Dede has curved a special niche in the firm’s banking and finance practice. He advises on complex and high value transactions and has also demonstrated unwavering experience in debt structuring, syndicated finance and Islamic finance arrangements.
Dede was part of the team that recently advised Equity Bank (Kenya) Limited in a term loan of approximately USD8.7M advanced to a mining company incorporated in the Republic of Tanzania licensed to trade in Tanzania gemstones.
He acted for DIB Bank Kenya Limited, a subsidiary of Dubai Islamic Bank and a fully shariah compliant bank, in a Ijara Sale and Lease Back facility for KES 245M advanced to a privately owned airline in Kenya, licensed by the Kenya Civil Aviation Authority with an air operator’s certificate.
Areas of Specialization
- Banking and Corporate Finance
- Corporate and Project Finance
- Islamic Banking and Finance
- Real Estate and Property Law
Banking and Corporate Finance
- Part of the team advising Equity Bank (Kenya) Limited in a term loan of approximately USD32M advanced to high ranking corporate entities incorporated in the Republic of Tanzania and trading in commercial mining and the hotel industries. The facilities were utilized by the borrowers to redeem existing loans with Stanbic Bank (Tanzania) Limited, named as Tanzania’s best SME Bank in 2018, and TIB Development Bank Limited, a Tanzanian government-owned finance institution. The security properties were registered in favour of Equity Bank (Tanzania) Limited acting as security trustee for Equity (Bank) Kenya Limited pursuant to a Security Trustee Agreement.
- Part of the team advising Equity Bank (Kenya) Limited in a term loan of approximately USD8.7M advanced to a mining company incorporated in the Republic of Tanzania licensed to trade in Tanzania gemstones. The facilities were utilized by the borrower to redeem existing facilities with TIB Development Bank Limited (TIB Bank), a Tanzanian government-owned finance institution to facilitate the process of subdivision of land held by TIB Bank as security into 172 sub-plots and release of the titles to secure the facilities offered by Equity Bank (Kenya) Limited. The securities were registered in favour of Equity Bank (Tanzania) Limited acting as security trustee for Equity (Bank) Kenya Limited pursuant to a Security Trustee Agreement.
- Part of the team advising Equity Bank (Kenya) Limited in a term loan of approximately USD 7.013M advanced to a real estate company incorporated and trading in the Republic of Tanzania. The term loan was utilized by the borrower to finance working capital requirements including invoice financing and overdraft financing, with Equity Bank (Tanzania) Limited acting as security trustee pursuant to a Security Trustee Agreement.
- Part of the team acting for a leading commercial bank in the provision of legal services to undertake loan takeovers from other banks at an unprecedented low rate of 11.5% which is two (2) points lower than other commercial banks in the country. The loans are exclusively takeovers of existing secured facilities from other banks.
- Acted for KCB Bank Kenya Limited in a transaction involving finance facilities of KES 900M advanced to a premier company dealing in salt manufacturer. The facilities were utilized to financed working capital requirements.
- Acted for a top tier commercial bank in relation to takeover of facilities in excess of the sum of KES 400M advanced to one of the largest wholesale and retail distributors in the country from Barclays Bank of Kenya Limited (BBK). The transaction involved a comprehensive due diligence exercise in relation to the borrower and the existing securities in favour of BBK and subsequently prepared and perfected securities in favour of the financier to secure facilities to the borrower in the sum of KES 1.134Billion.
- Acted for NIC Bank Kenya PLC in a banking facility advanced to a leading logistics company in the aggregate sum of KES 4Billion. The security properties offered by the borrower were located within different Counties across the country. Perfection of the securities therefore required extensive due diligence exercise across the country to validate the borrower’s titles.
- Part of the team that represented KCB Bank Kenya Limited, a top commercial bank, in relation to syndicated corporate finance arrangements in favour of a leading regional grain logistics company and a supply chain leader to secure facilities in excess of USD81.8M. The transaction involved a comprehensive due diligence in relation to the borrower, securities documentation and perfection.
- Acted for Barclays Bank of Kenya Limited in the trade and finance facilities in the aggregate of USD1.3M advanced to a foreign company incorporated in Uganda. The transaction was cross-border involving perfection of securities both in Kenya and Uganda.
- Acted for a top tier commercial bank in relation to the discharge of residential apartments for sale within the English Point Marina Project at the Coastal City of Mombasa, Kenya. The client bank is the sole financier of the English Point Marina Project, which has been hailed to be a blue-print project that aims to transform Kenya into a newly industrialized, middle-income country providing high quality of life to all its citizens by 2030 in a clean and secure environment. The transaction involved negotiating appropriate terms of undertakings with the developer’s Advocates, Advocates for various purchasers and Advocates representing the financier’s offering facilities to prospective purchasers in facilitating the discharge process for individual units being sold at all times ensuring that the sale proceeds are remitted into an escrow account with the client bank to offset the developer’s existing liabilities.
Corporate and Project Finance
- Acting for Barclays Bank of Kenya Limited, a premier commercial bank in Kenya and a subsidiary of South Africa-based Absa Group Limited, in a transaction for provision of multiple facilities to a real estate developer which is part of a flagship group of companies specializing in the enterprise of real estate, project developments and ceramics. Part of the facilities is advanced to finance development of phase II of the a commercial development complex in the Kenyan coastal town of Mombasa comprising of shops, restaurants and office spaces to be leased to prospective tenants through commercial leases.
- Part of the team advising HFC Limited, one of the leading Mortgage companies in Kenya in relation to structuring of a project finance arrangements relating to a developer in Nyali, Mombasa in the sum of KES 282M including advising on the Joint Venture Agreement, Shareholders Agreements and restructuring of a SPV.
- Acting for DIB Bank Kenya Limited, a subsidiary of Dubai Islamic Bank and a fully shariah compliant bank, in a Ijara Sale and Lease Back facility for KES 245M advanced to a privately owned airline in Kenya, licensed by the Kenya Civil Aviation Authority with an air operator’s certificate. In addition to perfection of the securities issued by the borrower including an all asset debenture, the firm’s role also included reviewing and advising the Bank on the shariah compliant agreements between the borrower and the Bank.
- Acting for DIB Bank Kenya Limited in a wakala – murabaha facility for KES 60M for purchase of business stock to a leading milling company in the region. The firm’s role also included reviewing and advising the Bank on the shariah compliant agreements between the borrower and the Bank.
- Acting for DIB Bank Kenya Limited in a wakala – murabaha facility for KES 90M for purchase of stock advanced to a local exporter and distributor of petroleum. The firm’s role also included reviewing and advising the Bank on the shariah compliant agreements between the borrower and the Bank.
- Acted for Gulf African Bank Limited, a top tier fully fledged Islamic Bank in Kenya in a multi-purpose finance transaction in the aggregate sum of KES 354M granted to one of the leading transport, logistics and construction company in the country which was utilized to finance contracts between the borrower and Kenya Urban Roads Authority and Kenya Rural Roads Authority for constructions of roads in Hola Township located at the heart of Tana River County.
Real Estate and Property Law
- Acting for a local real estate developer in the commercial development known as ‘City Mall’ located in Mombasa. The assignment involves the second phase of City Mall comprising of shops, restaurants and office spaces which are to be let out through commercial lease terms to prospective tenants. The role of the firm involves preparation of standard offer letters and commercial Lease documents, negotiating with prospective tenants on the terms of the standard documents, procuring the requisite consents for creation of the Leases and undertaking registration of the Leases over the units.
- Part of the team acting for a local Sacco in a proposal to amalgamate and subdivide properties charged to the Co-operative Bank of Kenya Limited in order to secure refinancing from an East African focused investment bank and financial advisory firm to enable the Sacco pay off the existing loan facilities. The role of the firm includes negotiating with the Co-operative Bank of Kenya Limited on the terms and conditions for release of the original title documents held on account of the facilities to the Sacco, procuring the discharge of the title documents and overseeing the process of amalgamation and subdivision of the title documents, negotiating and preparing the transactional documents for the sale and purchase of the parcels and overseeing remittance of the proceeds of sale to an escrow account at the Co-operative Bank of Kenya Limited.
- Advising an elite entrepreneur in a development in Nyali comprising residential apartments, offices, shops and restaurants. The project value is estimated at an excess of KES 500M. The assignment includes facilitating the change of user of the land comprising the development from the current residential to a mixed use. The assignment also involves drafting of standard documents for would be lessees including letters of offer, leases, rules and regulations of the management company tasked to manage the development. Also, the assignment involves liaising with and supervising the developer’s surveyors and contractors with respect to the development of geo-referenced maps, the preparation and approval of the master plan, obtaining the requisite approvals from the relevant county and national government agencies and representing the developer in negotiating and registering leases to lessees.
- Participated in the legal team advising a Government Corporation on the legal issues related to the properties affected by the construction of the Standard Gauge Railway (the Mombasa – Nairobi line) with a view to guiding the Corporation in making a determination of the compensation sums, estimated to be over KES 2Billion, payable to the owners of the properties. The transaction involved a comprehensive legal due diligence exercise at the relevant government registries tapping into various issues affecting property interests within the SGR Corridor as well as reviewing on going cases filed in court to challenge the project and reviewing the previous awards preferred by the Government in favour of various land owners.
- Participated in the legal team advising a Government development Corporation in relation to a real estate development in Nyali area in Mombasa County worth approximately KES 364M in the construction and sale of luxury apartments development. The transaction involved undertaking a change of user on the property; restructuring of the management company, structuring of the development including preparation of the necessary preparation of offer letters, sale agreements and Leases relating to the end buyers.
- Post Graduate Diploma in Law Africa from the Kenya School of Law.
- Bachelor of Laws from University of Nairobi.