Champion Breweries Launches ₦42 Billion Public Offering at ₦16.00 Per Share
Champion Breweries Plc has officially opened its ₦42 billion Public Offer of ordinary shares at ₦16.00 per share, having received approval from the Securities and Exchange Commission (SEC) and the Nigerian Exchange Limited (NGX).
This Public Offer presents an opportunity for both institutional and retail investors to participate in Champion’s next growth phase, which includes acquiring the Bullet brand portfolio and expanding its presence across Africa. The offering follows the ₦15.9 billion Rights Issue to existing shareholders, marking the first step in the company’s two-phase capital-raising strategy.
Public Offer Highlights
• Offer size: ₦42 billion
• Structure: 2,625,000,000 Ordinary Shares of 50 kobo each
• Price: ₦16.00 per share, payable immediately upon application
• Application period: January 8 to January 21, 2026
• Listing venue: Nigerian Exchange Limited (NGX)
• Receiving Bank: Access Bank
Investors can apply through designated agents listed in the Prospectus or online via the NGX Invest platform (https://invest.ngxgroup.com).
Intended Use of Funds – Bullet Asset Acquisition
The net proceeds from this Public Offer, combined with those from the Rights Issue, will be used to fund the acquisition of the Bullet brand portfolio through an asset carve-out, transferring ownership of Bullet’s brands, trademarks, recipes, and commercial rights across its African markets to Champion.
Additional funds will support working capital and growth initiatives, including route-to-market strategies, marketing, innovation, and capacity expansion.
Bullet is Nigeria’s leading ready-to-drink alcoholic beverage and one of the top energy drink brands in its markets, currently sold in 14 African countries. The brand generates significant revenue in foreign currency, offering Champion a natural FX hedge and a platform for regional expansion.
Champion’s Performance and Future Outlook
Champion has demonstrated strong growth in recent years, with revenue rising from ₦12.7 billion in 2023 to ₦20.9 billion in 2024. Net income increased from ₦370 million to ₦817 million over the same period. In the first half of 2025, the company reported ₦15.9 billion in revenue and ₦2.3 billion in net income, showcasing a record-breaking performance and the resilience of its operational model.
Management Comments
Dr. Inalegwu Adoga, Managing Director of Champion Breweries Plc, stated:
“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.”
David Butler, Group Managing Director of enJOYcorp, added:
“Champion’s story is one of disciplined execution and smart capital deployment. The asset carve-out structure for Bullet will mean we can unlock FX earnings and scale quickly, without heavy upfront investment in new plants. This Public Offer allows a wider pool of investors to participate in that strategy.”
Issuers and Registrar
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 as Joint Issuing Houses. Africa Prudential Plc is the Registrar.
Prospective investors are advised to thoroughly review the Prospectus and consult their financial advisers before making any investment decisions.