For many founders, receiving a term sheet feels like the deal is almost done. The headline valuation is on the page. The investor is interested. The board is excited. The finish line suddenly feels close. But the term sheet is not the finish line. In many transactions, it is...
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When businesses seek capital, investors ask for more than a compelling business plan. They want evidence that the business has performed as reported and that its financial information is reliable. While bank statements confirm that cash has moved through an account, they do not demonstrate...
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Many SME owners spend months refining their business plans, perfecting pitch decks, and preparing growth projections in the hope of attracting investors. Yet when investment discussions begin, investors place significant emphasis on financial performance and financial metrics, rather than relying solely on a business plan, when evaluating...
Read MoreNigeria does not have a shortage of capital. Development finance institutions, commercial banks, venture funds, angel investors, impact investors, and government-backed intervention programmes collectively deploy billions of naira every year in pursuit of viable businesses. Yet despite this apparent abundance of capital, many small and medium-sized enterprises (SMEs) continue to...
Read MoreIn project finance, risk allocation is a commercial discipline, not a drafting exercise. The objective is to place each risk with the party best able to control it, price it, or absorb it at lowest cost. This matters acutely in Nigeria, where infrastructure demand is high and...
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For many sponsors and advisers, project finance can seem technical, and overly dependent on lender preferences. In reality, the process is more disciplined than mysterious. A project becomes financeable when its risks are identified early, allocated to the parties best able to manage them, and...
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