2025 DealMakers AFRICA Annual Awards
March 2026

Awards on the night:

Awards on the evening:

East Africa Deal of the Year - View winner
East Africa Private Equity Deal of the Year - View winner
East Africa Individual DealMaker of the Year - View winner

Advisory Firm Awards on the evening:

Mergers and Acquisitions

Financial Advisers – Top 3 teams by Deal Value and Deal Flow
Legal Advisers – Top 3 teams by Deal Value and Deal Flow

General Corporate Finance Transactions

Financial Advisers – Top 3 teams by Transaction Value and Transaction Flow
Legal Advisers – Top 3 teams by Transaction Value and Transaction Flow

Awards on the night:

Awards on the evening:

West Africa Deal of the Year - View winner
West Africa Private Equity Deal of the Year - View winner
West Africa Individual DealMaker of the Year - View winner

Advisory Firm Awards on the evening:

Mergers and Acquisitions

Financial Advisers – Top 3 teams by Deal Value and Deal Flow
Legal Advisers – Top 3 teams by Deal Value and Deal Flow

General Corporate Finance Transactions (Equity)

Financial Advisers – Top 3 teams by Transaction Value and Transaction Flow
Legal Advisers – Top 3 teams by Transaction Value and Transaction Flow

General Corporate Finance Transactions (Debt)

Financial Advisers – Top 3 teams by Transaction Value and Transaction Flow
Legal Advisers – Top 3 teams by Transaction Value and Transaction Flow

East Africa :

Deal of the Year 2025 | East Africa:

EA DoY

Vodacom’s acquisition of an additional 20% stake in Safaricom

The transaction is a significant deal in the African telecommunications and mobile money services sector, taking Vodacom’s total ownership in the NSX-listed company to 55% and gaining majority control. The deal, valued at c.R36 billion (US$2,1 billion), will accelerate growth and deepen its impact across Africa by unlocking new opportunities to drive digital and financial inclusion at scale in Kenya and Ethiopia

Advisors: Stanbic Bank, Investec Bank, SBG Securities, Cliffe Dekker Hofmeyr, ENS, CMS and Deloitte.

Shortlisted Nominees:

CA Sales’ acquisition of a 35% stake in Trapin Holdings

In February 2025, CA Sales’ Botswanan subsidiary Pamstad, announced the acquisition of a 34% stake in Trapin Holdings, a Kenya-based route-to-market business with regional operations in East Africa. Through the acquisition CA Sales will scale its footprint beyond its traditional markets and reposition itself as a truly pan-African operator. The company has the option to increase this shareholding to a controlling 55% stake.

Advisors: PSG Capital, MKM Consulting Group, Imara Capital Securities, ALN Kenya (Anjarwalla & Khanna), JWG Advocates and BDO.

Ethio Telecom’s IPO

The transaction, which closed in April 2025, was a historic first for Ethiopia’s newly established capital market. Additionally, for Ethio Telecom, one of Africa’s largest telecom operators by subscriber base, it represented a transition from a state-owned enterprise to a publicly traded company. The public offering attracted 47,377 Ethiopian investors who digitally subscribed for over 10.7 million ordinary shares with an aggregate value of c.US$23,8 million.

Advisors: D and T Ethiopia Management Consulting (Deloitte), ALN Kenya (Anjarwalla & Khanna) and Tamrat Assefa Liban Law Office.

Diageo’s disposal of its 65% shareholding in East African Breweries

In December 2025, after several decades as the majority shareholder, Diageo exited its 65% stake in East African Breweries to Asahi Group, a global Japanese beverage and food conglomerate and the largest beer brewer in Japan. The deal represents the first investment of this scale by a major Japanese brewing group in an African alcoholic beverage company. The transaction valued at US$2,3 billion.

Advisors: Absa CIB, Bowmans, A&O Shearman, Slaughter & May and ENS.

Private Equity Deal of the Year 2025 | East Africa:

EA PE DoY

Exit by LeapFrog Investments from Goodlife Pharmacy

The exit by LeapFrog Investments marks the end of a partnership begun in 2017, which at the time marked the largest direct investment in East Africa’s retail pharmacy sector. Leapfrog’s investment has helped accelerate a modern pharmacy retail category that previously did not exist in East Africa. Acquirer CFAO Healthcare, a pan-African pharmaceutical distributor, aims to further enhance accessibility, service quality and innovation within the pharmaceutical sector, through its investment in Goodlife.

Advisers: Nedbank CIB, I&M Burbidge Capital, Bowmans, Kaplan & Stratton and ADVANT Altana.

Shortlisted Nominees:

Adenia Partner’s acquisition of Minet Mauritius

The deal, which represents an exit for Capitalworks, announced in October 2025 is being executed through Adenia’s fifth flagship fund which closed at US$470 million. Minet, a company incorporated in Kenya, is an established player in the insurance and risk advisory space and operates across several African countries. The deal is aligned with Adenia’s philosophy of taking controlling stakes in companies that will benefit from operational improvements, strategic guidance and long-term value creation.

Advisers: DLA Piper Africa Kenya (IKM Advocates).

Investment by Lightrock into Sun King

Lightrock, a UK-based global sustainable investment platform operating across private and public markets, has invested US$40 million into Nairobi-headquartered Sun King. The investment will enable Sun King to expand its product portfolio, leveraging advances in solar, control electronics and battery science to deliver higher-capacity, more cost-effective systems across Africa and Asia, catering to the needs of the underserved in these regions.

Advisers: Ekta Partners and Olaniwun Ajayi (UK).

STOA’s investment in Atlas Tower Kenya

French long-term infrastructure and impact investor STOA’s US$27 million equity investment into Atlas Tower Kenya (ATK) was announced October 2025. ATK is one of Kenya’s fastest-growing independent telecoms tower companies, operating more than 450 telecom towers nationwide. The investment will support the expansion of sustainable digital infrastructure across Africa and enable ATK to expand its use of solar power and battery storage systems across its network, thereby reducing diesel consumption and so enhancing the company’s climate-conscious operations.

Advisers: Bowmans.

Individual DealMaker of the Year 2025 | East Africa:

EA Indiv DM

Richard Harney, SC (Bowmans Kenya)

Richard Harney, SC is the senior partner of Bowmans Kenya, which he co-founded as Coulson Harney in 2008, serving as its managing partner and member of the Bowmans Partnership Board until 2021. Prior to moving to Kenya in the early 1990s, Richard worked as a solicitor at Clifford Chance in the London and in Paris and at Baker McKenzie. Prior to co-founding the practise, he worked at Kaplan & Stratton. Richard has a wide array of experience advising on M&A deals, capital markets, finance, restructuring and corporate law both in Kenya and in the wider East African region. In December 2025, Richard was conferred the rank of Senior Counsel in Kenya, the first within Bowmans, underscoring his enduring contributions to corporate law and dealmaking excellence. The conferment recognises outstanding advocates for exemplary service to the nation and their contributions to the development of law.

Shortlisted Nominees:

David Lekerai (DLA Piper Africa (Kenya) | IKM Advocates)

David Lekerai is a Partner, and Head of the Corporate Practice at IKM. He trained at the law firm of Okoth and Kiplagat, Advocates in Nairobi before joining the Kenya Revenue Authority Training Institute (KRATI) for a two-year training course in tax practice and administration. After successfully completing his training at KRATI, David joined the legal department of Kenya Revenue Authority. He joined Iseme, Kamau & Maema (IKM) Advocates 2009. David was admitted to the partnership 2014. His areas of specialisation include mergers and acquisitions, private equity, capital markets, regulatory compliance, tax law as well as structured trade finance. David’s clients range from private equity and venture capital firms, leading development finance institutions (DFIs), leading regional commercial banks, investment funds, and financial institutions.

Njeri Wagacha (CDH Kenya)

Njeri Wagacha is a Corporate & Commercial Partner specialising in mergers and acquisitions, private equity and venture capital, employment law and competition law. She is Head of East Africa for the Industrials, Manufacturing and Trade sector. Njeri has more than 13 years’ experience, having practiced in various parts of Africa, the UAE and Europe. She began her career as a trainee solicitor at Orrick, Herrington & Sutcliffe (Europe) and later joined Anjarwalla & Khanna | ALN, where she was seconded to Anjarwalla, Collins & Haidermota, Dubai. In 2020, she joined CDH Kenya (previously Kieti Advocates) as a Partner. Her clients include, among others, South African-based Nedbank Group and Metier, Swedfund International, impact investor Pepea, Swedish venture capital fund Norrsken22, Axian Group, and Bataleur Investments.

Rosa Nduati-Mutero (ALN Kenya | Anjarwalla & Khanna)

Rosa Nduati-Mutero is joint Managing Partner, a position she has held since 2022. She joined the firm in 2003, aside from a one-year secondment to Stephenson Harwood in London, and was made partner in 2009. She advises clients on capital markets transactions, merger and acquisitions, private commercial, regulatory and compliance issues. She also specialises in corporate governance and employment law. Rosa consistently handles significant cross-border transactions and has acted on most of the major consolidations deals in the region. In addition to her corporate law expertise, Rosa is passionate about making an impact by giving back to the community and is a champion of the eradication of unnecessary single-use plastic on the continent. She is deeply engaged in ESG initiatives in which she has played a significant role in supporting the Kenyan delegation to the committee negotiating the drafting of regulations on plastic pollution including the marine environment.

Advisory Awards 2025 | East Africa:

Some more pictures from the Awards:

Shortlisted Nominees for West Africa:
(in no particular order)

Deal of the Year 2025 | West Africa:

WA DoY

GTCO’s international equity offering and listing on the LSE

Guaranty Trust Holding Company Plc successfully completed a landmark US$105 million international equity offering of 2,29 billion new ordinary shares in the company, as part of its strategic transition from a Global Depositary Receipt programme to a full direct listing on the LSE. The transaction stands as a milestone in Nigeria’s capital markets evolution, setting a new benchmark for African financial institutions and reinforcing Nigeria’s position in the global capital markets ecosystem.

Advisers: Citigroup Global Markets, Chapel Hill Denham Advisory, Banwo & Ighodalo, Aluko & Oyebode, N.Dowuona and Company, White & Case, Clifford Chance, Udo Udoma & Belo-Osagie and Ernst & Young.

Shortlisted Nominees:

Presco’s ₦236 billion Rights Issue

Presco Plc, Nigeria’s fully integrated edible Oils and Fats company, successfully completed a capital raise in December 2025. The transaction represents the largest non-financial institution public capital raise executed in Nigeria that year. Presco’s long-term growth agenda is to position the company for sustained expansion as a fully integrated edible oils group in sub-Saharan Africa and the rights issue strengthens its financial position providing enhanced balance sheet capacity to drive strategic execution and accelerate business expansion.

Advisers: Rand Merchant Bank Nigeria, Coronation Merchant Bank, Afrinvest Capital, CardinalStone Partners, FBNQuest Merchant Bank, FCMB Capital Markets, Greenwich Merchant Bank, SCM Capital, Stanbic IBTC Capital, CardinalStone Securities, Dunbell Securities, Meristem Stockbrokers, Stanbic IBTC Stockbrokers, Advocaat Law Practice, Templars and Deloitte & Touche.

Nedbank Group’s disposal of a 21.22% stake in Ecobank Transnational

The disposal by Nedbank of its 21.2% stake in Ecobank Transnational Incorporated (ETI) ended a strategic business co-operation relationship begun in 2008. Bosquet Investments, the private investment vehicle of managing partner and co-founder of Enko Capital, acquired the stake for US$100 million. The transaction, between foreign entities, was complex with multiple cross-border regulatory processes including competition and capital markets law.

Advisers: Goldman Sachs, Absa CIB, Nedbank CIB, Cliffe Dekker Hofmeyr, Banwo & Ighodalo, Udo Udoma & Belo-Osagie and LPA Law Avocats.

West Power and Gas’s disposal of 60% stake in Eko Electricity Distribution Company

The disinvestment of the stake to Transgrid Enerco marks the first market-driven acquisition of a Nigerian electricity distribution company since the 2013 power sector privatisation. The US$277 million paid by Transgrid for the equity stake, brings together institutional capital and deep technical expertise across Nigeria’s energy chain, with a focus on long-term operational ownership. The transaction transfers control of one of Nigeria’s most strategically important distribution companies, serving over 1.3 million customers across Lagos and neighbouring Ogun State.

Advisers: Stanbic IBTC Capital, Detail Commercial Solicitors and Denton ACAS Law.

MOFI Real Estate Investment Fund listing on the NGX

The ₦1 trillion listing of the series 2 Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund in early November 2025, marked a major milestone in Nigeria’s drive to mobilise private capital for affordable housing and sustainable economic growth. The Fund currently provides mortgage financing to over 1,000 applicants with a pipeline of more than 30,000 – with a maximum loan tenure of 20 years and a minimum equity contribution of 10%.

Advisers: Vetiva Advisory Services, ICMG Securities, Constant Capital Markets and Securities, IRON Global Markets, Parthian Partners and Olaniwun Ajayi.

Private Equity Deal of the Year 2025 | West Africa:

WA PE DoY

Helios Investment Partners’ exit from Axxela

In December 2025, Helios successfully divested of its 75% equity stake in Axxela to Bluecore Gas Infraco. The transaction also saw Japanese conglomerate Sojitz Corporation exercise its tag-along rights to divest its remaining 25% equity stake. The acquisition represents one of the largest private equity exits in Nigeria’s energy sector in recent years and the largest private equity exit in Nigeria during 2025. The transaction reflects the strong investor appetite for high-quality energy infrastructure assets. Bluecore is a strategic alliance between Afrigaz Energie (a portfolio company of Stanbic IBTC Infrastructure Growth Fund), Levene Energy Development, emPERSAN and energy&.

Advisers: RMB Nigeria, Banwo & Ighodalo, Latham & Watkins, DLA Piper Africa (Nigeria) | Olajide Oyewole and Asafo & Co.

Shortlisted Nominees:

Disposal of Baobab to Beltone Holdings

Beltone Holding, a financial services provider in the MENA region and listed on the Egyptian Stock Exchange, acquired 100% of Baobab for a total consideration of €197,6 million. The transaction marks Beltone’s first cross-border acquisition and the largest deal in the company’s history. Through the acquisition Beltone expands its geographic footprint to seven African markets, and will use it operational capabilities, regional expertise and innovation-led data-driven financial model with Baobab’s deep local presence in micro and small business finance to scale the business.

Advisers: Enexus Finance, Lincoln International, Gide Loyrette Nouel, Asafo & Co, Bowmans, Udo Udoma & Belo-Osagie and PwC.

Exit by Africa Capital Alliance from Aradel Holdings

In September 2025, Africa Capital Alliance, a pan-African investment firm with investments across sub-Saharan Africa, exited its 15.93% stake in Aradel. Aradel is Nigeria’s first fully integrated indigenous energy company, with operations across upstream, midstream and downstream segments. The divestment, valued at ₦387,2 billion, and delivering a return of 3.4x in dollar terms, concludes nearly a decade-long investment, cementing one of the largest energy exits on the Nigerian Exchange. A significant stake was acquired by Petrolin Ocean, boosting its shareholding to 12.11%, positioning the Geneva-based company as the single largest shareholder in Aradel.

Advisers: CardinalStone Partners, CardinalStone Securities and Aluko & Oyebode.

Arnergy Series B equity raise

Arnergy, the Lagos-based clean tech startup raised US$15 million Series B extension – in addition to a $3 million B1 round in 2024 – bringing its total for the round to $18 million. The round was led by CardinalStone Capital Advisers with participation from Breakthrough Energy Ventures, British International Investment, Norfund, EDFI MC and All On. The new funding will be used to install more than 12,000 solar systems by 2029. Arnery tripled its lease customer base between 2023 and 2024, realising a growth in excess of 4 times in 2025.

Advisers: CardinalStone Capital Advisers and Aluko & Oyebode.

WA Indiv DM

Joint Individual DealMaker of the Year 2025 | West Africa:

Bimbo Oyeyiga (RMB Nigeria)

Bimbo Oyeyiga currently leads the Corporate Finance function at RMB Nigeria. He has close on 12 years of Corporate and Investment Banking experience in structuring, arranging and restructuring complex transactions valued in excess of US$5 billion across Oil & Gas, Power and diversified industries such as FMCG, agri-business, technology, media, industrial goods and mining in Africa. In 2025 Bimbo advised on landmark transactions including the exit of Helios Investment Partners from Axxela to BlueCore Gas Infraco – a transaction shortlisted for the 2025 Private Equity Deal of the Year. He also spearheaded the ₦236,7 billion (US$163 million) Presco rights issue, the largest non-financial institutions capital raise on the Nigerian Exchange – a shortlisted nominee for West AFRICA Deal of the Year 2025 – alongside other significant transactions such as the ₦148 billion rights issue by Stanbic IBTC. He led the strategic advisory to Champion Breweries plc for its capital raise programmes and a strategic private placement in Iwosan by Odua Investments.

Seyi Bella (Banwo & Ighodalo)

A Partner with over 20 years of experience, Seyi Bella is a member of the firm’s Corporate, Securities and Finance teams. She is the lead partner in various practice areas including Banking and Finance, Project Finance, Project Development and Infrastructure Financing, Private Equity, M&A and Fintech. She recently, among others, co-led the team that advised African Export-Import Bank in connection with an up to US$750 million facility advanced to Heirs Energies. She also co-led the team that advised Africa Finance Corporation in connection with the secured financing of up to $496,4 million for the purposes of financing Heirs acquisition of a 50.07% equity stake in Maurel & Prom in Seplat Energy. Notably Seyi led the team as Nigerian counsel to the IFC and Stanbic IBTC Bank in connection with the c.$80 million advanced to Greenlight Planet Sun King Nigeria. She also led the team that advised the Standard Bank of South Africa and Stanbic IBTC Bank in connection with an up to €70 million facility granted to Supertech Chemical Industry for the construction of a 100,000-ton methanol and 160,000-ton ammonium bicarbonate chemical processing plant. In 2024 Seyi led the team advising on the winning DealMakers West AFRICA Deal of the Year 2024 transaction, advising Renaissance Africa on its acquisition of the Shell Petroleum Development Company of Nigeria.

Shortlisted Nominees:

Ayodeji Oyetunde (Aluko & Oyebode)

Ayodeji Oyetunde is a partner in the firm’s Mergers & Acquisitions and Capital Markets practice. He provides advice to the firm’s clients principally on debt/equity capital market transactions, mergers and acquisitions, divestitures, private equity, corporate restructurings and regulatory compliance. He has provided advice on a significant number of complex commercial transactions with a cumulative value in excess of US$20 billion. He advised on a number of significant transactions announced during 2025. These included, as co-lead Partner on the listing of Guaranty Trust Holding Company on the LSE alongside an international capital raise (shortlisted for the Deal of the Year 2025), advising on the establishment of the ₦5 billion ($3,4 million) Commercial Paper Programme by Accion Microfinance Bank, the capital raise via rights issue by Citibank Nigeria and the $34,4 million capital raise via private placement by Wema Bank.

Azeezah Muse-Sadiq (Banwo & Ighodalo)

Azeezah Muse-Sadiq is a Partner at Banwo & Ighodalo. She is one of the firm’s partners leading the Capital Markets, M&A and Competition and Consumer Protection team. With over twenty years of experience, and strong analytical skill she has represented clients in a range of complex corporate matters, including high-value mergers and acquisitions as well as capital markets transactions on behalf of nationally and globally recognised brands and major investment banks. She was a shortlisted nominee in 2024 for the West AFRICA Individual DealMaker of the Year. Azeezah led the team on several notable deals during 2025, advising Nedbank Group on the sale of its shareholding in Ecobank Transnational to Bosquet Investment and Guaranty Trust Holding Company on its international equity offering and secondary listing on the LSE. Both transactions were shortlisted for the West AFRICA 2025 Deal of the Year. From a Nigerian perspective, Azeezah advised Champion Breweries and enJOYbev in connection with the acquisition of the Bullet business from Sun Mark Gulf DMCC.

Fidelis Adewole (G Elias)

Fidelis Adewole is the Managing Partner of the firm, a position he was appointed to in 2023. Prior to this he served as a Partner, specialising in areas such as dispute resolution, mergers and acquisitions, and taxation. During 2025, Fidelis led the team advising ARPN on the potential sale of Agro-Allied Resources & Processing Nigeria to Ellah Lake and he co-led the team advising the Bank of Industry on the structuring, documentation and implementation of three equity investment funds, with a total value of US$618 million, under the Federal Government of Nigeria’s Investment in Digital and creative Enterprises (iDICE). In the prior year, Fidelis co-led the team advising Shell International on its divestment of Shell Petroleum Development Company of Nigeria to a consortium buyer Renaissance Africa Energy – a transaction which won the DealMakers West AFRICA 2024 Deal of the Year.

Taofeek Siyanbola (Stanbic IBTC)

Taofeek Siyanbola is a Senior Vice President in Stanbic IBTC Capital’s investment banking team. His expertise spans M&A, take-privates, divestitures, capital raises, restructurings and strategic advisory mandates across sectors including Power & Infrastructure, Consumer, Industrials, Energy, and Financial Services. In 2025 he led the deal team on the landmark disinvestment of a 60% equity stake in Eko Electricity Distribution Company held by West Power & Gas – a shortlisted nominee for the 2025 West AFRICA Deal of the Year award. In 2024 he advised on the take-private of Fan Milk (Danone Nigeria), a strategically significant public-to-private transaction that subsequently facilitated a US$13,6 million debt-to-equity conversion involving complex capital restructuring and shareholder alignment considerations.

Wolemi Esan (Olaniwun Ajayi)

Wolemi Esan is the firm’s Deputy Managing Partner and is a Senior Advocate of Nigeria. He routinely advises on all aspects of the development, privatisation, acquisition, financing and operation of power and infrastructure assets. Over the review period, Wolemi led or played a decisive role on transactions exceeding an aggregate US$10 billion. These transactions spanned sovereign and quasi-sovereign finance, capital markets, energy transition infrastructure financing and complex structured debt. These included, among others, serving as the lead strategist for the establishment and structuring of the MOFI Real Estate Investment Fund’s ₦1 trillion ($1,1 billion) listing on the Nigerian Exchange – a transaction shortlisted for the 2025 DealMakers West AFRICA Deal of the Year. He spearheaded the legal advisory for a significant portion of the Central Bank of Nigeria’s mandatory recapitalisation cycle, advising Wema Bank on its strategic capital injection via a ₦150 billion rights issue.