TEMPLARS Advises Deutsche Bank on US$516 Million Sokoto–Badagry Superhighway Financing

The facility finances Section 1, Phases 1A and 1B of the superhighway, a high-capacity corridor linking Sokoto State to Lagos State. It is supported by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and is structured as a stand-alone, Shari’ah-compliant Commodity Murabaha.

As Nigerian counsel, TEMPLARS advised on all aspects of Nigerian law, including the enforceability of the Murabaha structure and the commodity purchase mechanics. The team also worked with the borrower’s advisers to ensure compliance with Nigeria’s external borrowing framework and applicable procurement laws.

The TEMPLARS team was led by Partner, Zelda Akindele, with Senior Associate, Victor Sameria, and Associates, Olaotan Oyekan and Natasha Omatseye.

Commenting on the transaction, Zelda Akindele said: “This mandate required Islamic finance principles, lender credit requirements and Nigeria’s public debt framework to work together within a single structure, alongside ICIEC’s risk cover. We are proud to have supported Deutsche Bank on a transaction that offers international banks a tested route into Shari’ah-compliant lending for Nigerian infrastructure.”

Our work on this transaction follows TEMPLARS’ role advising the lender syndicate on the US$747 million Phase 1, Section 1 financing, and First Abu Dhabi Bank and Afreximbank on the US$1.26 billion Phase 1, Section 2 financing, for the Lagos–Calabar Coastal Highway. It reinforces the firm’s standing as a market leader in complex infrastructure and sovereign financing mandates.