Banwo & Ighodalo clocks 35!

In the beginning

The dream that gave rise to the establishment of Banwo & Ighodalo (“B&I” or “the firm”) was first conceived in the late 1989. After series of talks and planning between the two founding partners, Femi Olubanwo and Asue Ighodalo, the dream became a reality when on February 1, 1991, the firm was established with a resolve to create a world-class law firm.

Right from the conception and planning stages, the founders were clear in their minds as to the kind of firm they wanted to establish. It was not going to be a firm of just themselves as owners. An enlarged partnership was central to their thinking and discussions. The dream was to build a firm that will deliver first class work to clients; a full-service law firm that will provide bespoke legal solutions to complex new and emerging challenges (beyond the traditional law practice) in support of businesses across all sectors of the economy; an enduring institution that will outlive its founders; that will continue to be owned and managed by people outside of the founders or their families – a self-perpetuating, self-renewing, ever expanding partnership model. One in which both lawyers and non-lawyer support staff would have a lifetime career within the firm.

After more than three decades of breaking barriers and setting new standards in legal service delivery, Banwo & Ighodalo has evolved into a leading full-service law firm and an indisputable industry leader, operating at the commanding heights of the Nigerian economy.

Grey Matter – a culture of excellence

Considering the founding philosophy of B&I, it was clear that the goal was to build a leading Nigerian brand with footprints and deep relationships worldwide. With the vision clearly defined and the limitations of the operating environment well understood, the founding team knew from the outset that they were going to have to break barriers and set new standards in legal service delivery. They would have to be imaginative to achieve quicker, smarter, more cost-effective, and yet top-notch legal solutions to clients within the bounds of the law. This would require not only legal expertise, but must also consistently demonstrate the kind of reliability that translates into client and public trust.

Guided by this, the founding team developed the core values upon which the firm’s work and relationships would be based. Over the years, this set of values has become synonymous with the firm such that they are now widely referred to as the “B&I DNA”. The values are denoted by six broad qualities:

• Passion
• Excellence
• Creativity
• Relationships
• Integrity
• Empowerment

As a brand that has come to be associated with excellence and integrity rolled into one, the firm’s trademark slogan – Grey Matter – speaks to the uniqueness of the legal and business solutions it provides. At B&I, when they say, “Grey Matter”, it refers to their preparedness to apply innate intelligence, acquired legal skills and sublime dexterity to solving real-life problems for their clients and friends as well as achieving their business and transaction objectives in a professional, friendly and trust-enhancing way.

Leading the pack

B&I is constantly positioned at the forefront of the market and remains a thought leader in Nigeria and Africa in all areas of its practice. This has earned the firm the trust of clients to handle many of the continent’s largest, most sophisticated, and precedent-setting transactions. The firm continues to secure top-tier client mandates across a wide range of sectors, advising on groundbreaking deals and landmark transactions, and winning major industry awards and ever widening international recognition.

The firm is consistently ranked as a 1st Tier law firm in corporate and commercial law, project finance, corporate finance & restructuring, energy & natural resources (oil, gas, power, mining and related infrastructure), capital markets, securities & finance, taxation, mergers & acquisitions, and foreign investment & divestment. The firm also has a proven and credible track record in shipping & international trade, commercial litigation and arbitration, intellectual property, media & entertainment, and technology.

An active partner in national development efforts

The firm has played a vital role in the building of the foundations of several sectors of what is now Africa’s largest economy. B&I was a key player in the development of Nigeria’s financial markets, particularly during the consolidation of the banking sector in the early 2000s and the concurrent deepening of the capital market. The firm also played an active role in the reform and liberalization of the telecommunications and energy sectors, and it continues to contribute to policy formulation, regulatory drafting, and transaction structuring in those sectors, and other critical industries such as transport (shipping & aviation), manufacturing, FMCGs, entertainment, and technology; thereby enabling industrial and societal advancement.

Given its pioneering work in several sectors and practice areas, B&I is often the ‘go-to’ firm for foreign governments, companies, associations and other entities with business interests in Nigeria or seeking to do business in Nigeria, or looking for information and guidance on doing business in Nigeria.

Inclusive, nurturing and forward-looking

The firm regards its people as its greatest asset and thus prioritizes their well-being. This explains the culture of organic growth, open door policy, and equal opportunities for all members irrespective of gender, ethnicity, religion, disability, age or other unfair considerations. From its beginnings, B&I embedded diversity, equity, and inclusion (DE&I) into its daily operations and this has facilitated a healthy, fruitful, and interesting yet very productive work environment which has become a vital asset to the continued success of the firm.

Working in a fast-paced environment like B&I involves coping with daily deadlines, joggling different tasks and constantly learning new things. This may require resuming early and leaving the office late amidst the boisterous nature of Lagos, Abuja and Port-Harcourt cities where the firm’s offices are located. The firm recognises the demands of a high intensity, high-tempo working environment and has built measures into its physical space to mitigate the pressures of work. To reduce stress, promote happiness, and maintain work-life balance, the firm invests in creating an interesting environment where work and play co-exist peacefully for optimum productivity. The firm currently operates a hybrid work model, allowing all members to physically work from the office three days a week (Monday, Tuesday and one other day of choice) and work remotely for the remaining two working days in the week. This balance is a unique factor that has made the firm a great place to work and kept the firm on a strong and sustainable path.

While B&I opens its doors to strategic hires, whose values and ethos are synonymous with the firm’s, its preference is its “home-grown” products – nurturing its young talents through the various stages of development into the top echelons of leadership. Many of the partners in the firm today first joined as Junior Associates or even university/college interns and rose through the ranks. B&I has had a unique case of mother and daughter work in the firm within a period of about 25 years apart!

B&I has an operative and effective succession plan in place. Of course, it wasn’t difficult achieving this as it aligns with one of the founding objectives of the firm. Essentially, the baton of management of the firm had passed from the hands of the two founding partners since 2012. The firm’s day-to-day operation is currently under a well-structured executive management, led by the Managing Partner and assisted by the Chief Operating Officer.

From a 2-man practice in 1991, to a 17-man partnership with over 100 lawyers and many other professionals handling critical support functions, B&I is positioned as a firm of the future. With the solid foundation already laid, effective leadership, right set of people, great clients across the world and the passion to continually be ahead of the game, the firm can look forward to the next 35 years with boldness, confidence and optimism.

Happy 35th Anniversary, B&I!