Champion Breweries Plc (NGX:CHAMPION) has launched a NGN42bn ($28.6mn) public offer of ordinary shares, following approvals from the Securities and Exchange Commission (SEC) and the Nigerian Exchange.

The brewer is offering 2.625bn ordinary shares of 50 kobo each at NGN16.00 ($0.0109) per share, payable in full on application. The offer opened on January 8, 2026 and will close on January 21, 2026, the company said. Proceeds are earmarked to fund the planned acquisition of the Bullet brand portfolio and support the company’s expansion strategy across African markets.

Champion Breweries managing director Inalegwu Adoga said in a statement, “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."

The public offer is the second phase of Champion’s two-step capital-raising programme, following a NGN15.9bn ($10.8mn) rights issue to existing shareholders completed earlier. Combined, the rights issue and public offer will increase Champion’s share base and improve its equity base.

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.”

Champion has not disclosed the expected closing date or valuation of the planned Bullet acquisition. The Bullet brand portfolio comprises mainstream and value beer brands that the company says will complement its existing product range and help broaden market appeal.

The expanded capital base could provide Champion with greater balance-sheet flexibility to pursue strategic deals and capacity expansion, although execution risk on acquisitions and integration remains a key near-term focus.

The NGX said the approvals followed a review of Champion’s offer documentation in line with exchange rules, while the SEC cleared the transaction under Nigeria’s capital market regulations. The exchange noted that public offers must comply with ongoing disclosure and reporting requirements.

Champion Breweries Plc is a Nigeria-based alcoholic beverage producer with operations in the country’s south-south region, manufacturing lager beers and malt drinks for the domestic market. Expansion beyond Nigeria has been a strategic focus as the company seeks to increase scale and regional reach.