19 necessitated a Post-Covid Business Model. We now operate a lean and more efficient practice. We are now more focused, geared towards executing target goals and maximising potentials. Our synergy partnerships and collaborations, are global”.

     

    The Way Forward

    On the way forward, Mrs Ezekiel said the firm Olisa Agbakoba Legal, is poised to engage in frequent publications and thought leadership, amongst other things.

  • Funding Maritime Asset Acquisition For Nigerian Indigenous Operators

    Funding Maritime Asset Acquisition For Nigerian Indigenous Operators

    Funding Maritime Asset Acquisition For Nigerian Indigenous Operators – written by Joseph B. Siyaidon (Associate – Maritime, Aviation and Space Practice)

    President Mohammadu has ordered the disbursement of the Cabotage Vessel Financing Fund (CVFF) to qualified operators in the Maritime Industry. The funds will be disbursed for the first time since its creation almost 18 years ago. The CVFF is a fund created to encourage indigenous ship acquisition by providing financial support to deserving operators in the Maritime Industry.

     

    This short piece examines the legal regime of the CVFF and the conditions prescribed by the Nigerian Maritime Administration and Safety Agency (NIMASA) for prospective beneficiaries to access the fund. 

     

    Establishment of the Fund

     As observed earlier, the CVFF was created by Section 42 (1) – (2) of the Cabotage Act 2003 with the aim of promoting indigenous ship acquisition capacity by providing financial assistance to Nigerian operators in the domestic coastal shipping industry.

     

    Click here to read and download the full article