Unwanted Blessing

It was in the late 90s. I had gone to school in the UK and was living with my aunt. Her elderly neighbours, Mr and Mrs Campbell, lived alone. A carer came in twice a week to take care of them and cater to their needs.

The Campbells were already close to my aunt when I arrived, but their friendship had an unusual beginning. One day, they knocked on her door after the aroma of food coming from her kitchen became too tempting to resist. They had smelled what she was cooking and could no longer bear the torture on their palates. They asked for whatever she was making that day, and that simple encounter became the beginning of a friendship that lasted for years.

Whenever my aunt cooked, she often made a little extra for them. Before long, she realised they preferred coming over to eat with her family rather than taking the food home. Her door became permanently open to them, and over years of shared meals, we got to know the Campbells and their story.

They had four sons before Adiel was born. They were perfectly content with their boys and had no plans of having another child. Then, ten years after their last son, Adiel arrived.

She was not planned, and her parents were not excited about her birth. They did not even try to hide it.

One would have expected an only daughter to become the centre of attention, especially in a family of four boys. But the opposite happened. The Campbells showered love, attention and opportunities on their sons while giving Adiel the bare minimum.

Yet Adiel loved her parents so much that she did not seem to notice.

It was only as she grew older that the differences became impossible to ignore. Her brothers had attended private schools. When it was her turn, her parents could afford the same education, but simply decided it was unnecessary.

Her brothers received brand-new cars when they turned eighteen. When Adiel got to college, she had to work extra jobs to afford a second-hand car.

Still, she remained devoted to her parents.

After college, she moved out of their home but deliberately settled in a nearby city so she could visit them whenever she wanted. By then, her brothers had become successful and moved to different cities. They were all married, had demanding jobs and families, and somehow became too busy to visit home.

They could send money when they remembered or when they felt like it, but calling their parents or making the journey home became increasingly difficult. At some point, they even suggested moving their parents into an elderly home because it would make things easier for everyone.

Adiel refused.

Instead, she arranged for a carer to look after them and continued visiting as often as she could.

Eventually, the Campbells began to understand something painful. The boys they had spent their entire lives raising had little time for them, while the daughter they had once considered a mistake had become the person they could depend on.

The irony was not lost on them.

They had spent years making Adiel feel less important than her brothers, only to discover that she was the one who stayed.

By then, they tried to repair the damage. They became more affectionate. They tried to give Adiel the love they had withheld from her for years. But she was not interested in receiving a love that had arrived as an afterthought.

She loved them anyway.

They were her parents.

That was enough for her.

One Sunday, after visiting her parents, Adiel came to my aunt’s house for brunch. She complained about her brothers and how none of them had visited their parents in almost two years.

My aunt came up with an idea.

Adiel would tell her brothers that their father had died.

The plan was carried out with her father’s full knowledge and permission.

The moment the message was sent, Adiel’s phone began to buzz.

Her brothers suddenly had time.

They called repeatedly. They began discussing the burial almost immediately. They talked about arrangements, logistics, guests and how to give their father a befitting burial.

They suddenly had time to make calls and plans.

Time they had never found to call their living father.

They wanted no expense spared. Their father’s burial had to be impressive. Their friends would be attending. People who mattered to them would be watching.

They spent money freely on a father they had barely visited.

Not one of them came to see their mom to check how she was holding up. Not until the day before the supposed burial.

They all managed to travel down, arriving a day before the funeral, ready to give their dead father the grand farewell they believed he deserved.

Then came the shock.

Their father walked into the house.

Alive. The man they had already buried in their minds stood before them.

He was angry. Deeply angry. But beneath that anger was relief that he had finally been given an opportunity to tell his sons exactly what he thought of them.

Mr and Mrs Campbell had spent their lives raising their children, but their sons had become strangers.

Now, the only thing that seemed to matter to them was organising an event worthy of their status. Their father’s presence had never mattered as much as his funeral.

They bowed their heads in shame and apologised. But their father was not interested in excuses. He told them to leave his house and wait for a refund of every penny they had sent towards the burial that never was.

They left feeling bad.

But feeling bad did not immediately make them change.

Life continued, and so did the distance.

Eventually, the day their father truly died came. This time, Adiel did not bother informing her brothers.

There was no announcement. No frantic phone calls. No elaborate plans.

The first person among them to hear about their father’s death did not find out until four months after he had been buried.

By then, there was nothing left to organise.

No impressive ceremony.

No friends to impress.

No status to protect.

Just a father who had died and a daughter who had quietly buried him.

Perhaps the greatest lesson in the Campbells’ story is that parents sometimes create the very wounds they later spend their lives trying to heal.

Some parents have a favourite child. Some place the male child above the female child. Some invest more in one child while making another feel like an unwanted addition to the family.

They may do it casually, believing that children will eventually understand.

But children remember.

And sometimes, the child they overlook becomes the one who stands beside them when everyone else has gone.

The Campbells called Adiel a mistake.

In the end, she became their blessing.

And the sons they had spent their lives raising became the lesson they never expected to learn.

Africa’s next agripreneurs need more than farming skills – Danjuma

Africa’s next generation of agripreneurs must combine agricultural expertise with financial literacy, technology, marketing and business management to build competitive and sustainable enterprises, Fidelis Danjuma, a mentor with the 2026 Leading Change Accelerator Program (LCAP) Blueprint, has said.

Danjuma said cross-disciplinary mentorship and integrated entrepreneurial training were increasingly necessary to help young Africans transform innovative ideas into viable businesses capable of creating jobs and contributing to economic development.

Speaking with newsmen on the role of mentorship and interdisciplinary collaboration in developing young entrepreneurs, Danjuma said traditional professional silos could no longer adequately prepare innovators for the demands of modern business.

‘Building sustainable businesses requires more than specialised technical knowledge. It demands an integrated, cross-disciplinary ecosystem where ideas, skills, experience and resources can converge to create lasting value,’ he said.

According to him, the agriculture sector illustrates the need for such an integrated approach, given its importance to Africa’s food security, employment and climate resilience.

Danjuma said knowledge of agronomy alone was insufficient to build competitive agribusinesses, urging young agripreneurs to acquire skills in financial management, value-chain operations, digital technology, strategic marketing and risk management.

‘When young innovators combine knowledge of primary-sector practices with modern business principles, agriculture can evolve from a predominantly subsistence activity into a dynamic, competitive and high-growth sector capable of creating jobs and generating sustainable economic value,’ he said.

He identified mentorship as a critical bridge between theoretical knowledge and practical business execution, particularly as young entrepreneurs move from developing an idea to producing a minimum viable product, validating the market and building scalable business models.

‘As mentors, our responsibility is not simply to provide answers. It is to help young innovators ask the right questions, test their assumptions, learn from setbacks and develop the confidence required to execute their ideas,’ Danjuma said.

He said the 10-week LCAP Blueprint programme was designed to equip its 2026 cohort with practical skills, knowledge, networks and confidence to develop sustainable ventures.

Danjuma said the programme’s objective went beyond creating businesses, stressing that it also sought to develop entrepreneurs capable of identifying problems in their communities and designing solutions with measurable economic and social impact.

‘With the right mentorship, ecosystem and opportunities, Africa’s young innovators can move from being participants in the continent’s economic transformation to becoming some of its most important drivers,’ he said.

Ilaji Resort boss, Sanusi celebrates Amb. Kunle Yusuff on global recognition at UN headquarters

The Okanlomo Oodua and Gbonka Olubadan of Ibadanland, Jubril Dotun Sanusi, has described the recognition of Amb. Kunle Yusuff and representation of Nigeria at the United Nations Headquarters in New York as a source of pride for the people of Oyo State.

While congratulating an illustrious son of Oyo State on this recognition, Sanusi stressed that the achievement carries a message for young people across the state: their backgrounds and communities should never limit the height of their dreams or aspirations.

While noting that Amb. Kunle Yusuff’s journey from Arulogun in Ibadan to the global stage is a reflection of service, perseverance, dedication and excellence, saying, ‘When one of our sons stands on an international platform, the hopes, values and aspirations of the people who raised him travel with him,’.

According to him, Amb. Kunle Yusuff’s recognition reflects values for which the people of Oyo State are widely known, including knowledge, courage, hard work, service, perseverance and commitment to humanity.

Sanusi also acknowledged the President and Commander-in-Chief of the Federal Republic of Nigeria, His Excellency President Bola Ahmed Tinubu, and his administration for providing opportunities for capable Nigerians to contribute to national and international service.

He noted that when Nigerians from different communities are given opportunities to serve, their achievements can become a source of inspiration for younger generations and demonstrate that excellence can emerge from every part of the country.

The Okanlomo Oodua urged Amb. Kunle Yusuff to regard the international recognition not as a destination, but as another beginning for greater service to Oyo State, Nigeria, Africa and humanity.

He encouraged him to use the platform and experience gained through international engagement to open doors for others, contribute to sustainable development and empower young Nigerians.

Sanusi further noted that the journey of Amb. Kunle Yusuff should inspire young people across Ibadan, Oyo, Ogbomoso, Iseyin, Saki, Eruwa and other communities across the state to continue pursuing knowledge, developing their talents and preparing themselves for opportunities that may come their way.

He also acknowledged the sacrifices of parents, families and communities that continue to invest in the education and development of younger generations.

Jubril Dotun Sanusi therefore called on the people of Oyo State to celebrate and encourage excellence wherever it is found, stressing the importance of producing more men and women capable of representing the state and Nigeria with dignity on the global stage.

He congratulated Amb. Kunle Yusuff on the milestone and expressed hope that his continued journey would create greater opportunities for service and positive impact.

‘From Arulogun to Ibadan, from Oyo State to Nigeria, and from Nigeria to the global stage, may the journey continue,’ he said.

Germany, Nigeria seal fresh industrial push as Abuja summit opens $3.5bn trade frontier

Abubakar Atiku Bagudu, Minister of Budget and Economic Planning, and Johannes Lehne, Deputy Head of Mission at the German Embassy, have led renewed efforts by Nigeria and Germany to deepen industrial cooperation, as German machinery manufacturers and Nigerian industrialists converged in Abuja to unlock new investments in cement, mining, steel and building materials.

The high-level engagement, which brought together what organisers described as the largest German industry-focused delegation to Nigeria, was held in Abuja, under the German-Nigeria Cement, Building Materials and Mining Technology Conference.

Chux Onaa, convener and head of the German delegation, said the partnership must move beyond conventional trade to long-term industrial cooperation anchored on technology, investment and trust.

‘The strongest commercial relationships are built not only on technology and investment, but also on trust and a shared vision,’ Onaa said.

Bagudu highlighted Nigeria’s recent pound 364 million export credit guarantee agreement with Germany, saying it would strengthen the financial framework for industrial ventures and support private-sector-led growth under President Bola Tinubu’s Renewed Hope Agenda.

In his remarks, Lehne said Germany was seeking a durable partnership with Nigeria rather than short-term commercial opportunities.

‘We are not looking for one-off solutions. We want long-term partnerships; we want to develop the future together,’ he said. He disclosed that Germany’s portfolio in Nigeria had exceeded pound 600 million, while bilateral trade had risen from about $2.5 billion to more than $3.5 billion.

The German delegation also met Shuaibu Abubakar Audu, Minister of Steel Development, to explore cooperation in steel production, mineral processing, technology transfer and equipment manufacturing.

The conference featured German technology presentations, a panel on export and trade finance involving DEG, Access Bank and German Desk, and a business-to-business session linking Nigerian industrialists directly with German original equipment manufacturers.

The organisers said the initiative could accelerate technology-driven industrialisation as Nigeria pursues its $1 trillion economy ambition.

Real Madrid blow as Mbappe suffers knee injury

Mbappe sustained a hyperextension of the posterior capsule of his left knee during France’s 1-0 Nations League victory over Turkey on Friday.

The French forward scored the only goal of the match 10 minutes into the second half, curling a shot into the bottom-left corner from inside the box before leaving the pitch shortly afterwards.

‘Following tests carried out today by Real Madrid’s medical department on our player Kylian Mbappe, he has been diagnosed with a hyperextension of the posterior capsule of his left knee,’ the Spanish club said in a statement.

The injury rules the France captain out of the remainder of the national team’s Nations League fixtures over the next 10 days.

New France coach Zinedine Zidane said the team would not take risks with Mbappe’s fitness, with France travelling to Belgium on Monday before facing Italy and Belgium at the Stade de France on October 2 and 5.

The timing of the injury has raised concerns at Real Madrid, with the club preparing to resume La Liga action after the international break.

Madrid’s first fixture back is against Villarreal on October 10, although Mbappe’s return for that game remains uncertain.

Spanish newspaper AS reported that the forward could be fit in time for Real Madrid’s El Clasico against Barcelona on October 25.

Mbappe’s absence would be a significant setback for Real Madrid, given his importance to the club’s attack and his role as France captain.

For now, the extent of the injury and his recovery timeline will determine whether Real Madrid must cope without their leading forward for several weeks or potentially longer.

Peter Obi not godfather to Soludo’s children, aide clarifies

Peter Obi is not the godfather of any of Governor Chukwuma Soludo’s children, the Anambra State First Lady’s media aide, Daniel Ezeigwe, has clarified.

Ezeigwe issued the clarification on Saturday after a comment by Obi at the 22nd Conference of the Nigerian Guild of Editors in Enugu generated public interest.

Obi, a former governor of Anambra State and presidential candidate of the Labour Party in the 2023 election, had said he and his wife were godparents to Soludo’s children while dismissing reports of a rift between him and the governor.

‘People might not know, my wife and I are godparents to Soludo’s children. Yes, we are that close. So we are not quarrelling, and we will never quarrel. If I see him any day, me and him will hug and everything. If they say anything, I’ll answer them,’ Obi said.

The comment was subsequently circulated widely on social media, prompting questions about the nature of the relationship between the two families.

In a statement, Ezeigwe said Obi’s claim was incorrect and provided details of the actual godparent relationships involving the families.

‘The attention of the First Lady of Anambra State, Dr Nonye Soludo, has been drawn to a viral video in which the former Governor of Anambra State, Mr Peter Obi, claimed that ‘he and his wife are godparents to Soludo’s children’,’ he said.

‘Following the widespread circulation of the video, we have received several calls and enquiries seeking clarification on the claim.

‘We hereby state clearly that the claim, as presented, is false. For the avoidance of doubt:

‘Mr Peter Obi is not a godfather to any of the children of Professor Chukwuma and Dr Nonye Soludo.’

Ezeigwe said Dr Nonye Soludo serves as the confirmation godmother to Obi’s daughter, while Obi’s wife, Margaret, is the baptismal godmother to one of Soludo’s daughters.

‘Dr Nonye Soludo, First Lady of Anambra State, is the confirmation ‘godmother’ to Peter Obi’s daughter,’ the statement said.

‘Mrs Margaret Obi, wife of Mr Peter Obi, is the baptismal godmother to one of Prof Chukwuma Soludo’s daughters.’

‘Neither Mr Obi nor Professor Soludo has served as a godparent to the other’s children,’ it added.

The aide said Obi may have misspoken while making his remarks but said the widespread circulation of the video made it necessary to clarify the relationship.

‘It is possible that Mr Peter Obi simply misspoke in the course of making his remarks. However, given the widespread circulation of the video and the enquiries it has generated, it is important that the record be set straight,’ he said.

He added that the relationship between the two families remained cordial despite their political differences.

‘The relationship between the two families is cordial and there is no need to misrepresent it in any manner,’ the statement said.

Obi had also described Soludo as a close associate, recalling their relationship from his time as governor and Soludo’s career in banking.

‘Me and Soludo are close. As a banker, he was my customer. And we have not changed. If I see him, I greet him, I respect his office he’s the governor,’ Obi said.

‘So, we’re not quarrelling! And we will never quarrel! If I see him any day, me and him will hug and everything.’

Recipe of the Week: Shakshuka

The name shakshuka is commonly understood to mean ‘a mixture’ or ‘all mixed up’ in Arabic, which suits the dish. It is a North African meal, strongly associated with Tunisia, made by cooking tomatoes, peppers and onions together before cracking eggs into the sauce to cook. It is usually served straight from the pan with bread.

It is simple enough for a weekend breakfast and does not require a long list of ingredients. If you already have tomatoes, pepper, onions and eggs at home, you are halfway there.

Shakshuka

Serves: 2

Prep time: 10 minutes

Cooking time: 20 minutes

Ingredients

4 eggs

4 medium tomatoes, chopped

1 small onion, chopped

1 red bell pepper, chopped

1-2 fresh peppers, chopped

2 cloves of garlic, minced

1 tablespoon vegetable or olive oil

½ teaspoon paprika

½ teaspoon cumin

Salt to taste

A small handful of parsley or coriander, optional

Bread, to serve

Method

Heat the oil in a frying pan over medium heat.

Add the onions and cook for about 2 minutes until they soften.

Add the garlic, bell pepper and fresh pepper. Cook for another 2-3 minutes.

Add the tomatoes, paprika, cumin and a little salt. Stir and allow the mixture to cook for about 8-10 minutes until the tomatoes break down and the sauce thickens.

Use a spoon to make four small wells in the sauce.

Crack an egg into each well.

Cover the pan and cook for about 5-7 minutes, or until the egg whites are set and the yolks are cooked to your preference.

Sprinkle with parsley or coriander, if using, and serve warm with bread.

For a little more heat, use fresh Scotch bonnet pepper. If you prefer a milder breakfast, leave it out or use just a small amount.

Serve it straight from the pan with toasted bread, Agege bread or another bread you enjoy.

Keep some of the egg yolk soft if that is how you like it, so it mixes into the tomato sauce when you break into it.

Fidelity leads FTSE stocks gain as bank trading surges

Nigerian stocks included in the FTSE Russell Frontier Market Index recorded a broadly positive performance this week, with 16 of the 31 stocks gaining as investor attention remained focused on large-cap equities following Nigeria’s return to the global index.

Six stocks declined, while nine closed unchanged, according to BusinessDay analysis of the weekly performance recorded by the Nigerian Exchange Group.

The strongest gain came from NAHCO, which rose 16.92 percent during the week, followed by Fidelity Bank, up 9.56 percent. Stanbic IBTC and NASCON also recorded strong gains of 7.19 percent and 7.10 percent, respectively.

Other notable gainers included Zenith Bank, which advanced 4.90 percent, Fidson Healthcare, up 5.25 percent, and First HoldCo, which gained 3.13 percent. GTCO rose 2.39 percent, UBA gained 2.04 percent, and Access Holdings increased 1.84 percent.

‘Financial services stocks leading the gainers is understandable given the recent 350bps MPR cut to 23%. Lower interest rates can support credit growth, reduce funding costs and improve the valuation of financial assets. The sector is also one of the most liquid parts of the NGX, making it a major beneficiary when investor sentiment improves,’ said Kehinde Jones, head of research and strategy at Anchoria Securities.

‘Looking ahead, the outlook for financial services stocks remains positive, but the key will be how quickly the rate cut translates into lower lending rates, stronger credit growth and improved economic activity.

‘Investors will also need to watch net interest margins, loan growth, asset quality and impairment charges. For the broader equities market, lower rates, improving market accessibility and stronger investor participation provide a supportive environment, although valuations and earnings growth will become increasingly important after the strong gains already recorded.’

The week’s gains came shortly after Nigeria officially returned to FTSE Russell’s Frontier Market status on September 21, reopening the market to a wider pool of global benchmark-tracking investors.

FTSE Russell’s reclassification has been associated with expectations of increased foreign participation and liquidity in eligible Nigerian equities.

‘The outlook remains constructive, but there are risks. The 350-bps MPR cut to 23 percent should support liquidity and equities, but a faster-than-expected easing cycle could also narrow the yield advantage that attracts foreign capital,’ Abiodun Ogunniyi, head of research at GTI Investment said.

‘The 2027 pre-election fiscal cycle is another risk if increased spending puts pressure on inflation, the naira, or interest rates. Globally, renewed tightening in developed markets could also divert some capital away from emerging markets.’

Fidelity Bank leads trading activity

Trading activity among the constituents was led by Fidelity Bank Plc, which recorded 893.69 million shares valued at N18.30 billion, followed by Zenith Bank Plc with 260.08 million shares worth N34.00 billion.

Collectively, the 31 FTSE Russell constituents recorded 2.21 billion shares in turnover worth N120.31 billion during the week.

This accounted for nearly half (47.1percent) of the entire Nigerian Exchange’s (NGX) total weekly equity turnover of 4.69 billion shares valued at N240.82 billion.

The activity is important because the return of Nigeria to the FTSE Russell benchmark does not necessarily mean that buying will be evenly distributed across all 31 stocks.

Initial market activity has shown that global investors can concentrate demand in larger and more liquid names, particularly major banks.

Ayomide Emmanuel, investment officer at Marathon Asset and Fund Management, noted that the divergence between gainers and decliners reflects strategic portfolio rebalancing.

‘Investors are rotating capital out of mid-cap banking and consumer goods names to fund positions in higher-yielding Tier-1 banks and blue-chip equities,’ Emmanuel said.

‘Additionally, local institutional positioning ahead of upcoming market liquidity events and corporate disclosures has induced selective profit-taking across secondary constituent names.’

However, market observers caution against expecting an immediate, across-the-board windfall. In a one-on-one session, Victor Odulate, Esq., director at Redhill Media, emphasised that full institutional deployment takes time.

‘Regarding this week’s performance, it is simply too early to attribute it strictly to the FTSE Russell re-listing,’ Odulate said.

‘Reclassification only took effect on Monday, September 21st, and institutional passive funds do not deploy all their capital at once. Due to post-earnings drift and portfolio management strategies, institutional buyers spread their entries out over time, meaning any significant market reaction will take months, not days, to fully play out. Furthermore, the FTSE Russell Frontier Markets Index is not tracked by a massive volume or value of funds compared to heavier indices like the MSCI.’

On the losing side, Wema Bank fell 3.76 percent, making it the biggest decliner among the constituents.

MTN Nigeria declined 3.03 percent, while United Capital, Nigerian Breweries, Dangote Sugar, and FCMB fell 2.29 percent, 1.87 percent, 0.70 percent, and 0.45 percent, respectively.

Looking ahead, market participants expect several major catalysts over the next three months to dictate market direction.

First, sentiment is anticipated to shift as the prospective listing of the Dangote Petroleum Refinery approaches, which could help curb capital bleeding from secondary market equities.

Second, the upcoming Q3 earnings season alongside audited H1 results for Tier-1 banks will provide updated clarity on corporate health and drive the next wave of positioning.

NIS extends UK passport Intervention exercise to October 30

The Nigeria Immigration Service (NIS) has extended its Special Passport Intervention Exercise in the United Kingdom to October 30, 2026, following sustained demand and a high turnout by Nigerians seeking passport services.

The Service said the extension, which takes effect from October 6 and will run until October 30, was approved following a directive by Olubunmi Tunji-Ojo, Minister of Interior.

In a public announcement issued on Friday, Akinsola Akinlabi, Service Public Relations Officer, NIS headquarters, Abuja, urged Nigerian communities across the UK to take advantage of the extended exercise to renew their passports.

According to the Service, the intervention exercise will continue at designated centres in London, Manchester and Aberdeen, while the venue for the Cardiff centre will be announced separately.

The London centre is located at 56-57 Fleet Street, Temple, London EC4Y 1JU, while the Manchester exercise will be held at the Nigerian House, 23 Platt Lane, Manchester M14 5NE.

In Aberdeen, applicants are expected at the Hilton Convention Centre, 13 Smithfield Road, Aberdeen, AB24 4NR.

The NIS said the venue for the Cardiff centre would be announced in a subsequent public notice, advising applicants to monitor the Nigeria High Commission’s website and official NIS communication channels for updates.

It, however, said applicants intending to use the Cardiff centre could proceed with booking their appointments pending the announcement of the venue.

The Service directed applicants to book appointments through the designated online portal or via the Nigeria High Commission’s website, stressing that applicants must adhere strictly to their scheduled dates and times.

It said the appointment system was designed to ensure an orderly process, minimise delays and enable immigration officials to attend to applicants efficiently throughout the extended exercise.

The NIS also reminded Nigerians in the UK that its Contactless Passport Application System remains operational, allowing eligible applicants to renew their passports without physically visiting a Nigerian embassy, high commission or consulate.

Applicants are required to present a completed application form, payment slips as proof of payment, an intervention appointment printout and a self-addressed return envelope.

Applicants seeking passport renewal must also present their current passports, which the Service said was mandatory.

The NIS further warned that cash payments would not be accepted at the intervention venues.

For enquiries and assistance, applicants can contact the Service through [email protected] or via WhatsApp on +234 916 087 8000.

The Service urged applicants to cooperate with immigration officials and comply with the procedures to ensure a smooth and orderly exercise.

The NIS said the extension reflected its commitment to providing efficient, transparent and responsive passport services to Nigerians in the diaspora.

Inside the acquisition race reshaping Nigeria’s consumer goods market

Acquisitions are becoming an increasingly important growth strategy for Nigeria’s consumer companies as weaker purchasing power, higher operating costs, and moderating inflation make it harder to grow existing businesses alone.

For UACN Plc, Nigerian Breweries Plc and Champion Breweries Plc, recent acquisitions have coincided with sharp changes in revenue, asset size and cash generation. Still, the impact on profitability has been less uniform.

A BusinessDay analysis of their half-year financial results shows that all three companies recorded significant revenue expansion around their respective acquisition periods, with UACN posting the biggest increase. Its revenue rose from N110.41 billion in the first half of 2025 to N364.97 billion in the first half of 2026, while Champion Breweries’ revenue more than doubled to N35.73 billion from N15.93 billion.

Nigerian Breweries, which acquired an 80 percent stake in Distell Wines and Spirits Nigeria in June 2024 before buying the remaining 20 percent in February 2025, increased revenue from N479.77 billion in the first half of 2024 to N803.68 billion in the first half of 2026.

The numbers suggest that acquisitions have helped these companies broaden their revenue bases, but the financial outcomes show an important distinction between getting bigger and becoming more profitable.

UACN’s acquisition delivers the biggest expansion

UACN provides the clearest example of how an acquisition can materially change a consumer company’s scale.

The conglomerate agreed to acquire CHI Limited, the maker of the Chivita and Hollandia brands, from The Coca-Cola Company in 2025. UACN described the transaction as part of its growth strategy and highlighted CHI’s presence across dairy products, juices, nectars, still drinks, and snacks.

The impact is reflected in the company’s financial results. UACN’s first-half revenue rose from N110.41 billion in 2025 to N364.97 billion in 2026, an increase of about 231 percent. That means the group’s revenue was more than three times its level a year earlier.

The scale of the change is also visible on the balance sheet. Total assets rose from N161 billion in the first half of 2025 to N557 billion in the first half of 2026, an increase of roughly 246 percent.

UACN gained exposure to a much larger packaged food and beverage platform while adding brands with established positions in categories such as dairy and fruit beverages.

UACN’s profit after tax increased from N7.35 billion in the first half of 2025 to N20.03 billion in the first half of 2026, representing growth of about 172 percent.

Although that seems like a substantial improvement in earnings but it lagged on margins. As a result, net profit margin fell from about 6.7 percent to 5.5 percent.

During the period, UACN’s finance cost increased from N6.18 billion in the first half of 2025 to N26.83 billion in the first half of 2026.

An earlier BusinessDay report showed that the increase was primarily driven by debt taken on to fund the major acquisition of CHI Limited, higher market interest rates, and increased short-term borrowings.

Cash generated from operating activities increased from N10.84 billion in the first half of 2025 to N74.32 billion in the first half of 2026. That is more than a sixfold increase and provides a stronger indication that the enlarged business was generating substantial operating cash alongside the reported accounting profit.

Nigerian Breweries uses acquisition to move beyond beer

Nigerian Breweries’ acquisition of Distell Wines and Spirits Nigeria provides a different version of the same strategy.

The brewer completed the acquisition of an 80 percent stake in Distell Nigeria in June 2024 and acquired the remaining 20 percent in February 2025, giving it full ownership. The company said the transaction would help it expand beyond beer, while moving Distell’s production operations to its own facilities would allow the business to benefit from economies of scale.

The acquisition also brought wine, spirits and ready-to-drink products into a business historically dominated by beer.

The financial data show that Nigerian Breweries’ revenue increased from N479.77 billion in the first half of 2024 to N803.68 billion in the first half of 2026, a 67.5 percent increase.

Unlike UACN, however, the company entered the acquisition period from a position of considerable earnings weakness.

Profit after tax was negative N85.19 billion in the first half of 2024. By the first half of 2025, it had swung to a profit of N88.42 billion and increased further to N92.96 billion in the first half of 2026.

The turnaround is significant, as Nigerian Breweries was also recovering from the severe cost and foreign-exchange pressures that had affected its profitability in the preceding period.

The company’s finance cost provides another important piece of the story.

Finance costs peaked at N42.54 billion in the first half of 2024, around the time of the acquisition, before falling to N20.51 billion in 2025 and N10.16 billion in 2026 as they paid back a lot of their foreign-denominated debt.

At the same time, operating cash flow swung from a negative N115.72 billion in the first half of 2024 to positive N7.18 billion in 2025 and N111.07 billion in 2026.

This means the company’s recovery has not only appeared in reported earnings but has also been accompanied by a substantial improvement in cash generation.

The strategic importance of Distell also goes beyond the immediate revenue contribution.

Nigerian Breweries is using the acquisition to diversify its portfolio and build scale in wines, spirits and RTD beverages, while integrating production into its existing infrastructure.

The company’s expectations also point to synergies from economies of scale, an expanded brand portfolio, access to new markets and improved operational efficiencies.

Champion’s Bullet bet is built around diversification

Champion Breweries offers the most aggressive example of an acquisition-led attempt to change the shape of a relatively small business.

The company completed its acquisition of the Bullet brand portfolio in February 2026, expanding beyond its traditional brewing operations into ready-to-drink alcoholic beverages and energy drinks. The portfolio is distributed across 14 African markets, giving Champion a much broader geographic footprint.

The transaction was funded substantially through capital-market activity. Champion’s public-offer prospectus showed that about N37.27 billion, representing 91 percent of the net proceeds from the offer, was earmarked for the Bullet acquisition, while its rights issue was also directed entirely towards the transaction.

The timing makes Champion’s first-half 2026 numbers particularly interesting.

Revenue increased from N15.93 billion in the first half of 2025 to N35.73 billion in the first half of 2026, representing growth of 124.3 percent.

That makes Champion’s revenue growth comparable to the sharp expansion seen in UACN, despite Champion operating on a much smaller base.

Its operating cash generation also improved significantly. Cash from operating activities rose from N2.19 billion to N8.45 billion over the same period.

However, profitability has not expanded at the same pace.

Profit after tax increased from N2.28 billion in the first half of 2025 to N2.65 billion in the first half of 2026, an increase of only about 16 percent.

Consequently, net profit margin fell from about 14.3 percent to 7.4 percent.

Finance costs provide a major explanation for the divergence. Champion’s finance cost rose from just N543 million in the first half of 2025 to N4.91 billion in the first half of 2026.

The acquisition has therefore produced a striking increase in scale, but the first-half figures do not yet show a comparable increase in bottom-line profitability.

That is not necessarily evidence that the acquisition has failed. The Bullet transaction was only completed in February 2026, meaning the first-half results capture only the early stages of integration. Champion also raised capital specifically to fund the acquisition, creating financing and transaction costs before the full benefits of the enlarged portfolio have had time to emerge.

The company’s own announcement said the acquisition was intended to provide portfolio diversification, greater distribution leverage, supply-chain efficiencies and access to additional African markets.

The investment question is therefore less about whether Champion has expanded – the numbers clearly show that it has – and more about whether the additional revenue can eventually generate enough earnings and cash flow to justify the capital committed to the transaction.