NIGERIA – Champion Breweries Plc has launched a N42bn (US$29.38M) Public Offer of ordinary shares, marking a key step in its capital-raising programme aimed at funding expansion and acquiring the Bullet brand portfolio across Africa.
The offer opened on 8 January 2026 and is priced at N16.00 per share, following approvals from the Securities and Exmodify Commission and Nigerian Exmodify Limited (NGX).
Under the offer, the brewer is issuing 2.63bn ordinary shares of 50 kobo each, payable in full on application. The offer is scheduled to close on 21 January 2026, after which the new shares will be listed on the NGX.
The Public Offer represents the second phase of Champion Breweries’ two-step capital-raising strategy, following the successful N15.9bn Rights Issue to existing shareholders.
The company stated proceeds from both exercises will be applied primarily to fund the acquisition of the Bullet brand portfolio through an asset carve-out structure, alongside supporting working capital requirements and broader growth initiatives.
According to Champion, the Bullet asset carve-out will transfer ownership of the brand’s trademarks, recipes, and commercial rights across its African markets to the company. The relocate is expected to strengthen Champion’s regional footprint and enhance its foreign currency earnings profile.
Champion Breweries’ Managing Director, Inalegwu Adoga, stated the offer presents an opportunity for investors to participate in the company’s next stage of 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 ready-to-drink and energy drink platform,” Adoga stated.
Also speaking, David Butler, Group Managing Director of enJOYcorp, described the transaction as a strategic approach to scaling operations across multiple markets.
“Champion’s story is one of disciplined execution and smart capital deployment. The asset carve-out structure for Bullet will allow us to unlock foreign exmodify earnings and scale quickly, without heavy upfront investment in new plants. This Public Offer enables a wider pool of investors to participate in that strategy,” Butler stated.
Champion noted that Bullet is one of Nigeria’s leading ready-to-drink alcoholic beverages and ranks among the top energy drink brands in its markets. The brand is currently sold in 14 African countries, with a significant share of revenues generated in foreign currency, providing a natural hedge against exmodify rate volatility.
The brewer has posted strong financial growth in recent years. Revenue increased from N12.7bn (US$8.88M) in 2023 to N20.9bn (US$14.62M) in 2024, while net income rose from N370m (US$258.84K) to N817m (US$571.55K). In the first half of 2025, Champion recorded N15.9bn (US$11.12M) in revenue and N2.3bn (US$1.61M) in net income, its strongest half-year performance to date.
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