Champion Breweries Begins N42bn Public Offer

Following approvals from the Securities and Exchange Commission (SEC) and the Nigerian Exchange Limited (NGX), Champion Breweries Plc has commenced its N42 billion public offer of ordinary shares at N16.00 per share,

The Public Offer allows institutional and retail investors to participate in Champion’s next phase of growth as it prepares to acquire the Bullet brand portfolio and expand its footprint across Africa.

The company said the Public Offer follows the N15.9 billion rights issue to existing shareholders, representing the first phase of its two-step capital-raising programme.

The company is offering 2.625 billion shares at N16 per share, with the offer opening on January 8, 2026, and closing on January 21, 2026.

Champion Breweries stated that the net proceeds from the public offer, together with those of the rights issue, will be used for funding the acquisition of the Bullet brand portfolio through an asset carve out that transfers ownership of Bullet’s brands, trademarks, recipes and commercial rights across its African markets to Champion and supporting working capital requirements and growth initiatives in areas such as route to market, marketing, innovation and capacity expansion.

Champion has delivered strong and improving results over the past few years. Revenue increased from N12.7 billion in 2023 to N20.9 billion in 2024, while net income rose from N370 million to N817 million. In the first half of 2025, Champion reported revenue of N15.9 billion and net income of N2.3 billion, representing a record-setting performance and underscoring the robustness of its operating model.

The managing director of Champion Breweries, Dr Inalegwu Adoga said the public offer was for investors to share in the next phase of the company’s growth.

“The opening of our public offer is an invitation for investors to share in the next phase of Champion’s growth. With the Bullet acquisition, we are combining nearly 50 years of brewing heritage with a proven pan African RTD and energy drink platform.”

On his part, David Butler, Group Managing Director of enJOYcorp, said the asset carve-out structure means the company has unlocked FX earnings and scale quickly, without incurring heavy upfront investment in new plants.

“Champion’s story is one of disciplined execution and smart capital deployment.

The asset carve-out structure for Bullet will enable us to unlock foreign exchange earnings and scale quickly, without incurring heavy upfront investment in new plants. This public offer allows a wider pool of investors to participate in that strategy.”

LEADERSHIP reports that the public offer is managed by Rand Merchant Bank Nigeria Limited as Lead Issuing House, with FBNQuest Merchant Bank Limited, FCMB Capital Markets Limited, CardinalStone Partners Limited, Greenwich Merchant Bank Limited, Chapel Hill Denham Advisory Limited, Comercio Partners Capital Limited, and Fortress Capital Limited serving as Joint Issuing Houses. Africa Prudential Plc is the Registrar to the offer.