NIGERIA Trends and Developments Contributed by: Chinyerugo Ugoji, Tiwalola Osazuwa, Onyinyechi Chima and Edidiong Antai, ǼLEX
and making ND Western a subsidiary. Conse - quently, Aradel’s indirect interest in Renaissance Africa Energy Company Limited (operator of the Renaissance Joint Venture) increased from 33.3% to 53.3%. The acquisition demonstrates strategic consolidation and enhanced operational scale in Nigeria’s upstream energy sector. • Energy& LLP’s acquisition of an equity stake in Falcon Corporation Limited: In November 2025, Energy& LLP, an investment platform affiliated with EverCorp Industries, acquired an equity stake in Falcon Corporation, a Nigerian gas infrastructure company. The acquisition followed a divestment by BKM & S Konsult Limited and supports Falcon’s planned expansion across the gas value chain, including pipeline and LPG infrastructure develop - ment. Fintech and digital financial infrastructure Nigeria’s fintech ecosystem in 2025 continued to attract strategic M&A activity as investors and opera - tors sought to acquire infrastructure capabilities and deepen platform control. • Flutterwave’s acquisition of Mono: In December 2025, Flutterwave acquired Mono, a Nigerian open-banking and financial data provider, expand - ing its capabilities beyond payments processing to include bank account verification, identity checks and recurring direct debit functionality within a single platform. • First Ally Capital’s acquisition of Migo Nigeria: In June 2025, First Ally Capital acquired a 60% stake in Migo Nigeria, a digital consumer credit platform. The transaction provided institutional backing for scalable lending models and positioned Migo to extend credit access to a broader market segment. Consumer and industrial platforms Private equity and strategic investors continued to pursue resilient consumer-facing and industrial busi - nesses in Nigeria in 2025. • UAC of Nigeria Plc’s acquisition of CHI Limited: UAC acquired CHI Limited from The Coca-Cola Company, expanding its fast-moving consumer goods portfolio and reinforcing distribution net - works in the Nigerian market.
• Helios Investment Partners’ acquisition of con - trolling interests in Beta Glass Plc and Frigoglass Industries Nigeria Limited: In December 2025, Helios acquired a controlling interest in Frigoin - vest Nigeria Holdings B.V., thereby gaining indirect control of Beta Glass Plc and Frigoglass Industries Nigeria Limited. The acquisition strengthens Heli - os’s exposure to essential manufacturing sectors and enables expansion of packaging and supply capabilities across West and Central Africa. • OakHeirs Limited’s acquisition of Air Liquide Nige - ria Plc: Air Liquide Afrique S.A.S.’s divestment of its Nigerian entity, Air Liquide Nigeria Plc, to OakHeirs Limited reflects growing investor interest in indus - trial gas and midstream infrastructure, underlining broader opportunities in domestic gas utilisation and industrial supply chains. Outbound expansion by Nigerian companies Nigerian companies increasingly use M&A to enter for - eign markets, secure regulatory footholds and achieve geographic diversification. • Moove’s acquisition of Kovi: Moove’s acquisition of the Brazilian mobility platform Kovi enabled expan - sion of its vehicle-financing model beyond Africa and strengthened operational presence in Latin America. • Access Bank Plc’s acquisition of a controlling stake in National Bank of Kenya: Access Bank’s acqui - sition of a controlling stake in National Bank of Kenya provided an established banking platform for regional expansion, cross-border transaction capabilities, and access to a growing retail and corporate customer base, exemplifying strategic outbound M&A for geographic diversification and regulatory positioning. Legal and Regulatory Developments Nigeria’s M&A landscape in 2025 is being shaped as much by regulatory reform as by sectoral opportu - nity. Legislative updates and increasingly assertive oversight by regulators such as the Securities and Exchange Commission (SEC), the Federal Competi - tion and Consumer Protection Commission (FCCPC), the Central Bank of Nigeria (CBN) and the Nigeria Data Protection Commission (NDPC) are directly influenc - ing transaction structuring, timelines and risk alloca -
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