Request for Expression of Interest for Consultants for the Kano State Turnaround Project

BACKGROUND

Tetra Tech International Development is delivering LINKS, a Foreign, Commonwealth and Development Office (Formerly DFID) funded program. LINKS was created to catalyse economic growth in northern Nigeria through initiatives that would boost the development of a vibrant and diversified economy in the region over the next seven years. The front-line components of LINKS are innovation, investment promotion, financial flows facilitation and business environment reforms.

The decline of industries and Businesses in Kano, Kaduna and Jigawa over the past two decades has been accelerated by the COVID-19 pandemic leading to disruption and economic uncertainty that have come at a significant cost to the Nigerian Government. In a bid to reverse this trend, LINKS in collaboration with the Manufacturers Association of Nigeria (MAN) and the Kano State Investment Promotion Agency (KanInvest) have designed, and are implementing, the Kano State Turnaround Project – an intervention that would facilitate the influx of turnaround specialists to rescue, reorganize, restructure, and repair shortlisted companies.

For this reason, LINKS seeks to facilitate the engagement of experts in business restructuring and turnaround advisory to help underperforming and distressed companies in Kano State. The turnaround firms, or consortia must have significant operational experience, strong industry knowledge and other skills relevant to turnaround management. They will be required to objectively assess each company with a goal of identifying problems and proffering/implementing solutions. These solutions will be outlined in comprehensive turnaround plans that will be implemented in partnership with the management of the business until specific recovery milestones are met.

Specific requirements of each group of specialists are outlined below:

1. TURNAROUND ADVISOR (INDEPENDENT CONSULTANT)

The Turnaround Advisor (an individual) will be responsible for monitoring the activities of turnaround experts engaged to work with clients in Kano State in relation to a range of matters, as determined by their strategy, directly impacting the implementation of the Kano State Turnaround Project. The Advisor will be required to assess all technical proposals for reasonability, effectiveness and sustainability. The Advisor will also be responsible for ensuring that the targets set and agreed upon for all companies are met.

Key Responsibilities

  • Work with the LINKS Financial Flows team in developing a progress assessment framework for early detection of any positive or negative changes to the project.
  • Develop a summary of each company shortlisted for finance to aid the bids from Legal and Turnaround Firms after carrying out a quick diagnostic analysis of:
    • Short term liquidity position of the company
    • Restructuring options available to the company
    • Anticipated turnaround strategy for each business
  • Support all bid evaluations and provide technical advice during bid screening and selection.
  • Provide coordination during the implementation of the project.

Skills & Experience

  • Strong academic record with a master’s degree in Finance, Economics, Engineering or any relevant equivalent
  • Prior experience implementing or participating in turnaround projects involving evaluations and negotiations; experience in implementing cost reduction initiatives is required
  • Prior experience in corporate finance; investment banking experience is an advantage
  • Prior experience in corporate advisory services
  • Excellent communication and presentation skills
  • Strong team orientation and a demonstrated ability to work effectively with multi-location teams
  • Self-starter with a strong work ethic and high attention to detail
  • Demonstrated personal integrity and leadership qualities
  • Good interpersonal and stakeholder management skills
  • Special Requirements – The position is virtual with frequent travel to Kano.

2. LEGAL ADVISORY FIRM/CONSORTIA

The Legal Advisor will be responsible for the provision of all legal services required during the turnaround project. The Advisor will work with the Project Steering Committee, beneficiary companies and Turnaround Consulting Firms to implement the rescue, reorganize, restructure, and repair plan.

A key deliverable will be the development, and implementation, of a legal strategy unique to each company. This strategy will be subject to the approval of the beneficiary and the Kano Turnaround team (made up of LINKS, a Project Steering Committee and other key stakeholders). It is anticipated that each Legal Firm will be responsible for 5 to 10 companies each. The firm will provide technical assistance and support towards the planning and implementation of the turnaround project.

Key Responsibilities

The firm will provide technical assistance and support towards the planning and implementation of the turnaround project within the scope below:

  • Provide legal advice to the Turnaround Project Steering Committee, in all areas as may be required.
  • Develop an innovative legal strategy for each company in distress; based on the implementation strategy provided by the turnaround specialists.
  • Provide legal advice on proposed partnerships, transactions or funding arrangements; due diligence, drafting agreements, compliance with regulations, etc
  • Assist with request for consents, cancellations, waivers, or amendments 
  • Provide legal opinions on fulfilment of conditions precedent to disbursement
  • Collaborate with other advisors to provide legal support for the implementation and monitoring of projects; oversee fulfilment of agreed legal conditions of financing, partnerships, etc
  • Undertake any other assignments as required for the successful design and implementation of the Turnaround project.

3. TURNAROUND SPECIALIST FIRMS/CONSORTIA

LINKS seeks to facilitate the engagement of a reputable expert turnaround advisor, turnaround firms or consortia, and legal advisors to help underperforming and distressed companies in Kano State. The turnaround firms, or consortia must have significant operational experience, strong industry knowledge and other expert skills relevant to turnaround management. They will be required to objectively assess each company with a goal of identifying problems and proffering/implementing solutions. These solutions will be outlined in comprehensive turnaround plan that will be implemented in partnership with the management of the business until specific recovery milestones are met. It is anticipated that each firm/consortia will be responsible for between 5 to 10 companies each.

The consulting firms or consortia will be required to outline and implement a strategy that reverses the decline of selected businesses in Kano.

Key Responsibilities

The consulting firms or consortia will be required to outline and implement a strategy that reverses the decline of selected businesses in Kano state. Some focus areas are listed below:

  1. Assess the company’s operations and develop a business turnaround plan with the following outline:
  2. Business background
  3. Stakeholders
  4. Problem Analysis
  5. Restructuring vision, mission and goals
  6. Business restructuring strategy with financial, marketing, and operational actions plans to
    1. restructure financial management
    1. improve working capital management
    1. reduce operating costs
    1. restructure outstanding debt obligations
    1. re-evaluate products/services and their prices
    1. restructure the marketing plan
    1. implement a sales turnaround
    1. re-evaluate the business image
    1. re-evaluate employees
  7. Financial Forecasting
  8. Execution of the plan
  9. Provide constant monitoring, updating and extensive analytical research for client companies.
  10. Identify other cost savings and profitability gaps not identified by the client
  11. Analyse key operating metrics
  12. Undertake any other assignments as required for the successful design and implementation of the Turnaround project.

For more information, please visit the website – www.links-nigeria.com

INDICATIVE TIMELINES

The indicative timetable for this activity which may be subject to change is:

ActivityDate
Deadline for requests for additional information12 March 2021
Deadline for submission of EOIs19 March 2021
Notification to applicants of outcome of assessment23 March 2021

SUBMISSION PROCESS

All Expressions of Interest should be emailed to ktp@links-nigeria.com stating Kano State Turnaround Project EOI” as the subject of the email. Submission should be received on or before each date below:

 Deadline
Turnaround Advisors19 March 2021
Legal Advisory Firms19 March 2021
Turnaround Specialist Firms19 March 2021

Prospective applicants that require clarification on any part of this call for EOIs may wish to direct requests to: ktp@links-nigeria.com

  Applications will not be accepted if they: are not sent electronicallyare hard copy submissions are not sent or delivered on or before the specified deadline do not conform to the provisions of this call for EOIs   Applicants are directed to the important notices below.
EOIs must be prepared in English language and are to be submitted electronically by interested applicants. Partnerships are allowed if it is a combination of a local (Nigerian) Law firm and others, however such EOIs must be submitted in one email. You are required to present your EOI with:the company profile including CVs of team members showing expertise in business turnaround transactionsSelected firms shall be evaluated based on the following technical criteria:General qualifications and adequacy for the proposed assignmentExperience in working in Northern Nigeria and knowledge of the regionSimilar experience in the required area of expertise of the assignmentAll EOIs must be submitted by 5pm (WAT) on the due dates. Only successful applicants will be contacted for further evaluation. Shortlisted applicants will be sent some company profiles to select for review due to the uniqueness of the services required for each beneficiary company and submit within two weeks a technical and financial proposal for turning around the companies.The expected duration of the assignment is one to two years  

IMPORTANT NOTICES

  1. Nothing in this call for EOIs shall be construed to be a commitment on the part of LINKS/FCDO to appoint a Legal and Consulting Services Provider on the Kano Turnaround project; nor shall it entitle any applicant to make any claim whatsoever and seek indemnity from LINKS by virtue of responding to this call for EOI.

COVID- 19 Response

Project implementation in these unprecedented times is challenging for all of us in Nigeria, but it presents new opportunities as well. As part of LINKS response to the COVID-19 outbreak and lockdown, we have taken a number of initiatives