The Purchase Of Shares Agreement is a crucial legal document used in Nigerian corporate transactions when transferring ownership of shares from one party to another. It is essential for both private and public company share transfers, though the complexity and specific requirements may vary. The agreement must comply with Nigerian legislation, particularly the Companies and Allied Matters Act 2020, Investment and Securities Act 2007, and relevant tax laws. This document is typically used in scenarios including corporate acquisitions, investment transactions, business restructuring, and succession planning. It contains detailed provisions covering the transaction mechanics, parties' obligations, warranties, indemnities, and completion requirements. The agreement must be properly stamped and registered with relevant Nigerian authorities, including the Corporate Affairs Commission where applicable.
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1. Parties: Identification of the seller(s), buyer(s), and the company whose shares are being transferred
2. Background: Context of the transaction, including current ownership structure and reason for the transfer
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale and Purchase: Core transaction terms including number of shares, price, and payment terms
5. Consideration: Details of the purchase price, payment method, and any price adjustments
6. Conditions Precedent: Essential conditions that must be met before completion
7. Completion: Timing, location, and mechanics of completing the transfer
8. Seller's Warranties: Warranties regarding the shares, company, and seller's capacity to sell
9. Buyer's Warranties: Warranties regarding the buyer's capacity and authority to purchase
10. Limitations on Liability: Limits on the parties' liability for warranty breaches and claims
11. Confidentiality: Obligations to keep transaction details and company information confidential
12. Announcements: Requirements for public announcements about the transaction
13. Costs: Allocation of transaction costs including stamp duty and professional fees
14. Notices: Process for formal communications between parties
15. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes
1. Tag-Along Rights: Optional protection for minority shareholders to join in the sale on same terms
2. Drag-Along Rights: Right of majority shareholders to force minority shareholders to join in the sale
3. Non-Competition: Restrictions on seller's future competitive activities, if relevant
4. Regulatory Compliance: Additional provisions for regulated industries or when specific regulatory approvals are needed
5. Tax Indemnities: Specific tax-related protections beyond standard warranties
6. Earn-out Provisions: Structure for additional payments based on future performance
7. Break Fee: Compensation if either party fails to complete the transaction
8. Foreign Exchange Provisions: Required for transactions involving foreign currency or international parties
1. Share Details: Details of shares being transferred including share certificate numbers and class of shares
2. Company Information: Key details about the company including corporate information and material contracts
3. Warranties: Detailed warranties about the company, its business and assets
4. Properties: Details of company's real estate assets if material to the transaction
5. Intellectual Property: List of company's IP rights and registrations
6. Employee Information: Details of key employees and employment terms if relevant
7. Completion Requirements: Detailed list of documents and actions required for completion
8. Disclosed Matters: Specific disclosures against the warranties
Relevant legal definitions
Accounts
Accounting Date
Affiliate
Agreement
Board
Business Day
Business Hours
CAC
Completion
Completion Date
Confidential Information
Consideration
Disclosed
Disclosure Letter
Encumbrance
Financial Year
Governing Law
Group
Intellectual Property Rights
Law
Liabilities
Long Stop Date
Loss
Material Adverse Change
Material Contracts
Naira
Notice
Parties
Purchase Price
Regulatory Authority
Sale Shares
Seller's Warranties
Stamp Duty
Subsidiary
Target Company
Tax
Transaction Documents
Transfer
Warranties
Working Capital
Accounting Date
Affiliate
Agreement
Board
Business Day
Business Hours
CAC
Completion
Completion Date
Confidential Information
Consideration
Disclosed
Disclosure Letter
Encumbrance
Financial Year
Governing Law
Group
Intellectual Property Rights
Law
Liabilities
Long Stop Date
Loss
Material Adverse Change
Material Contracts
Naira
Notice
Parties
Purchase Price
Regulatory Authority
Sale Shares
Seller's Warranties
Stamp Duty
Subsidiary
Target Company
Tax
Transaction Documents
Transfer
Warranties
Working Capital
Clauses
Sale and Purchase
Purchase Price
Payment Terms
Conditions Precedent
Completion
Pre-Completion Obligations
Post-Completion Obligations
Warranties
Representations
Indemnities
Confidentiality
Non-Competition
Non-Solicitation
Tax Covenants
Share Transfer Mechanics
Authority and Capacity
Due Diligence
Regulatory Compliance
Corporate Governance
Board Composition
Stamp Duty
Registration Requirements
Termination
Force Majeure
Dispute Resolution
Governing Law
Jurisdiction
Notices
Assignment
Entire Agreement
Severability
Amendments
Costs and Expenses
Third Party Rights
Further Assurance
Counterparts
Purchase Price
Payment Terms
Conditions Precedent
Completion
Pre-Completion Obligations
Post-Completion Obligations
Warranties
Representations
Indemnities
Confidentiality
Non-Competition
Non-Solicitation
Tax Covenants
Share Transfer Mechanics
Authority and Capacity
Due Diligence
Regulatory Compliance
Corporate Governance
Board Composition
Stamp Duty
Registration Requirements
Termination
Force Majeure
Dispute Resolution
Governing Law
Jurisdiction
Notices
Assignment
Entire Agreement
Severability
Amendments
Costs and Expenses
Third Party Rights
Further Assurance
Counterparts
Relevant Industries
Financial Services
Manufacturing
Technology
Real Estate
Energy and Natural Resources
Healthcare
Agriculture
Telecommunications
Retail and Consumer Goods
Professional Services
Transportation and Logistics
Construction
Education
Mining
Media and Entertainment
Relevant Teams
Legal
Finance
Corporate Development
Mergers & Acquisitions
Compliance
Risk Management
Board Secretariat
Investment
Strategy
Corporate Governance
Treasury
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Legal Counsel
Corporate Secretary
Investment Manager
Mergers & Acquisitions Director
Business Development Manager
Finance Director
Corporate Governance Officer
Risk Manager
Compliance Officer
Investment Banker
Board Director
Managing Director
Transaction Advisory Manager
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