DealMakers AFRICA honours top M&A deals, advisers in West Africa

Leading mergers and acquisitions (M&A) transactions and advisory firms across West Africa were recognised at the DealMakers AFRICA Annual Gala Awards held in Lagos.

The event, staged at EbonyLife Place, showcased key developments in the region’s M&A and broader corporate finance landscape over the past year.

Awards were largely determined based on deal value and transaction volume, while strategic partners, including TSM Network Ltd, were also acknowledged for supporting the successful hosting of the ceremony.

According to DealMakers AFRICA, most award categories were decided using objective metrics such as the number and size of transactions handled by advisers.

However, three categories-Deal of the Year, Private Equity Deal of the Year, and Individual DealMaker of the Year, were assessed through a more rigorous review process. This included evaluating execution complexity, deal size, transformational impact, and value creation potential, alongside nominations submitted by advisory firms.

In the West Africa Deal of the Year category, five transactions were shortlisted: Presco’s ₦236 billion rights issue, Bosquet Investments’ acquisition of a 21.22 per cent stake in Ecobank Transnational, GTCO’s international equity offering and listing on the London Stock Exchange, West Power and Gas’ disposal of a 60 per cent stake in Eko Electricity Distribution Company, and the listing of the MOFI Real Estate Investment Fund on the Nigerian Exchange.

GTCO’s international equity offering and London Stock Exchange listing emerged as the winner. DealMakers AFRICA described the transaction as a major milestone for Nigeria’s capital market, reflecting increasing participation by African financial institutions in global markets.

Advisers on the deal included Citigroup Global Markets, Chapel Hill Denham Advisory, Banwo & Ighodalo, ALN Nigeria | Aluko & Oyebode, N. Dowuona and Company, White & Case, Clifford Chance, Udo Udoma & Belo-Osagie, and Ernst & Young.

In the Private Equity Deal of the Year category, four transactions were shortlisted: the disposal of Baobab to Beltone Holdings, Africa Capital Alliance’s exit from Aradel Holdings, Helios Investment Partners’ exit from Axxela, and Arnergy’s Series B equity raise.

Helios Investment Partners’ exit of its 75 per cent stake in Axxela clinched the award. The deal was described as one of the largest private equity exits in Nigeria’s energy sector in recent years, underscoring sustained investor interest in infrastructure assets. Advisers involved included Rand Merchant Bank Nigeria, Banwo & Ighodalo, Latham & Watkins, DLA Piper Africa (Nigeria) | Olajide Oyewole, and Asafo & Co.

For the Individual DealMaker of the Year category, seven professionals were shortlisted from an initial pool of 13 nominees, following a review of transactions completed within the year. The finalists included Ayodeji Oyetunde of Aluko & Oyebode, Azeezah Muse-Sadiq of Banwo & Ighodalo, Bimbo Oyeyiga of Rand Merchant Bank Nigeria, Fidelis Adewole of G.Elias, Seyi Bella of Banwo & Ighodalo, Taofeek Siyanbola of Stanbic IBTC Capital, and Wolemi Esan of Owaniwu Ajayi.

The award was jointly presented to Seyi Bella, a partner at Banwo & Ighodalo, and Bimbo Oyeyiga, Head of Corporate Finance at Rand Merchant Bank Nigeria.

Other honours recognised top-performing financial and legal advisers across M&A and corporate finance transactions. Standard Chartered Bank ranked first as financial adviser by deal value in the M&A category, followed by Morgan Stanley and Stanbic IBTC Capital, while Enexus Finance led by deal activity.

In legal advisory rankings for M&A, Dentons emerged top by deal value, followed by Templars and Asafo & Co, while Asafo & Co led by activity.

Across equity market transactions, Coronation Merchant Bank ranked first by transaction value among financial advisers, followed by FCMB Capital Markets and CardinalStone Partners. CardinalStone Partners led by activity, with Coronation Merchant Capital and FCMB Capital Markets tied in second place.

Banwo & Ighodalo topped the legal advisory rankings in both value and activity for equity transactions. Olaniwun Ajayi and Templars followed in value rankings, while ALN Nigeria | Aluko & Oyebode and Udo Udoma & Belo-Osagie ranked among top advisers by activity.

In the debt market segment, Stanbic IBTC Capital ranked first by both transaction value and activity among financial advisers, followed by Rand Merchant Bank Nigeria and Vetiva Advisory Services. Banwo & Ighodalo also led the legal advisory rankings in both value and activity, ahead of G.Elias and Templars.

The DealMakers Awards were first introduced in South Africa in 2000 and later expanded across the continent in 2008 under the DealMakers AFRICA platform.