Champion Breweries Opens N42bn Public Offer After SEC, NGX Approval 

Kayode Tokede 

Champion Breweries Plc has announced the official opening of its N42 billion Public Offer of ordinary shares at N16.00 per share, following approvals from the Securities and Exchange Commission (SEC) and the Nigerian Exchange Limited (NGX).

The public offer gives institutional and retail investors an opportunity 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 public offer follows the N15.9 billion  rights issue to existing shareholders, representing the first phase of the Company’s two-step capital-raising programme.

The company offers structure at 2,625,000,000 ordinary shares of 50 kobo each with an offer price of N16.00 per share, payable in full on application. The application opens on January 8, 2026 and closes January 21, 2026. 

The management of Champion Breweries revealed  that the net proceeds from the public offer, together with those of the rights issue, will be used to fund 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.

Also, the proceeds will be used to support the company’s working capital requirements and growth initiatives in areas such as route to market, 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 of presence. The brand is currently sold in 14 African countries and earns a significant portion of its revenues in foreign currency, providing Champion with a natural FX hedge and a platform for continued regional expansion.

Champion has delivered strong and improving results in recent 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 N15.9 billion in revenue and N2.3 billion in net income, representing a record setting performance and underlining the robustness of its operating model.

The Managing Director of Champion Breweries, Dr Inalegwu Adoga in a statement said, “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.”

Also, the Group Managing Director, enJOYcorp, David Butler 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.”

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. Prospective investors are advised to read the Prospectus carefully and to consult their stockbrokers, bankers or investment advisers before making an investment decision.