Brian Shonubi

Advocate (Uganda), Barrister (England & Wales)
Norton Rose Fulbright South Africa Inc

Brian Shonubi

Brian Shonubi

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Biography

Brian is a lawyer in the banking and finance practice based in Johannesburg.  He specialises in banking and finance including project finance, corporate syndicated lending and structured trade and commodity finance, with a focus on cross-border and emerging markets work in the EME(I)A  region particularly in Africa.

Brian is a member of the Loan Market Association (LMA) Africa documentation committee and has assisted in drafting the LMA recommended form of the single currency secured and unsecured term facility agreement for multiple borrowers and guarantors for use in Kenya, Nigeria, Tanzania, Uganda, Zambia and Zimbabwe and the related user guides and has carried out several training seminars for the LMA and for his individual clients.

Brian holds an LLB (Hons) from the University of Warwick, United Kingdom.  He was called to the Bar of England and Wales by the Honourable Society of the Middle Temple after completing his Bar Vocational Course (BVC) at Nottingham Law School at the University of Nottingham Trent.

Brian is also a qualified Advocate of the High Court of Uganda.

Brian is recognised as a notable practitioner by the International Financial Law Review (IFLR1000) legal directory for Banking and Project Finance, 2018 and 2019.  Brian is also listed for Banking and Finance in the Legal500, 2018.

His international clients have included Absa/Barclays, AfricInvest, Bank of America Merrill Lynch, CitiBank, Deutsche Bank, Ecobank Capital, GE Capital, Grindrod, HSBC, Investec, Nedbank Limited, RMB/FNB, SFC Finance, SocGen, Standard Chartered Bank, Stanbic (Uganda, Kenya and Tanzania), Sumitomo Corporation, The Standard Bank of South Africa Limited and Visa International.  Brian has also acted for various development finance institutions (including, AfD, AfDB, DBSA, DEG, EIB, FMO, IDC, IFC, KfW, Norfund and Proparco), and major Chinese SOEs (including China Development Bank (CDB) and ICBC).


Professional experience

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  • United Kingdom 2006
  • Uganda 2013
  • Advising Nedbank Limited on a US$115 facility to a Tanzanian mining company (which is a subsidiary of a listed global South African based mining company) in relation to its investment in gold mining in Tanzania.  This transaction was awarded Local Currency Loan Deal of the Year as awarded by Bonds, Loans and Sukuk Africa Awards 2019.
  • Advising the lender, Pangaea Investment Managers an associate of Chinese copper giant Jiangxi Copper, on a large and highly complex US$200 million platinum metal purchase transaction with the Lonmin group, the world's third largest platinum producer.
  • Advising China Development Bank on the US$650 million senior credit facility and the US$200 million bridge facilities in respect of the Bakubung Platinum Mine formerly known as the Frischgewaagd-Ledig project, in South Africa.
  • Advising on the "first in country" PPP development of the 37MW Mariental Solar Photovoltaic Power Plant in Namibia involving Alten, Nampower, Proparco and The Standard Bank of South Africa.  The transaction required some innovative structuring around tenor limitations; inclusion of Formerly Disadvantaged Namibian's; and multiple jurisdictions covering Africa and Europe.
  • Advising a San Francisco-based investment advisor and investment fund in relation to the part financing (senior and mezzanine) of a US$195 million Overseas Private Investment Corporation (OPIC) led corporate facility to a South African borrower.
  • Advising The Standard Bank of South Africa on a US$170 million project financing of Ruashi in the Democratic Republic of Congo (DRC) and ZAR300 million secured bridge financing of Metorex Proprietary Limited and subsequent transactions in relation to additional financing as well as restructuring advice.
  • Acting for Absa/Barclays Group in relation to (i) the Republic of Ghana's US$686 million sovereign promissory note programme for the financing of the construction of seven civilian and military hospitals by Euroget De-Invest SA in Ghana, (ii) the direct and indirect participation by banks and other institutional investors in that programme through complex structured PN agency and intercreditor arrangements and (iii) the back to back credit linked note (CLN) programme on the Johannesburg Stock Exchange (JSE).
  • Acting for ZPC (the state electricity generating company of Zimbabwe) in connection with 300Mw Kariba Hydro Power Extension Project and transmission system upgrade with Sino-Hydro in Zimbabwe. The total project size is in excess of US$500 million and involves sovereign loans from Chinaexim Bank to the Government of Zimbabwe.
  • Acting for ZPC (the state electricity generating company of Zimbabwe) in connection with the high profile financing of the 600MW Hwange Thermal Power Expansion Project and associated transmission system upgrade with CMEC in Zimbabwe.  The project size is in excess of US$2 billion and involves sovereign loans from China Eximbank to the Government of Zimbabwe.
  • Acting for Barclays Kenya in connection with a US$31million financing of a geo-thermal independent power generation project with the World Bank (IDA), the Government of Kenya and The Kenya Power and Lighting Company Limited (KPLC).  The project uses an IDA Partial Risk Guarantee (PRG) instrument to mobilise commercial lending in the power sector in Kenya.
  • Advising the International Finance Corporation (IFC), a member of the World Bank Group, in relation to a five-year loan of N$180 million to Purros Investments (Proprietary) Limited, a special purpose vehicle created to support employee share ownership in Standard Bank Namibia Holdings Limited (SBNH), the holding company of Standard Bank Namibia.
  • Acting for DBSA in relation to the US$100 million term facility for the engineering, construction, procurement, delivery, installation and commissioning of the Kafue Gorge Lower Hydro Power Plant in Zambia.
  • Advising Standard Bank of South Africa in relation to a ZAR 1.5 billion and US$25 million corporate facility to a South African based pan-African infrastructure-focused group operating in multiple sectors, including power, mining, logistics and waste management.
  • As part of the transaction advisory team, advising the government of Uganda on behalf of the Uganda Police Force on a PPP project for construction of police training facilities and barracks for policemen and their families.
  • Advising on Barclays on a US$120 million multi-currency facility to Bharti Airtel International (Netherlands) B.V. for its African incorporated subsidiaries in Uganda, Ghana and Tanzania.
  • Advising the IFC on the real-estate financing of a mixed use development offering retail, commercial and entertainment leisure facilities in Dar es Salaam, Tanzania.
  • Acting for IFC, for itself and as executing agent for IBRD, on the structured A/B Loan financing of a rural solar power project involving 85,000 off-grid solar systems with OffGrid Electric in Tanzania.
  • Acting for IDC on the structuring of an ECIC (ECA) backed US$100,000,000 yellow goods asset finance project for Bell Equipment in the DRC.
  • Acting for GPR Leasing Africa Limited (a JV between Grindrod and Pembani Remgro), as Borrower  in relation to partially ECIC (ECA) backed US$50,000,000 credit facilities provided by Rand Merchant Bank in respect of the financing and leasing of mining locomotives in Mozambique and Zimbabwe and certain other African jurisdictions.
  • Acting for Standard Bank on a US$142,000,000 ECIC (ECA) backed project financing of Tanzania's African Barrick Gold (the country's largest gold producer) to fund the Bulyanhulu Gold Processing Plant Expansion in Tanzania.
  • Acting for Nedbank on a secured ECA (ECIC) backed US$11,213,985 export credit facility made available to Mining Company Katanga Trucks, DRC for the supply of industrial mining trucks and other capital equipment from Bell Equipment of South Africa for Ruashi Mining in relation to the Ruashi open cast copper project;  Chemaf SPRL in relation to the Etoile open cast copper mine project; AMCK Mining SPRL (AMCK) in relation to the Kinsevere open cast copper mine; Kipoi Sprl in relation to the Kipoi open cast copper project; Chemaf Sprl in relation to the Kapamba open cast copper project; Mabende Mining Sprl in relation to the Mabende open cast copper project; and Anvil Mining Congo Sarl (AMC) in relation to the Dikulushi open cast copper project.
  • Acting for the OPEC Fund for International Development (OFID) in connection with a US$12,000,000 facility to finance the construction, equipping and placing into operation of an aluminium rod, wire and conductor manufacturing facility of fifty thousand (50,000) tons per year in Mozambique.
  • Acting for GPR Leasing Africa Limited (a JV between Grindrod and Pembani Remgro), as Borrower  in relation to partially ECIC (ECA) backed US$50,000,000 credit facilities provided by Rand Merchant Bank in respect of the financing and leasing of mining locomotives in Mozambique and Zimbabwe and certain other African jurisdictions.
  • Acting for FMO as international legal counsel in connection with: a US$20,000,000 financing of NIC Bank, Kenya; a US$25,000,000 financing of Bank of Africa, Kenya; a EUR7.5 million SME term facility made available to The Trust Bank Ltd., Ghana; and a US$20,000,000 financing of DFCU Bank, Uganda, for on-lending to African SMEs.
  • Acting for Proparco in connection with US$10,000,000 financing of NMB Bank in Zimbabwe; and the US$10,000,000 financing of a major building society (CABS) in Zimbabwe, each for on-lending to SMEs.

IFLR rankings 1000, 2018 - Notable practitioner, Practice areas - Banking

IFLR rankings1000, 2019 - Notable practitioner, Practice areas – Banking, Project finance

  • Loan Market Association (LMA): recommended form of the single currency secured and unsecured term facility agreement for multiple borrowers and guarantors for use in Kenya, Nigeria, Tanzania, and Uganda (Global) 
  • Loan Market Association (LMA): recommended form of the single currency secured and unsecured term facility agreement for multiple borrowers and guarantors for use in Kenya, Nigeria, Tanzania, and Uganda related user guide (Global)
  • Building Africa: Navigating Ugandan law (Global) 
  • IAWJ: Combating Sextortion A Comparative Study of Laws To Prosecute Corruption Involving Sexual Exploitation (contributor, Uganda) (Global)
  • Lexology.com: Investing in the electricity sector in Uganda - ten things to know (Global) 
  • East Africa: Uganda, ten things to know 
  • INSOL technical paper – Uganda environmental claims (NRF internal) 
  • Country Report: Uganda, Rwanda and Kenya (NRF internal) 
  • Take a realistic view of the profession: http://apply.nortonrosefulbright.co.za/Our-Community/Blogs/Post?p=4&v=30275&newsid=153
  • IFLR 1000 2013 Edition: A few aspects of the Petroleum (Exploration Development and Production) Bill 2012 (Global)
  • IFLR 1000 2012 Edition: The new petroleum operations taxation regime 2010 (Global) 
  • English