Private Equity Summit: Nigeria - still open for business

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Published on 15 Feb 18

 

The UUBO private equity team advises and supports global, regional and local funds, fund managers, institutional investors, financiers, beneficiaries, MSMEs and regulators on the various aspects of private equity and structuring and information, tax, investment, transactional and operational advice, and regulatory reform. The Private equity team recently organized Private Equity and Fundraising and Deal Academy on 18th and 19th of January 2018, which was co-hosted with Deloitte & Touche’ Nigeria. The theme for the summit “Nigeria: Still Open for Business” the event was held at the General Ballroom, the Lagos Oriental Hotel, 3, Lekki Road, Victoria Island, Lagos. This is the first offering from UUBO’s series of learning and engagement initiatives across its practice areas. The Summit was designed to provide a content rich, sector agnostic and highly interactive learning forum for informative discussion and open engagement involving experienced local and international stakeholders, advisers, and other participants in Nigeria’s dynamic equity sector. Dr. Okey Enelamah, Honourable Minister for industry, Trade and Investment and team of the Nigerian and sub-Saharan African Private Equity Sectors and Senator Udo Udo Udoma, Minister for Budget and National Planning participated in keynote interviews that provided invaluable insight into the outlook and current emerging trends for fundraising and investment across various sectors. Yewande Sadiku, Executive Secretary of the Nigerian Investment Promotion Commission, also spoke at the event, and Abdul Zubair acting Director-General of the Nigerian Securities and Exchange Commission was represented by Mary Uduk. We had over 400 people at the Summit and over 100 people at the Academy both local and international including Legal Practitioners, and PE equity transactors, regulators, entrepreneurs, investment bankers, etc. all in attendance. The Summit was power-packed with resourceful presentations and interactive sessions. Nnedinma Ifudu-Nweke’s presentation gave an insight into the current US Policy on trade with Nigeria and revealed that the policies of the Trump Administration will indeed be positive on Africa including Nigeria. Andrew Balfour of Slaughter and May in reflecting on the theme of the Summit from an international perspective, believes that Nigeria is indeed still open for business and suggests that the federal government actively engages foreign investors on developments in the country as most investors are still in the dark as to the great investment potentials of the country. Sen. Udo Udoma, Minister, Budget and National Planning, says the Federal Government is targeting 15 per cent tax contribution ratio of Gross Domestic Product (GDP) through improved tax collection strategies. Udoma stated this on Friday at the private equity summit organised by Udo Udoma and Belo-Osagie Law Firm with the theme “Nigeria: Still Open for Business” in Lagos. He said that Nigeria’s GDP ratio presently at six per cent was one of the lowest in the world when compared with India’s 16 per cent, Ghana’s 15.9 per cent and South Africa 27 per cent. Udoma said that government would achieve the target through improved tax collection and not increment in tax rates. “We don’t want to increase our tax rate but we want to increase tax collection to achieve the desired growth”, he said.