Business
Nigerian Breweries Revenue Surges 35% to N1.467tn in 2024
Nigerian Breweries revenue 2024 rises 35% to N1.467tn as profits rebound, driven by innovation, premiumisation, and cost efficiency
LAGOS, Nigeria, February 16, 2026 – Nigerian Breweries Plc recorded a revenue of N1.467 trillion for the financial year ending December 2024, marking a 35 per cent increase from N1.08 trillion in 2023.
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The audited results filed with the Nigerian Exchange Limited showed the company’s gross profit jumped 77 per cent from N319.92 billion in 2023 to N565.18 billion in 2024, reflecting a strong recovery after a challenging prior year.
Cost of Sales rose to N902.24 billion from N764.52 billion, while Marketing, Distribution and Administration expenses increased by 43 per cent to N364.14 billion.
Uaboi Agbebaku, Company Secretary and Legal Director, attributed the growth to sustained innovation, premiumisation, competitive pricing, and strong commercial execution.
“Group operating profit grew by over 190 per cent, reflecting revenue growth, rigorous cost discipline, productivity gains, and supply chain efficiencies on the back of the 2023 business recovery plan,” Agbebaku said.
He added that net profit rebounded by 168 per cent from the prior year’s net loss, supported by an 83 per cent reduction in net finance costs following the successful 2023 Rights Issue, which deleveraged the balance sheet and reduced foreign currency exposures.
The results also followed the full acquisition and integration of Distell Wines and Spirits Nigeria Limited, completed in 2024 at a one-off integration cost.
The acquisition is expected to expand the company’s portfolio beyond beer and support long-term growth.
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Agbebaku reassured stakeholders that, with shareholder support, innovation, and prudent financial management, Nigerian Breweries remains well-positioned to sustain growth and deliver long-term value.
Business
ISAT Group Rebrands, Partners Afro Mobile to Launch High-Speed Broadband Services in Nigeria by Q3 2026
New identity signals bold expansion as landmark investment accelerates affordable, high-speed connectivity for millions of Nigerians.
Nigeria’s digital economy is set for a major boost as ISAT Group unveiled a new corporate identity and announced a strategic alliance with Afro Mobile, ahead of its Q3 2026 commercial launch.
The partnership is underpinned by Afro Mobile’s acquisition of a 40% equity stake in ISAT Group and a US$3 billion financing package structured by Equiline Finance, positioning the alliance among the largest indigenous broadband investment initiatives in Nigeria’s telecommunications sector.
The rebranding marks ISAT Group’s evolution into a next-generation digital connectivity company focused on broadband, satellite communications and enterprise solutions. Together, the partners will expand affordable, high-speed internet access to homes, businesses, government institutions and underserved communities nationwide.
ISAT Group Chief Executive Officer, Dr. Adeyanju Binuyo, described the development as a transformational milestone.
“Our vision extends beyond connectivity. We are building the digital infrastructure that will power businesses, connect communities, stimulate innovation and accelerate Nigeria’s digital economy. This partnership demonstrates our commitment to making world-class broadband accessible to every Nigerian.”
Group Chairman, Mr. Ganiyou AFOLABI Moustapha, said the alliance reflects ISAT Group’s long-term confidence in Nigeria’s future.
“This investment is a strong vote of confidence in Nigeria’s digital economy. Together with Afro Mobile, we are building a resilient indigenous broadband platform that will create jobs, drive innovation and support inclusive national development.”
With operations commencing in Q3 2026, ISAT Group and Afro Mobile are poised to emerge as a leading indigenous broadband provider, delivering next-generation connectivity that will help bridge Nigeria’s digital divide and power the country’s next phase of economic growth.
Business
UBA Foundation Drives Environmental Awareness with Tree Planting in Lagos Schools for WED 2026
UBA Foundation tree planting initiative marks World Environment Day 2026 with sustainability drive across Lagos schools to promote climate action
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