Aura Energy Limited today made the payment deadline set by the Federal Government of Nigeria for the acquisition of the Jos Electricity Distribution Company (“JEDC”), one of the eleven PHCN Distribution Companies, by paying the outstanding balance of 75% of the acquisition price.
Odujinrin and Adefulu as legal advisers to Aura Energy advised the company through every step of the twelve billion, eight hundred and fifty two million naira (approximately $80,000,000) transaction, providing legal and regulatory advice, transaction advisory, corporate restructuring and partnership arrangement, culminating in the project finance advisory.
Once the company effectively takes over the management of JEDC, it is expected that its restructuring exercise will result in the emergence of a respected and progressive distribution company in the region, able to deliver electricity to its customers safely, reliably and economically and better equipped to meet the electricity challenges of its 21st century consumers.
This transaction, (amongst others of a similar nature) represents a major landmark in the Nigerian Electricity Supply Industry and the firm is proud to have been a part of the process.
The team was led by partner Dr. Adeoye Adefulu, assisted by Senior Associate Aderemi Ogunbanjo and associate Oluwadare Agbelese. Corporate Finance advice was provided by partner Damilola Adetunji assisted by associates Olakemi Salau and Jide Babalola.