In a significant move to fuel its ambitious growth strategy, Champion Breweries Plc has commenced a major public offering of shares worth N42 billion. The offer, priced at N16 per ordinary share, represents a pivotal phase in the beverage company's capital-raising programme aimed at regional expansion.
Offer Details and Strategic Rationale
The public offer officially opened on 8 January 2026, following the necessary green lights from the Securities and Exchange Commission (SEC) and the Nigerian Exchange Limited (NGX). It is available to all classes of investors, from large institutions to individual retail participants. This marks the second leg of the company's fundraising initiative, coming on the heels of a successful N15.9 billion rights issue offered exclusively to existing shareholders.
Through this combined exercise, Champion Breweries is issuing a total of 2.625 billion ordinary shares of 50 kobo each. The primary objective is to finance the strategic asset carve-out acquisition of the Bullet brand portfolio. This deal will see the ownership of Bullet's popular brands, trademarks, secret recipes, and commercial rights across Africa transferred to Champion.
Funding Growth and Unlocking Value
The net proceeds from this capital raise are earmarked for several key growth drivers. The cornerstone is the Bullet acquisition, which management believes will transform the company's scale and reach. Bullet is Nigeria's leading ready-to-drink alcoholic beverage and a top energy drink brand in its operating markets, currently sold in 14 African countries.
Dr Inalegwu Adoga, Managing Director of Champion Breweries Plc, stated that the transaction offers investors a clear opportunity to be part of the company's next growth chapter. He emphasized that merging Champion's nearly 50-year brewing heritage with Bullet's established pan-African platform creates a powerful combination.
Additional funds will be channelled into working capital, route-to-market expansion, marketing campaigns, product innovation, and enhancing production capacity. A major advantage of the Bullet portfolio is its generation of significant foreign currency revenue, providing Champion with a natural hedge against exchange rate fluctuations and a scalable platform for further regional growth.
Strong Financial Momentum and Consortium Backing
The capital raise is underpinned by Champion Breweries' robust financial performance. Revenue surged from ₦12.7 billion in 2023 to ₦20.9 billion in 2024, while net profit more than doubled from ₦370 million to ₦817 million. This positive trajectory accelerated in the first half of 2025, with the company posting its strongest ever half-year results: ₦15.9 billion in revenue and ₦2.3 billion in net income.
David Butler, Group Managing Director of enJOYcorp, Champion's parent group, highlighted that the company's growth is built on disciplined execution. He explained that the asset carve-out structure for Bullet is designed to rapidly unlock foreign earnings without the burden of heavy upfront investment in new factories.
The offer is being managed by a strong consortium of financial institutions. Rand Merchant Bank Nigeria Limited is acting as the Lead Issuing House, supported by Joint Issuing Houses including FBNQuest Merchant Bank, FCMB Capital Markets, and CardinalStone Partners. Access Bank is the appointed receiving bank, and Africa Prudential Plc is the Registrar.
The public offer is scheduled to close on 21 January 2026, after which the new shares will be listed on the NGX. Investors can apply through approved agents or electronically via the NGX Invest platform. The company advises all prospective investors to thoroughly review the prospectus and consult professional investment advisers before making a decision.
