A & B is one of the leading law firms in Nigeria that is engaged in Corporate Recovery, Restructuring and Insolvency involving Debt Recovery, Insolvency and Business restructuring, Merges and Acquisitions, Restructuring of Debt Obligations and structuring of financial transactions.
Our Corporate Recovery, Restructuring and Insolvency practice is headed by Mr. Oluseyi Akinwunmi, renowned as one of Nigeria’s foremost Secured Credit and Business Reconstruction Practitioners and a founding member of the Business Recovery and Insolvency Practitioners Association of Nigeria. He is supported by highly skilled and professional team members. Some of the work undertaken by A & B in this area include:
- Acting for a consortium of 17 (seventeen) banks in one of the most complex receiverships in Nigeria resulting in the recovery of over N1,000,000,000.00 (One Billion Naira) over a decade ago from Five Star Industries (In Receivership) and in the process advised on a range of issues from asset sales to complex employment matters and acting as Counsel to the Debenture Holders in over 15 (fifteen) court cases.
- Acting as counsel and restructuring consultants in the recovery, restructuring and successful turnaround of Gateway Pharmaceutical Company Plc wholly owned by Ogun State Government of Nigeria, which company was prior to its insolvency a few years ago, the largest pharmaceutical company in West Africa with assets valued at over N1,000,000,000.00 (One Billion Naira).
- Acting as Counsel to the Receiver appointed by the Lagos State Government of Nigeria to recover outstanding land charges under the Land Use Charges Law (Law No. 11 of 2001) in excess of N25,000,000,000.00 (Twenty-five Billion Naira).
- Acting as one of the Counsel advising the Liquidator in the liquidation of Nigeria Airways Limited (the largest liquidation in Nigeria till date), Oshogbo Steel Rolling Mill and Jos Steel Rolling Mill.
- Acting as Counsel to the Receiver/Manager of Piccolo Brunelli Engineering Limited involving the sum almost N1,000,000,000.00 (one billion Naira) owed to a consortium of leading banks in Nigeria.
- Acting as Counsel and Legal Adviser to the Liquidator in the liquidation of Wema Securities & Finance Plc, a subsidiary of Wema Bank Plc, involving the sum of over N3,000,000,000.00 (Three Billion Naira).