Many years ago, Anambra-born billionaire businessman, Chief J. Ukeji, popularly known as Ejison, took a bold gamble on a relatively unknown product category in Nigeria — energy drinks.
At a time when the segment was largely untapped, Ejison introduced Bullet, one of the first energy drinks in the Nigerian market. The brand, owned by UK-based fast-moving consumer goods company , was franchised and distributed in Nigeria and beyond under his leadership.
Bullet would go on to achieve widespread commercial success, becoming a household name and effectively setting the template for what would later become a crowded and competitive energy drink market. Its rise inspired a new wave of traders and importers who saw firsthand the profitability of the category. As a first mover, Bullet enjoyed a significant market advantage and built strong brand equity across multiple African countries.
But as with all business cycles, ownership structures evolve.
In a major corporate development, Sun Mark has now sold the iconic Bullet brand portfolio to Champion Breweries Plc. The transaction, first announced in August 2025, was officially completed this morning, marking one of the most strategic acquisitions in recent Nigerian corporate history.
Full Ownership, Not a Partnership
Under the deal, Champion Breweries acquired the entire Bullet brand portfolio — including trademarks, recipes, commercial rights, and global ownership. This was not a licensing arrangement or distribution partnership; it was a full transfer of ownership.
The acquisition instantly transforms Champion Breweries from a regional player into a pan-African beverage company with operations spanning 14 countries, including Nigeria, Ghana, Cameroon, Côte d’Ivoire, the Democratic Republic of Congo, and Tanzania.
Bullet Black currently ranks as Nigeria’s number one ready-to-drink (RTD) alcoholic beverage, while Bullet Blue has established itself as a leading energy drink brand across several African markets. Rather than investing years building new brands from scratch, Champion effectively acquired a proven, revenue-generating platform with established distribution networks and customer loyalty.
Strategic and Financial Muscle
Before the acquisition, Champion Breweries had already recorded significant financial growth. Revenue rose from ₦12.7 billion in 2023 to ₦20.9 billion in 2024, while profit after tax surged by 121 percent. In the first half of 2025 alone, the company posted ₦15.9 billion in revenue and ₦2.3 billion in net income — both record figures achieved prior to integrating the Bullet portfolio.
To finance the transaction, the company raised ₦15.9 billion through a Rights Issue and launched a ₦42 billion Public Offer at ₦16 per share. In total, investors committed nearly ₦58 billion, reflecting strong market confidence in the acquisition strategy.
International Structure, Local Ambition
The Bullet assets are now housed in a newly created Netherlands-based holding entity, with Champion holding the majority stake while Sun Mark’s parent retains a minority interest. The international structure enhances legal protection and global credibility, while foreign currency earnings from 14 African markets provide a natural hedge against naira volatility.
Industry analysts note that the structure allows for immediate operational integration, with the option to localize production in Nigeria and position the country as a regional export hub in the future.
A 50-Year Evolution
Incorporated in 1974 and long known for products such as Champion Lager and Champ Malta, Champion Breweries operated primarily as an Akwa Ibom-based brewer for nearly five decades.
With this acquisition, the company has transitioned into a multi-category beverage platform with continental reach, foreign exchange earnings, and ownership of one of Africa’s most recognized RTD brands.
The deal received regulatory approvals from the Securities and Exchange Commission (SEC), the Nigerian Exchange (NGX), and the Federal Competition and Consumer Protection Commission (FCCPC), paving the way for completion.
For many observers, the transaction underscores a broader shift in Nigerian corporate ambition — from domestic survival to continental competition. In a single move, Champion Breweries has repositioned itself from a regional operator to a continental contender, reinforcing the growing capacity of Nigerian firms to execute complex, cross-border acquisitions.