Nigeria’s Champion Breweries has successfully closed a two-phase capital raise totaling NGN 57.9 billion ($42.3 million), positioning the 50-year-old brewer for a dramatic transformation into a multi-category, pan-African beverage powerhouse.
The Uyo-based company, a subsidiary of beverage holding company enJOYcorp, concluded its public offering on January 22, raising NGN 42 billion ($30.7 million) through the issuance of 2.625 billion ordinary shares at NGN 16 per share. This followed an earlier rights issue that secured NGN 15.9 billion ($11.6 million) between November 2025 and January 2026.
Boutique law firm DealHQ Partners provided legal and commercial advisory services throughout the offering process.
Strategic Bullet Acquisition Drives Expansion
The capital will fund Champion’s acquisition of the Bullet brand portfolio, a ready-to-drink energy and alcoholic beverage brand operating across 14 African markets. The deal, structured as an asset carve-out, transfers ownership of Bullet’s trademarks, recipes, and commercial rights to Champion.
“With the Bullet acquisition, we are combining nearly 50 years of brewing heritage with a proven pan-African RTD and energy drink platform.”
— Dr. Inalegwu Adoga, Managing Director, Champion Breweries
The acquisition represents more than geographic expansion. Bullet generates significant revenues in foreign currency, providing Champion with a natural hedge against naira volatility, a critical advantage in Nigeria’s challenging economic environment.
David Butler, Group Managing Director of enJOYcorp, emphasized the strategic efficiency of the transaction structure:
“The asset carve-out structure for Bullet will mean we can unlock FX earnings and scale quickly, without heavy upfront investment in new plants.”
From Regional Player to Continental Contender
Champion Breweries has operated in Nigeria since 1974, primarily known for its Champ and Champ Malta brands. The company became a subsidiary of enJOYcorp in June 2024 when the investment vehicle—founded by venture capitalist Ehimare (Eric) Idiahi, acquired an 86.5% controlling stake from Heineken.
The brewer has demonstrated strong financial momentum in recent years. Revenue climbed from NGN 12.7 billion in 2023 to NGN 20.9 billion in 2024, while net income surged from NGN 370 million to NGN 817 million over the same period. In the first half of 2025, the company posted revenue of NGN 15.9 billion and net income of NGN 2.3 billion.
Beyond the Bullet acquisition, Champion plans to deploy proceeds toward working capital requirements and growth initiatives including route-to-market expansion, marketing investments, product innovation, and capacity enhancement.
Broader Industry Context
Champion’s capital raise comes amid significant realignment in Africa’s beverage sector. In December 2024, Diageo disposed of its interest in East African Breweries to Japan’s Asahi Group Holdings in a $2.3 billion transaction, one of the largest beverage deals in African history.
The successful completion of Champion’s offering, managed by Rand Merchant Bank Nigeria as lead issuing house alongside a consortium of joint issuing houses, signals continued investor appetite for Nigeria’s consumer goods sector. As of January 2026, the Nigerian Exchange crossed the historic NGN 100 trillion market capitalization milestone, with the consumer goods sector accounting for nearly 24% of total market value.
DealHQ Partners, commenting on the successful transaction, stated: “We congratulate Champion Breweries on this important milestone and are pleased to have supported the company as it advances its strategic repositioning into a multi-category, pan-African beverage concern.”
Projects and capital markets practitioner Chioma Eme led the DealHQ Partners team advising on the transaction.
