Document background
The Accession Deed Facility Agreement is a crucial document in Nigerian banking and finance practice, typically used when new entities need to join existing facility arrangements. This document becomes necessary in various scenarios, such as when a project requires additional borrowers, during corporate restructuring, or when new guarantors need to be added to strengthen the security package. The deed must comply with Nigerian federal and state banking regulations, the Banks and Other Financial Institutions Act (BOFIA) 2020, and other relevant financial legislation. It contains detailed provisions ensuring the acceding party fully understands and accepts all obligations under the original facility agreement, while also satisfying the facility agent and existing parties that the new party meets all required criteria for joining the facility.
