What are the most significant cases or transactions that your legal team has recently been involved in?

Cowrywise Financial Technology (Cowrywise or the Company), a Securities and Exchange Commission licensed fund manager, recently engaged in a significant Agro Integrated Facility (AIF) transaction aimed at financing innovative approaches and business models that integrate rural electrification through solar mini-grids, with the provision of services that improve the agriculture value chain and livelihoods in rural communities. Originally designed as a debt facility to mini-grid developers, the legal team, mindful of regulatory constraints, advised on a more viable structure, where Cowrywise manages the AIF fund, ensuring compliance with its fund management license, while supporting rural electrification and agro services in line with regulatory parameters.

In a key transaction, the legal team also drafted relevant documents in relation to an issuance program for a client, whose funds are being managed by the Company. The relevant agreement required for the transaction effectively met the capital requirements of the issuing client.

As a general counsel, how do you anticipate and prepare for potential legal and regulatory challenges that may arise, particularly in light of emerging technologies and evolving business landscapes?

As SEC-regulated fund managers, we proactively anticipate and address challenges in the dynamic business landscape, particularly in AI and ESG. Vigilant to regulatory developments, we employ a robust monitoring system for local and international changes. Routine compliance audits and technology-driven solutions are deployed to anticipate potential issues. We conduct legal impact assessments, and relevant policies are maintained with constant tracking. Collaborating with fintech peers, we share insights, ensuring proactive adherence to industry standards in our ever-evolving regulatory environment.

How have you attempted to bring the legal department closer to your business colleagues?

In fintech, fostering collaboration between legal and business teams is crucial. I lead joint project meetings and conduct training sessions, including a recent AML/CFT and Corporate Policies training, to educate business colleagues. In addition, I ensure business colleagues are regularly sensitised on KYC/CDD in line with business requirements, and constantly remind teams to copy the legal team in all email correspondence to third parties.

We prioritise open communication, 24/7 accessibility, and collaborative tools for efficient document sharing. We also provide timely legal and compliance guidance, fostering cohesion within our dynamic industry.

How do you see the general counsel role evolving in Nigeria over the next five-ten years?

The general counsel’s pivotal role encompasses legal advisory, contract and risk management, regulatory compliance, corporate governance, and litigation oversight.

With economic and legal developments, I foresee general counsel actively shaping business strategy, leveraging technology for efficient service delivery as well as managing ESG and its effect. This dynamic role aligns with evolving business environments, ensuring adaptability and strategic impact.