In 2019, Nigeria’s banking sector witnessed a significant transformation with the acquisition of Diamond Bank by Access Bank, which subsequently became the nation's largest bank by assets. Chiderah Azodoh, a key figure in this complex transaction, worked on the intricate corporate finance details of the merger, an experience she describes as painstaking yet exciting, and a privilege to have been involved in.

Azodoh is an alumna of Harvard Law School and graduated from the University of Nigeria, Enugu Campus (UNEC) in 2016. Following her law school completion the subsequent year, she immediately immersed herself in legal practice. Her early career began at Aluko & Oyebode (now ALN Nigeria | Aluko & Oyebode), one of Nigeria’s most respected law firms, where she initially worked in the litigation department for three months as part of her national service rotation.

It was during one of these rotations that Azodoh transitioned to the capital markets and mergers and acquisitions (M&A) team. She credits a supervising partner, whom she describes as an “organised and extremely professional man,” for staffing her on interesting deals. This exposure, including frequent discussions with CFOs about real-world financial events, was invaluable, helping her understand the inner workings of major transactions.

As Azodoh advanced at Aluko & Oyebode, she contributed to several high-profile deals alongside teams of finance professionals. Besides the Access Bank-Diamond Bank merger, she worked as an associate on GTBank’s restructuring into a subsidiary of the holding company, GTCo, in 2021, and a similar transition for Access Bank to Access HoldCo in 2022. She also assisted telecom giant MTN Nigeria with a bond issuance. In these roles, her primary responsibility was to ensure regulatory compliance for restructuring, M&A, and market expansion activities, with her firm advising on necessary licenses and approvals.

Recounting her involvement in the Access-Diamond Bank merger, Azodoh notes she had just completed her national service in 2018 when the deal was developing. Her work heavily focused on the legal aspects, ensuring compliance across the efforts of investment bankers, auditors, and other parties involved in the multifaceted deal.

A significant challenge arose mid-deal in 2019 with the enactment of Nigeria’s Federal Competition and Consumer Protection Act (FCCP Act). Signed in January 2019 by former president Muhammadu Buhari, this new law fundamentally changed how mergers were regulated, shifting oversight away from the Securities and Exchange Commission (SEC), which previously managed M&A deals under the now-outdated Investments and Securities Act (ISA 2007). This development, Azodoh said, “threw them into a loop.”

The FCCP Act introduced a new competition authority evolved from the consumer protection council, an entity that previously did not exist in that capacity. “Nobody understood it. It was murky waters,” Azodoh explained. The legal team had to quickly understand the new regulations, especially since there was initially no enforcing authority for the FCCP Act. However, after numerous meetings and consultations with regulators, they successfully obtained the necessary approval for the M&A deal. Following shareholder meetings at both banks and a final court order, Access Bank and Diamond Bank officially merged in April 2019, with subsequent integrations like Diamond Bank's delisting from the Nigerian Stock Exchange.

“It was an interesting time to be a lawyer,” Azodoh fondly recalls. During her five-year tenure at Aluko & Oyebode, she worked on other significant deals which she found less hectic, but the Access-Diamond M&A deal remains a pinnacle of her career achievements, contributing to the creation of Nigeria’s largest commercial bank.

In 2022, Azodoh pursued further studies in the US, graduating from Harvard Law School with advanced qualifications in M&A, capital markets, and competition law. Instead of returning to traditional corporate finance, she pivoted to the tech sector and now works in venture financing. Her role involves advising tech companies on funding rounds, from early-stage pre-seed to later-stage Series C, focusing on the legal aspects of these financing processes.

Reflecting on her development in capital markets, Azodoh identifies two crucial factors: her supervising partner at Aluko & Oyebode, who served as a mentor and entrusted her with marquee deals, thereby boosting her confidence and exposure; and her dedication to becoming well-versed in finance and fintech regulations, understanding which laws applied and how.

She acknowledges the initial technical challenges, stating, “Going to law school and practicing were different ball games. I was instantly thrown into reading and assessing financial statements. I had to read a lot; I had to understand the laws and also learn how they apply in business settings.” This included dissecting complex legislation like the PENCOM Act (2014) for pension fund acquisitions and conducting due diligence to reconcile converging local and international laws.

Azodoh also commented on the complexities within Nigeria's legal framework, noting that some laws were “all over the place,” with general acts supplemented by multiple, uncollated guidelines. While she believes Nigeria has efficient regulatory bodies, she points to enforcement and lack of synergy among these bodies as problematic. Over time, she developed a “muscle” to navigate these legal intricacies, a skill she now applies to her work in venture financing.

Having traveled to 23 countries, Azodoh found the Middle East, particularly Dubai and Doha, to be the most captivating, sparking an interest in potentially living and working there in the future. Her interest was piqued by events like a 2021 tech summit in Dubai showcasing advanced robotics, highlighting the region's shift towards technology.

She observes that many Middle Eastern countries, having built wealth from oil, are now strategically investing in the tech sector. Hosting major events and actively funding tech initiatives are key positioning plays for these nations. “They have the money,” Azodoh stated, “And this allows them to immediately invest in technologies that may take others some time to invest in.”

The Middle East offers several attractions for professionals. Notably, Gulf Cooperation Council (GCC) countries like Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE do not impose individual income tax, leveraging their oil revenues to fund public services. This tax-free environment is a significant draw for foreign talent in finance, tech, and other industries, promising higher disposable income and vibrant career opportunities.

The region has also become a prominent host for global technology events, including GITEX Global, Token2049, LEAP, and the Web Summit in Qatar, attracting companies, investors, and industry leaders worldwide. In 2024, tech startups in the Middle East raised at least $1.93 billion (including debt), with the UAE leading at $1.1 billion across 207 deals. Fintechs have been a major driver, accounting for a third of all funding in the region in 2024. Oil-rich nations are also actively trying to attract tech talent through incubation hubs and visa-free entry for several African countries, making it a hotspot for tech finance practitioners.

Azodoh believes there’s a first-comer advantage for those considering a move to the Middle East. However, she acknowledges potential difficulties in migrating from Africa, depending on the country of origin and job type, citing strict visa rules and the Kafala sponsorship system in some places, which can restrict job mobility. Despite these risks, which she views as mild inconveniences, Azodoh sees significant opportunity in the Middle East, with Dubai and Doha on her ‘jealousy list’ of cities.