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Building on its recent rights issue success, Champion Breweries Plc has officially opened its ₦42 billion Public Offer, following final approvals from the Securities and Exchange Commission (SEC) and the Nigerian Exchange (NGX).
This marks the critical second phase of the company’s ₦58 billion capital-raising program under the stewardship of EnjoyCorp.
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 ₦15.9 billion Rights Issue to existing shareholders, representing the first phase of the Company’s two-step capital-raising programme.
Public Offer Details:
- Offer size: ₦42 billion
- Offer structure: 2,625,000,000 Ordinary Shares of 50 kobo each
- Offer price: ₦16.00 per share, payable in full on application
- Application opens: 8th January 2026
- Application closes: 21st January 2026
- Listing venue: Nigerian Exchange Limited (NGX)
- Receiving Bank: Access Bank
Use of Proceeds
Bullet Asset Carve Out Net proceeds from the Public Offer, together with those of the Rights Issue, will be applied as follows:
- 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.
- Supporting 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’s Performance and Growth Outlook
Champion has delivered strong and improving results in recent years. Revenue increased from ₦12.7 billion in 2023 to ₦20.9 billion in 2024, while net income rose from ₦370 million to ₦817 million.
In the first half of 2025, Champion reported ₦15.9 billion in revenue and ₦2.3 billion in net income, representing a record setting performance and underlining the robustness of its operating model.
Dr Inalegwu Adoga, Managing Director of Champion Breweries Plc, 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.”
David Butler, Group Managing Director, 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.”
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.
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