NIGERIA Law and Practice Contributed by: Chinyerugo Ugoji, Tiwalola Osazuwa, Onyinyechi Chima and Edidiong Antai, ǼLEX
In financial services, regulatory-driven consolidation has been prominent. The completion of the merger between Union Bank of Nigeria and Titan Trust Bank represents a significant restructuring within the bank - ing sector, indicative of evolving ownership structures within Nigeria’s banking industry. Minority and stra - tegic stake acquisitions have also featured, such as NexaMont Company Limited’s acquisition of a 21% stake in Royal Exchange PLC, reflecting continued investor interest in targeted equity positions within regulated financial institutions. Technology and fintech transactions have continued, albeit with heightened emphasis on governance, licensing and sustainable revenue models. Flutter - wave’s acquisition of Mono Technologies Nigeria Lim - ited highlights vertical integration within the payments and financial data ecosystem, enabling deeper control over infrastructure and data capabilities. In the regu - lated entertainment and consumer services space, Readen Holding Corporation’s acquisition of an 80% interest in Morrich Lottery Limited reflects investor interest in businesses with recurring revenue profiles and established operating platforms. Across sectors, transactions in 2025 reflected ongoing consolidation and selective repositioning, particularly in segments such as energy and technology. Inves - tors demonstrated continued interest in core strategic assets within a more pricing-sensitive and execution- conscious environment characterised by lower deal In the past 12 months, significant M&A activity in Nigeria was recorded across oil and gas, financial ser - vices (including fintech), infrastructure and consumer goods, which accounted for the most substantial transactions by disclosed value, volume and overall market impact. values and volumes. 1.3 Key Industries • Oil and gas: The oil and gas sector accounted for some of the highest disclosed transaction val - ues in 2025. Most notably, the sale of TotalEner - gies’ 12.5% non-operated interest in OML 118 (Bonga) to Shell Nigeria Exploration and Produc - tion Company and Nigerian Agip Exploration for approximately USD510 million ranked among the
largest publicly disclosed transactions of the year. The scale of this deal underscores the continued significance of upstream oil and gas assets within Nigeria’s energy industry. • Financial services: Financial services remained active by deal volume. Within the banking indus - try, the finalisation of the merger between Union Bank of Nigeria and Titan Trust Bank represented a key consolidation of legacy banking operations. The fintech industry also recorded notable activity, including C-One Ventures’ acquisition of Bankly, First Ally Capital’s acquisition of a 60% stake in Migo Nigeria, and Flutterwave’s acquisition of Mono. These transactions highlight continued investor interest in regulated financial and digital banking industries, particularly infrastructure that enables payments, credit and financial data ser - vices. • Infrastructure: Infrastructure transactions featured prominently, particularly in the power and industrial supply-chain industries. Transgrid Enerco Lim - ited’s acquisition of a 60% stake in Eko Electric - ity Distribution Company in a transaction valued at approximately NGN360 billion represents one of the most significant infrastructure deals of the year, underscoring sustained investor appetite for electricity distribution assets. In addition, Oak Heirs Limited’s acquisition of Air Liquide’s Nigerian operations reflects investment in industrial gas and related supply-chain infrastructure, illustrating con - tinued activity in industries that support essential industrial services. • Consumer goods: The consumer goods sector experienced material activity, most notably UAC of Nigeria Plc’s acquisition of CHI Limited from The Coca-Cola Company. The transaction expanded UAC’s footprint in Nigeria’s fast-moving consumer goods industry, particularly in juice and dairy cat - egories, and illustrates the continued attractiveness of established consumer brands with strong distri - bution networks and recurring demand profiles. Overall, oil and gas accounted for the largest dis - closed deal values during the period, while the finan - cial services, fintech, infrastructure and consumer goods sectors each recorded significant transactions that shaped Nigeria’s M&A activity over the past 12 months.
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