Champion Breweries Plc has unveiled plans to launch a N58 billion capital raise programme, a bold move aimed at funding its acquisition of the Bullet brand assets and intellectual property, working capital needs, market expansion, and sustainability-focused investments.
The announcement was made during the company’s “Facts Behind the Figures” session at the Nigerian Exchange (NGX) on Monday, September 22, 2025. Company Secretary, Chief Tosan Aiboni, disclosed that the programme will be executed through a N42 billion public offer and a N16 billion rights issue.
According to the Managing Director, Inalegwu Adoga, proceeds will not only support the Bullet acquisition but also be channeled into technology upgrades such as Enterprise Resource Planning (ERP) systems, returnable packaging solutions, renewable energy adoption, and logistics transformation.
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Growth Ambitions Anchored on Bullet
Champion Breweries is projecting a more than fivefold increase in revenue and a tenfold growth in profit after tax once the Bullet ready-to-drink (RTD) alcoholic brand is integrated into its operations. Management noted that the deal is expected to contribute over 70% of Champion’s topline while significantly expanding its foreign currency earnings across 14 African markets.
In H1 2025, the brewer had already recorded impressive momentum with a 111% surge in revenue and a 692% rebound in profit after tax, reflecting disciplined execution and a stronger market position even before the acquisition.
“This is a transformative moment for Champion Breweries,” Adoga said. “Bullet gives us scale, high-margin growth, and international reach. With this acquisition, we are evolving from a strong regional brewer into a multi-market, multi-category growth platform with international relevance.”
Champion’s majority shareholder, enJOYcorp, reinforced the ambition. Its Managing Director, David Butler, noted that the Bullet deal was a landmark in building African beverage brands capable of competing globally.
“Bullet expands Champion’s reach across Africa, diversifies its earnings into foreign currencies, and strengthens its portfolio with trend-driven products,” Butler said.
Performance Track Record
Champion’s financial performance in recent quarters underscores its confidence. The brewer posted a pre-tax profit of N1.7 billion in Q2 2025, a 268.95% rise compared to N465.4 million in the same period of 2024. For H1 2025, pre-tax profit stood at N3.4 billion, a major turnaround from a N333 million loss in H1 2024. Revenue from beer and malt sales climbed to N7.4 billion in Q2, up 44.18% year-on-year.
The company, incorporated in 1974 and headquartered in Uyo, Akwa Ibom State, has built a reputation over five decades of brewing excellence. Listed on the NGX, it produces a portfolio of beer and malt brands, and is now positioning itself as a continental player through the backing of enJOYcorp, its parent company.
Comparative Look
The strategy mirrors moves seen in Africa’s beverage industry over the past decade, where acquisitions and capital raises have become pathways to market dominance. For instance, AB InBev’s multi-billion-dollar consolidation of SABMiller in 2016 reshaped the African beer market, while Nigerian Breweries and Guinness Nigeria have both turned to capital raises in the past to strengthen balance sheets and fund expansion.
Champion’s approach differs in its focus on trend-driven RTD beverages and energy drinks, categories that are rapidly gaining share among younger consumers across Africa. By acquiring Bullet, it is not just competing with established brewers on beer but positioning itself in segments that global majors are also targeting for growth.
The timing is also notable as Nigeria’s brewing sector has been under pressure from rising input costs, inflation, and currency volatility. Champion’s recent profitability and its ability to attract shareholder backing for such a large raise suggest growing investor confidence in the company’s strategy.
What Lies Ahead?
Once completed, the Bullet acquisition will immediately boost Champion’s financials through foreign exchange earnings, a wider distributor network, and a stronger continental presence. Over the longer term, supply chain integration, ERP-led efficiencies, and sustainability investments could provide competitive advantages in a crowded market.
The N58 billion raise is more than a financing exercise for Champion, as many believe it is the springboard for transforming from a Nigerian regional brewer into an African beverage powerhouse.