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Champion Breweries Posts 186% Profit Surge as Nigerian Brewing Industry Shows Signs of Recovery

By
Samuel Nwite
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0

Champion Breweries Plc has reported an impressive 186.08% increase in pre-tax profit, reaching N1.2 billion in its financial results for the year ending December 31, 2024. This is a substantial leap from the N445.3 million recorded in the previous fiscal year, underscoring the brewery’s strong performance amid a broader recovery trend within Nigeria’s brewing industry.

The company’s total revenue also climbed significantly by 64.44%, reaching N20.8 billion from N12.7 billion in 2023. This growth was primarily driven by the robust sales of Champion Beer and Champ Malta, highlighting the brewery’s effective market strategies and expanding consumer base.

Financial Highlights

  • Revenue: N20.8 billion (+64.44% YoY)
  • Cost of Sales: N12.1 billion (+59.44% YoY)
  • Gross Profit: N8.7 billion (+71.96% YoY)
  • Other Income: N68.8 million (-42.76% YoY)
  • Operating Profit: N2.3 billion (+289.45% YoY)
  • Finance Income: N15.5 million (+38.09% YoY)
  • Finance Cost: N1 billion (+529.47% YoY)
  • Pre-Tax Profit: N1.2 billion (+186.08% YoY)
  • Post-Tax Profit: N816.9 million (+120.47% YoY)
  • Total Assets: N21.3 billion (+3.85% YoY)
  • Retained Earnings: N3.8 billion (+26.81% YoY)

Breweries Are Bouncing Back

Champion Breweries’ stellar performance comes amid a wave of strong financial results from breweries across Nigeria. Analysts believe this uptick in profitability is a clear indication that the brewing industry may have passed the worst of the economic downturn triggered by Nigeria’s foreign exchange (FX) market liberalization.

In June 2023, the Central Bank of Nigeria (CBN) floated the naira, leading to a sharp devaluation of the currency and causing significant disruptions across various sectors. Breweries were not spared, as the cost of importing raw materials and equipment soared, squeezing margins and threatening profitability.

However, the brewing industry has shown remarkable resilience. For instance, Guinness Nigeria Plc reported a surge in sales driven by a strategic shift towards affordable product offerings and increased demand for spirits and non-alcoholic beverages. The company’s ability to navigate the FX volatility by leveraging local sourcing and cost management strategies contributed to its improved performance, which analysts see as a sign of broader industry recovery.

Revenue Growth and Cost Management

Champion Breweries’ 64.44% increase in revenue to N20.8 billion highlights the company’s strong market positioning. The growth was driven entirely by sales of its flagship brands, Champion Beer and Champ Malta, which continue to enjoy strong consumer patronage.

However, the company also faced rising costs, with the cost of sales increasing by 59.44% to N12.1 billion from N7.6 billion in 2023. This was largely due to higher costs of raw materials and logistics, compounded by naira depreciation. Despite these pressures, Champion Breweries managed to grow its gross profit by 71.96%, demonstrating effective cost management and operational efficiency.

Operating Profit and Finance Costs

Operating profit surged by 289.45% year-on-year, reaching N2.3 billion from N603.9 million. This remarkable growth is indicative of the company’s operational strength, particularly in navigating the economic challenges posed by the FX reforms.

Finance income rose by 38.09% to N15.5 million, driven by interest on call deposits. However, finance costs escalated sharply by 529.47% to N1 billion, which may signal increased borrowing or higher interest expenses. This surge in finance costs, while concerning, appears to be part of a broader industry trend where companies are incurring higher expenses to maintain liquidity and finance growth initiatives.

Asset Position and Financial Health

Champion Breweries’ total assets grew modestly to N21.3 billion, a 3.85% increase from N20.5 billion in 2023. Non-current assets, which include property, plant, and equipment valued at N13.8 billion, represent a significant portion of the company’s asset base.

Current assets were reported at N7.3 billion, with cash and cash equivalents, along with inventories, making up a substantial share. Retained earnings also increased by 26.81% to N3.8 billion, bolstering the company’s financial stability and potential for future investments.

Indications of Recovery

The brewing sector’s positive performance suggests a potential easing of the financial strain caused by the FX market liberalization. Many breweries have adapted by restructuring operations, enhancing local sourcing, and adjusting pricing strategies to mitigate the impact of the naira devaluation.

The broader recovery in the brewing industry is expected to lead to increased competition as companies jostle to capture market share. Analysts expect Champion Breweries to leverage its brand strength and operational efficiency to sustain its growth trajectory.

Moniepoint And Afrigopay Forge Partnership to Expand Contactless Payments in Nigeria

By
Ojukwu Emmanuel
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0

Moniepoint, Africa’s all-in-one financial ecosystem, helping 10 million businesses and individuals access seamless payments, has partnered with Afrigopay Financial Services Limited (AFSL) to introduce tap-to-pay solutions and distribute 5 million AfriGo cards across Nigeria.

This initiative is set to strengthen financial inclusion in Nigeria, as well as reduce the dependence on foreign payment systems, and support the government’s push for a cashless economy.

Moniepoint’s partnership with Afrigopay Financial Services will leverage the fintech’s extensive technological infrastructure and vast agent network to deploy contactless payment solutions. This will enable Nigerians to complete transactions with a simple tap or hover of an AfriGO card or an NFC-enabled device over compatible terminals.

Unlike international card schemes, AfriGO operates within Nigeria’s financial ecosystem, ensuring data sovereignty and reducing the cost of transactions. The distribution of 5 million AfriGO cards will help businesses,  particularly small and medium-sized enterprises (SMEs)-access reliable, instant settlement solutions that improve liquidity and operational efficiency.

Speaking on the partnership, Moniepoint CEO Tosin Eniolorunda said,

“Our partnership with AfriGO aligns perfectly with our ongoing mission to engineer financial happiness for every Nigerian while driving convenience, transparency, and security with contactless payments.”

He also added that the Moniepoint/AfriGO card is not just a product, it is a vital tool that will extend the company’s reach, particularly to those who have been traditionally excluded from the formal financial system. He further emphasized that the initiative would provide Nigerians with a more affordable payment alternative while fostering economic growth.

“The benefits of contactless payments are far-reaching and will reshape the digital economy. Enabling individuals, financial institutions, governments, and businesses to realize their ambitions,” he explained

Also commenting on the partnership, Ebehijie Momoh, Managing Director and CEO of Afrigopay Financial Services, highlighted the transformative power of this initiative.

She said,

“This collaboration is set to revolutionize financial service delivery, particularly in underserved areas, by leveraging AfriGO’s innovative payment solutions. With AfriGO cards, merchants and agents will experience seamless transaction finalization and instant settlement, leading to improved efficiency and better cash flow management”.

She also stressed the vital role of Moniepoint’s expansive agent network, which spans urban and rural communities. These agents will facilitate essential banking services, including deposits, withdrawals, money transfers, and payments, effectively bringing financial services closer to millions of Nigerians.

How Contactless Payments Technology is Reshaping The Payments Landscape

In recent years, contactless payment technology has emerged as a transformative force in the financial industry. This technology is currently reshaping the payment landscape, with smartphone-based payments accounting for more than 50% of global revenue.

Forbes in an article titled “The Future of Contactless Payments: Three Predictions for the next five years”, revealed that contactless payments will supersede cash and traditional credit cards. There is reportedly a preference for contactless payments over cash payments by customers.

A study reports that 27% of small business survey respondents have seen an increase in customers using their mobile phones or contactless cards to pay. The contactless payment market has continued to skyrocket and is forecasted to quadruple to $164.15 billion by 2030.

Here are several benefits of Contactless Payments

Increased efficiency for businesses

A significant number of merchants say contactless payments have helped shorten checkout lines, reducing wait times for customers. They further reveal that contactless payments have decreased average transaction times, helping to streamline operations. Contactless technology offers a seamless payment experience, which explains why 84% of merchants say an increasing number of customers are using them.

Enhance Convenience For Consumers

The heightened convenience of contactless payment solutions benefits customers as well. Merchants say contactless payments have improved customer satisfaction. As a hassle-free way to make purchases (and one that eliminates the need for physical currency), 45% of respondents to a global consumer survey said they prefer contactless payments, to traditional cash transactions.

Elevate Security For Transactions

The security protections of contactless payments- including circuit chips, encryption, and network tokenization, benefit consumers, merchants, and financial institutions. Three in five merchants that accept contactless cards indicate a decrease in fraud rates, particularly reduced card skimming, which benefits consumers and BFS providers alike. With enhanced security in mind, nearly two-thirds of consumers will shop with merchants accepting contactless payment over those not.

Looking Ahead

With Moniepoint and Afrigopay at the forefront of digital transformation, Nigerians can expect a more inclusive, efficient, and secure financial ecosystem. This collaboration is not just about payment solutions, it’s about empowering businesses, fostering economic growth, and ensuring that digital transactions are accessible to all.

$Trump Meme Coin Crash Wipes Out $12 Billion, But His Digital Party Is Just Getting Started

By
Samuel Nwite
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0

U.S. President Donald Trump’s supporters have collectively lost over $12 billion in the past month following the dramatic collapse of the $Trump meme coin. The cryptocurrency, launched on January 17, 2025, as a symbol of support for Trump’s second term, initially soared in value but has since plummeted by over 80%, shrinking its market capitalization from a peak of $15 billion to $2.7 billion as of Thursday.

While many investors are reeling from steep losses, Trump appears undeterred. In a bold move on Sunday, the former president announced plans to create a U.S. Crypto Strategic Reserve, signaling his continued commitment to digital assets despite the recent turbulence. The proposed reserve will include established cryptocurrencies such as Solana (SOL), Cardano (ADA), and Ripple (XRP), aiming to solidify America’s standing as a leader in the global digital finance sector.

The announcement builds on Trump’s earlier executive order, “Strengthening American Leadership in Digital Financial Technology,” issued on January 23, 2025. The order directed the Presidential Working Group on Digital Asset Markets to accelerate efforts toward creating a national cryptocurrency reserve. Trump described the initiative as a pathway to revitalize the cryptocurrency industry following what he called “corrupt attacks” by the Biden Administration.

“We’re going to make the U.S. the Crypto Capital of the World,” Trump said. “No more stifling innovation. We will bring back the prosperity of the crypto markets, and we’ll do it bigger and better than ever.”

To further boost his crypto agenda, Trump will host the first-ever White House Crypto Summit on Friday. The event will feature prominent founders, CEOs, and investors from the cryptocurrency sector, as well as members of the Presidential Working Group on Digital Assets. The summit is expected to unveil additional measures to support the industry and provide a platform for leading voices in digital finance.

A Cautionary Tale of The $Trump Coin Collapse

The $Trump coin’s implosion has highlighted the high-risk nature of meme coins, which often thrive on hype and celebrity endorsements but lack underlying value or practical utility. Many investors had purchased the token not only as a show of loyalty to Trump but also as a speculative bet on potential gains. However, the coin’s value tanked shortly after its peak, contributing to a broader cryptocurrency market downturn.

Melania Trump’s own venture into meme coins fared even worse, with her officially endorsed token plummeting by 94% since January 20. The collapse of both coins has led to intensified scrutiny from U.S. lawmakers, with Democrats proposing the “Modern Emoluments and Malfeasance Enforcement (Meme) Act,” aimed at preventing senior government officials and their families from launching meme coins.

A Wider Crypto Rout

The $Trump coin’s decline coincides with a broader crypto market slump. Bitcoin, the flagship cryptocurrency, lost 20% of its value following Trump’s inauguration, contributing to the overall bearish sentiment. Many argue that the lack of a clear strategy from Trump’s administration has exacerbated the situation, particularly his failure to establish a strategic Bitcoin reserve as initially hinted.

Sam Liccardo, a Democratic Congressman, criticized Trump’s ventures. “The Trumps’ issuance of meme coins financially exploits the public for personal gain and raises the specter of insider trading and foreign influence over the Executive Branch,” he said.

Will the Crypto Reserve Restore Confidence?

Despite the backlash, Trump’s proposed U.S. Crypto Strategic Reserve offers a potential lifeline for his digital finance ambitions. By focusing on established cryptocurrencies such as Solana, Cardano, and Ripple, the initiative could help stabilize market sentiment and demonstrate a shift away from speculative meme coins toward more credible digital assets.

Analysts, however, remain cautious. “This reserve could provide a much-needed anchor for U.S. digital asset policy, but it all depends on execution,” said Lisa Green, a senior analyst at CryptoWatch. “Investors will want to see clear regulatory guidelines and a structured approach, not just grandstanding.”

The forthcoming White House Crypto Summit may provide critical insights into Trump’s strategy. Industry insiders expect discussions to cover regulatory frameworks, market stability, and innovation incentives, all aimed at boosting the legitimacy and global competitiveness of the U.S. cryptocurrency sector.

However, Trump’s influence on the crypto market remains undeniable. Despite the $Trump coin debacle, his latest policy moves suggest a calculated pivot towards more established and resilient cryptocurrencies. Only time will tell whether this shift will restore investor confidence, and boost the performance of cryptocurrencies, particularly, bitcoin – which saw a rise following the announcement of Trump’s plans for a U.S. Crypto Strategic Reserve.

Elon Musk’s DOGE and Big Consulting Firms

By
Ndubuisi Ekekwe
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0

A few days ago, I wrote that big consulting companies could be in trouble if Elon Musk’s DOGE (department of government efficiency) continues its acceleration in the public sector America: “I wonder how some of these firms will thrive, especially those tethered to the public sector, if this Musk-Trump playbook continues. DOGE is providing a case study that may hurt the prospects of these companies for years. Yes, if DOGE does this and it works, a template is born, and if you dig deeper, the public sector has disintermediated the works of big play consulting firms.”

Now, the business prophecy is here: ‘Executives at 10 of the largest U.S. consulting firms, including Ernst & Young and Booz Allen, are scrambling to arrange meetings with White House officials to justify their contracts…The meetings come ahead of this Friday’s deadline to cut the General Services Administration’s budget and has prompted firms to “defend the spend” by presenting detailed assessments of their projects. The firms are seeking to preserve lucrative revenue streams amid the growing push to eliminate non-essential government contracts.’

Good People, Trump is crashing all the parties.

Now, can we have DOGE in Nigeria?

Wirex Pay is Pioneering Stablecoin Payment that Bridges Blockchain Innovations and Real World Usability

By
Paul Ugbede Godwin
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0

Wirex Pay’s indeed a trailblazer in the stablecoin payment space, aiming to make blockchain practical for the average person. It’s not just hype—it’s got a solid foundation. Built by Wirex, a fintech player with a decade in the game and a user base of 6 million+, it leverages stablecoins to dodge crypto’s wild price swings while keeping transactions fast and cheap. The Zero Knowledge (ZK) tech under the hood is a big deal—think private, scalable blockchain ops that don’t choke under pressure.

The real-world hook is those non-custodial Visa cards. You’re holding your own keys, spending stablecoins at 80 million+ merchants globally—coffee shops, online stores, wherever Visa’s greenlit. Their U.S. push in February 2025 with Bridge integration sweetened the deal, adding seamless fiat ramps and bank connectivity.

Zero Knowledge (ZK) technology, at its core, is a cryptographic method that lets one party prove something is true to another party without revealing any extra details beyond the fact itself. Think of it like proving you know a secret password to unlock a door without ever saying the password out loud. In the blockchain world, where Wirex Pay uses it, ZK tech is a game-changer for privacy, efficiency, and scalability.

For Wirex Pay, ZK tech means a few big wins. First, privacy: transactions can be validated without exposing user details like wallet balances or payment specifics. Second, scalability: ZK rollups—where Wirex Pay likely leans—bundle hundreds of off-chain transactions into one succinct proof, then settle it on the blockchain (like Ethereum or their own Wirex Pay Chain).

This slashes costs and speeds things up compared to clogging the main network. Third, security: the math ensures no one can fake a proof without the right inputs, keeping the system tight. Picture it in action: you swipe your Wirex Pay Visa card at a store. ZK tech verifies you’ve got the stablecoin funds and the transaction’s legit, all without broadcasting your financial life to the world—or even to Wirex.

Wirex Pay’s impact on liquidity in decentralized finance (DeFi) hinges on its ability to integrate stablecoin payments with traditional finance, leveraging its blockchain-based infrastructure to enhance efficiency, accessibility, and user participation.

First, Wirex Pay’s gasless, on-chain transactions—powered by Polygon’s Zero Knowledge (ZK) technology—lower the cost of entry for users. Traditional DeFi platforms often suffer from high gas fees, especially on Ethereum, which can deter smaller players from providing liquidity. By eliminating these fees, Wirex Pay makes it cheaper to move stablecoins in and out of liquidity pools, potentially drawing in more liquidity providers (LPs). More LPs mean deeper pools, which can reduce slippage and stabilize prices during trades—key for DeFi’s usability.

Second, the non-custodial Visa card infrastructure is a bridge between DeFi and real-world spending. Users can spend stablecoins at over 80 million merchants globally, creating a practical use case that could drive demand for stablecoins held in DeFi protocols. Increased demand might incentivize users to lock more assets into liquidity pools to earn yield, boosting overall liquidity. For example, if you’re staking stablecoins in a Wirex Pay-compatible pool and spending them seamlessly, you’re more likely to keep funds in the ecosystem rather than cashing out to fiat.

Third, Wirex Pay’s node system and decentralized governance via the WPAY token could amplify liquidity indirectly. Node operators validate transactions and secure the network, earning rewards from a 20% chunk of the WPAY supply (2 billion tokens). This incentivizes participation, and as the network grows, so does its capacity to handle larger transaction volumes.

On the flip side, Wirex Pay’s impact isn’t guaranteed to be a net positive. DeFi liquidity often faces risks like impermanent loss, where LPs lose value if token prices shift dramatically. Wirex Pay’s stablecoin focus mitigates this somewhat, but if its integration with traditional finance pulls funds out of DeFi pools into merchant spending, liquidity could thin out instead. Plus, the platform’s reliance on Polygon’s ZK rollups, while efficient, ties its scalability to that ecosystem’s adoption—any hiccups there could stall growth.

Data from Wirex’s broader ecosystem offers clues: with 6 million users and a decade of bridging crypto and fiat, it’s got the reach to onboard new DeFi participants. If even a fraction of those users start supplying liquidity—say, through dual staking options pairing WPAY with ETH or BTC—total value locked (TVL) in DeFi could climb. For context, DeFi’s TVL hovered around $24 billion in 2023; a player like Wirex Pay, with its U.S. expansion in early 2025, could nudge that higher by making stablecoin liquidity more practical.

Ultimately, Wirex Pay could juice DeFi liquidity by slashing costs, linking crypto to real-world use, and incentivizing network participation. But it’s a double-edged sword—success depends on balancing DeFi retention with its fiat offramps, and the jury’s still out on how that plays out long-term. What do you think—will it flood DeFi with cash or siphon it off?

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