Economy
Rand Merchant Bank Facilitates Champion Breweries N30bn Bond Issuance
By Aduragbemi Omiyale
Champion Breweries Plc recently issued its 5-year fixed rate senior unsecured bond to investors at a coupon of 19.50 per cent under its N45 billion bond issuance programme.
The exercise saw about N30 billion raised, with participation from a diverse set of institutional investors, including Pension Fund Administrators (PFAs), asset managers, trustees, a bank, a registrar and High Net-Worth Individuals (HNIs), underscoring strong confidence in Champion Breweries’ credit quality and long-term growth strategy under its management team and board of directors.
Business Post reports that one of the major facilitators of the transaction was Rand Merchant Bank, which acted as lead issuing house and bookrunner.
Proceeds from the issuance would be strategically used to enhance operational efficiency, enabling Champion Breweries sustain growth and deliver long-term value to stakeholders.
This landmark transaction marks a significant milestone as Champion Breweries continues to expand its footprint and strengthen its position in Nigeria’s beverage industry.
It is the first bond to be issued by a player in the breweries sub-sector in Nigeria, signalling the company’s ambition to diversify its funding sources, strengthen its capital structure, and position Champion Breweries for sustainable growth in a competitive market.
“The successful bond issuance is more than a financing milestone; it is a statement of intent. By accessing the debt capital markets, we have demonstrated the strength of our governance, the resilience of our business model, and the confidence investors place in our long‑term vision,” the chairman of Champion Breweries, Mr Imo-Abasi Jacob, commented.
On his part, the chief executive of Champion Breweries, Mr Inalegwu Adoga, said, “This successful Bond Issuance reflects investor confidence in Champion Breweries and our strategic direction under EnjoyCorp. With this capital, we are focused on driving operational efficiency and unlocking opportunities that will sustain growth and reinforce our leadership in Nigeria’s beverage market.”
Also speaking, an Executive Director at Rand Merchant Bank Nigeria Limited and Head of Investment Banking for Broader Africa, Mr Chidi Iwuchukwu, said, “Champion Breweries Plc’s maiden Bond Issuance is a significant milestone for the breweries sub-sector and reflects the increasing depth of Nigeria’s debt capital markets.
:Rand Merchant Bank is proud to have partnered with Champion Breweries as lead issuing house and bookrunner, leveraging our expertise in credit ratings advisory, transaction structuring, debt advisory, as well as investor and regulatory engagements to deliver seamless execution.
“This success reinforces our commitment to delivering holistic solutions that help clients achieve strategic objectives and set new benchmarks. We appreciate Champion Breweries Plc’s confidence in RMB Nigeria throughout this journey.”
The chief executive of RMB Nigeria, Mr Bayo Ajayi, said, “We are proud to have led and advised Champion Breweries through the process of accessing long-term funding from the debt capital markets.
“This transaction demonstrates the depth and sophistication of Nigeria’s debt capital markets. At RMB Nigeria, we remain committed to structuring solutions that meet our clients’ funding needs while contributing to the development of Nigeria’s capital markets. Champion Breweries’ successful issuance sets a strong precedent for future bond issuances from players in the breweries sub-sector.”
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
