A Shareholder Loan Agreement is commonly used in Nigerian corporate finance when a company requires additional funding and opts to obtain it from existing shareholders rather than external lenders. This financing method is particularly useful for companies that may have limited access to traditional bank financing or prefer the flexibility and potentially more favorable terms that shareholder financing can offer. The agreement must comply with Nigerian law, particularly the Companies and Allied Matters Act 2020, and should address requirements for related party transactions, corporate approvals, and registration of charges where applicable. The document is essential for protecting both the lending shareholder's interests and the company's corporate governance obligations, while clearly documenting the terms of the financing arrangement.
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1. Parties: Identification of the Lender (Shareholder) and Borrower (Company)
2. Background: Recitals explaining the shareholding relationship and purpose of the loan
3. Definitions and Interpretation: Definitions of key terms and interpretation rules
4. The Loan: Core terms including loan amount, purpose, and drawdown conditions
5. Interest: Interest rate, calculation method, and payment terms
6. Repayment: Repayment schedule, prepayment provisions, and payment mechanics
7. Representations and Warranties: Standard corporate representations and specific confirmations
8. Covenants: Borrower's ongoing obligations and restrictions
9. Events of Default: Circumstances constituting default and consequences
10. Taxes and Stamp Duty: Tax provisions and responsibility for stamp duty payment
11. Assignment and Transfer: Restrictions on transfer of rights and obligations
12. Notices: Communication methods and contact details
13. General Provisions: Boilerplate clauses including governing law, severability, and entire agreement
1. Security: Include if the loan is to be secured by company assets or other collateral
2. Conditions Precedent: Include for complex loans with specific drawdown requirements
3. Subordination: Include if the loan needs to be subordinated to other company debt
4. Foreign Exchange Provisions: Include if loan involves foreign currency or international shareholders
5. Multiple Drawdown Provisions: Include if loan is to be drawn in multiple tranches
6. Conversion Rights: Include if loan may be converted to equity
7. Information Rights: Include if lender requires specific reporting or information rights
1. Loan Terms Schedule: Detailed commercial terms including amount, interest rate, and repayment schedule
2. Form of Drawdown Notice: Standard form for requesting loan disbursements
3. Security Details: Description of any security or collateral (if applicable)
4. Conditions Precedent Documents: List of required documents for drawdown
5. Repayment Schedule: Detailed amortization or repayment schedule
6. Corporate Authorizations: Required board and shareholder resolutions
7. Form of Compliance Certificate: Template for periodic compliance certification
Relevant legal definitions
Advance
Agreement
Availability Period
Board
Borrower
Business Day
CAMA
Conditions Precedent
Default
Default Interest
Default Rate
Drawdown
Drawdown Date
Drawdown Notice
Encumbrance
Event of Default
Facility
Finance Documents
Financial Indebtedness
Financial Year
Group
Interest Payment Date
Interest Period
Interest Rate
Lender
Loan
Loan Amount
Material Adverse Effect
Naira
Outstanding Amount
Parties
Permitted Security
Principal Amount
Repayment Date
Repayment Schedule
Security
Security Documents
Shareholder
Stamp Duties Act
Subsidiary
Tax
Transaction Documents
Transfer
Utilization
VAT
Agreement
Availability Period
Board
Borrower
Business Day
CAMA
Conditions Precedent
Default
Default Interest
Default Rate
Drawdown
Drawdown Date
Drawdown Notice
Encumbrance
Event of Default
Facility
Finance Documents
Financial Indebtedness
Financial Year
Group
Interest Payment Date
Interest Period
Interest Rate
Lender
Loan
Loan Amount
Material Adverse Effect
Naira
Outstanding Amount
Parties
Permitted Security
Principal Amount
Repayment Date
Repayment Schedule
Security
Security Documents
Shareholder
Stamp Duties Act
Subsidiary
Tax
Transaction Documents
Transfer
Utilization
VAT
Clauses
Interpretation
Loan Facility
Purpose
Drawdown
Interest
Repayment
Prepayment
Security
Representations and Warranties
Conditions Precedent
Covenants
Information Undertakings
Financial Covenants
General Undertakings
Events of Default
Acceleration
Assignment and Transfer
Changes to Parties
Payment Mechanics
Set-off
Notices
Calculations
Amendments and Waivers
Confidentiality
Counterparts
Governing Law
Enforcement
Dispute Resolution
Stamp Duty
Tax Gross-up
Currency
Subordination
Costs and Expenses
Loan Facility
Purpose
Drawdown
Interest
Repayment
Prepayment
Security
Representations and Warranties
Conditions Precedent
Covenants
Information Undertakings
Financial Covenants
General Undertakings
Events of Default
Acceleration
Assignment and Transfer
Changes to Parties
Payment Mechanics
Set-off
Notices
Calculations
Amendments and Waivers
Confidentiality
Counterparts
Governing Law
Enforcement
Dispute Resolution
Stamp Duty
Tax Gross-up
Currency
Subordination
Costs and Expenses
Relevant Industries
Financial Services
Manufacturing
Technology
Real Estate
Energy and Natural Resources
Infrastructure
Agriculture
Healthcare
Telecommunications
Retail and Consumer Goods
Transportation and Logistics
Mining
Relevant Teams
Legal
Finance
Treasury
Corporate Secretariat
Compliance
Risk Management
Corporate Development
Board of Directors
Executive Management
Relevant Roles
Chief Financial Officer
Finance Director
Corporate Secretary
Legal Counsel
Finance Manager
Treasury Manager
Investment Director
Corporate Finance Manager
Managing Director
Chief Executive Officer
Financial Controller
Board Director
Compliance Officer
Risk Manager
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