Onome Amuge
Unilever Nigeria has moved to deepen its innovation capabilities and accelerate product development across its consumer brands with the appointment of seasoned research and development specialist, Uchenna Nwakanma, as executive director, effective November 13, 2025. The Nigerian Exchange Limited disclosed the board change in a notice to investors.
The appointment, confirmed in a statement by company secretary Peter Dada, marks a departure from the traditional finance- or operations-heavy executive board composition dominant among local FMCG players. Instead, Unilever is elevating a core innovation specialist—an indication that the company is prioritising product development and portfolio renewal at a time when shifting consumer wallets and evolving regulatory demands are reshaping competition.
Nwakanma currently serves as Research & Development Director for Unilever’s personal care category across the Africa Cluster, where he oversees regional innovation pipelines and technical strategy.
His experience spans personal care, home care, baby care, pesticides, lavatory care and OTC pharmaceuticals. Prior to joining Unilever, Nwakanma held R&D leadership roles at PZ Cussons and Reckitt Benckiser, where he managed continent-wide innovation pipelines and capability-building programmes. He is credited with helping both companies consolidate market share in key categories through technical upgrades and consumer-centric product iterations.
Beyond corporate roles, he has worked with regulatory and standards-setting bodies including the Standards Organisation of Nigeria (SON) and the Manufacturers Association of Nigeria (MAN), promoting quality benchmarks, sustainability practices, and local value creation.
For Unilever Nigeria, which operates in a sector facing rising production costs and increasingly price-sensitive consumers, Nwakanma’s appointment is expected to help the company accelerate cost-efficient reformulation strategies and strengthen localisation efforts. “The Board warmly welcomed Uchenna Nwakanma and wishes him all the best in his new role,” the company said.
Nwakanma, an industrial chemist with an MBA in general management, is also a member of the Chartered Institute of Chemists of Nigeria.
Following the appointment, Unilever Nigeria’s board now comprises managing director Tobi Adeniyi; independent non-executive directors Michael Ikpoki, Ngozi Edozien, Umma Yusuf Aboki, and Adenike Ogunlesi; non-executive directors Ben Langat and Chika Nwobi; and executive directors Ibrahim Sodipe and Uchenna Nwakanma.
Zenith Bank steps into tech leadership role with N140m innovation drive
Onome Amuge
Zenith Bank is expanding its role beyond that of a major financial services provider to become an anchor institution in Africa’s technology landscape, as showcased by its decision to award N140 million to ten innovators at the fifth edition of its Tech Fair in Lagos.
The two-day event, held at the Eko Convention Centre and themed “Future Forward 5.0: Tech for Success – Innovate, Adapt, Accelerate,” brought together more than 2,000 founders, developers, investors, and technology executives from across Africa. While Trust Loop and Cubbes Technologies Limited walked away with the top N30 million prizes for their digital identity verification and AI-powered EdTech innovations respectively, the structure and scale of the fair indicated that Zenith is now investing not only in standout startups, but in the broader scaffolding required for Africa’s technology ecosystem to mature.
This year’s edition featured a dual-competition format including a Hackathon for solutions with immediate technical application and a Startup pitch competition for early-stage ventures. Beyond the cash prizes, eight additional finalists received N10 million each, plus entry into a six-week mentorship and incubation programme supported by Zenith and its global partners.
According to the bank, this model underscores the fact that capital alone cannot build sustainable businesses, but that guided support and exposure to global standards can.
According to analysts, the bank appears to be building what insiders describe as a long-term innovation corridor, one that connects early-stage talent with enterprise clients, international investors, technology companies, and regulatory stakeholders.
The fair showcased technologies such as Generative AI, agentic AI systems, and cloud-native architectures that are increasingly becoming central to Africa’s digital evolution.
Keynotes from senior leaders at M-PESA Africa, the co-creator of Skype, and AWS’s Chief Technologist for Africa, the Middle East, and Turkey created a bridge between local innovators and global technology front-runners.
For many early-stage founders present, this exposure not only to capital but to knowledge networks—is what differentiates Zenith’s Tech Fair from similar competitions on the continent. Masterclasses hosted by McKinsey, Huawei, Check Point, and Microsoft covered cybersecurity, cloud optimisation, digital scaling strategies, and product development for frontier markets;topics that are often inaccessible to African startups due to cost and capacity constraints.
Panel discussions, moderated by CNN anchor Zain Asher, brought together operators from fintech, logistics, digital identity, and software engineering, offering insight into the realities of scaling in African markets.
Zenith Bank’s leadership made clear that the Tech Fair is now central to its long-term strategic identity. Adaora Umeoji, the group managing director/CEO emphasised that the initiative is not simply an annual optics exercise but a platform designed to accelerate digital transformation in Africa by equipping innovators with the tools to build scalable, exportable technology products.
Jim Ovia, the founder and chairman of the bank reinforced this, urging the continent to prepare for a generation of African global tech leaders, and positioning the fair as part of a broader continental effort to reduce reliance on imported technologies and build local capacity.
Champion Breweries launches N16bn rights issue to fund Bullet acquisition
Onome Amuge
Champion Breweries Plc has launched a rights issue of nearly one billion shares as part of a N58 billion capital-raising programme designed to finance the acquisition of Nigeria’s leading ready-to-drink (RTD) alcoholic brand, Bullet, and to underpin expansion across Africa.
The rights issue, which opened on 24 November 2025 and will close on 5 January 2026, offers one new share for every nine existing shares held as of 4 September 2025. This marks the first phase of a two-step capital raise, with a public offer of N42 billion to follow, after the N16 billion rights tranche. Existing shareholders are encouraged to participate via the NGX Invest platform, with shares becoming tradeable upon completion of regulatory documentation with the Nigerian Exchange (NGX).
According to the company, proceeds from the rights issue will fund the strategic acquisition of Bullet, working capital, market expansion, and sustainability investments. Funds will also support technology upgrades, including Enterprise Resource Planning (ERP) systems, returnable packaging solutions, renewable energy initiatives, and logistics transformation.
“The acquisition of Bullet gives us scale, high-margin growth, and international reach. With this deal, we are evolving from a strong regional brewer into a multi-market, multi-category growth platform with international relevance,” said Inalegwu Adoga, Managing Director of Champion Breweries.
Bullet, Nigeria’s top RTD brand, is expected to contribute more than 70 per cent of Champion’s topline while boosting foreign currency earnings across 14 African markets. The company projects a five-fold increase in revenue and more than ten times growth in profit after tax following the acquisition, reflecting both scale and improved margins.
The move builds on Champion Breweries’ strong performance in the first half of 2025, when the company reported a 111 per cent increase in revenue and a 692 per cent turnaround in profit after tax, underscoring its operational discipline and readiness for regional expansion.
Investors and market watchers view the rights issue as a transformative step for Nigeria’s beverage sector, positioning Champion Breweries not just as a domestic leader but as a pan-African player with international aspirations. With the capital raised, the company aims to leverage the Bullet brand to deepen penetration in existing markets and accelerate cross-border distribution.
The rights issue is being administered by Africa Prudential Plc, acting as the registrar, and will serve as a key indicator of shareholder confidence in Champion’s long-term growth strategy. The company’s capital expansion plan reflects a broader trend among Nigerian consumer goods firms seeking scale, regional reach, and operational efficiency through acquisitions and strategic investments.
Fast Credit, EDC commit N2bn to single-digit loan initiative for SMEs
Onome Amuge
The Enterprise Development Centre (EDC) of Pan-Atlantic University has partnered with Fast Credit, a Lagos-based finance company, to roll out one of the country’s few single-digit lending schemes targeted at micro, small and medium-sized enterprises.
Unveiled at a launch event in Lagos, the programme aims to ease the crippling funding pressures facing Nigerian MSMEs, which account for roughly 96 per cent of businesses but remain locked out of formal credit channels as banks continue to ration lending. The facility will offer loans beginning at N5 million at a flat monthly interest rate of 0.75 per cent, equivalent to 9 per cent annually, far below the 25–35 per cent rates that dominate commercial lending.
Fast Credit has committed N2 billion to the programme in its first phase, backed in part by a partnership with the state-owned Bank of Industry. Acting managing director Yetunde Faulkner said the firm intends to tackle what she described as a structural affordability crisis that has forced many businesses into informal, high-cost borrowing arrangements.
“Access to affordable capital determines whether an SME can scale, innovate, or simply survive. This partnership allows us to offer single-digit financing to vetted businesses within EDC’s network, enabling them to grow revenues faster than costs and ultimately create jobs at a time the economy urgently needs them,” Faulkner stated.
The move comes as Nigerian entrepreneurs struggle with high borrowing costs in nearly two decades, driven by tight monetary policy, currency volatility and rising inflation. Although the Central Bank of Nigeria has made repeated calls for banks to expand credit to the productive sector, many lenders remain reluctant to extend unsecured or long-term financing to smaller firms, citing weak balance sheets, poor record-keeping and limited credit profiles.
By contrast, non-bank lenders such as Fast Credit are increasingly positioning themselves as more flexible partners, albeit at modest scale. For the EDC, which has trained more than 100,000 entrepreneurs across West Africa, the partnership marks an attempt to link capacity-building programmes with actual capital deployment, a perennial gap in Nigeria’s entrepreneurship ecosystem. Director Nneka Okekearu called the deal a historic intervention that could materially shift the growth prospects of many small firms.
“We have worked with several commercial banks, but very few have been able to offer loans at rates that entrepreneurs can realistically absorb. This is the first time we are providing our network with a reliable source of single-digit financing. The productivity gains will be immense,” she noted.
Okekearu said access to reasonably priced credit would allow manufacturers to upgrade equipment, expand output and employ more skilled labour. She added that business owners who previously operated with N2 million in working capital could now access up to N10 million, giving them the liquidity required to fulfil larger orders and improve margins.
Eligibility criteria for the loans include a 12-month bank statement, valid identification, company tax details, a profile of key directors and verifiable credit history. Borrowers must also provide a direct debit mandate, vendor invoice and collateral documentation. Despite these requirements, Fast Credit executives insisted that collateral is considered only after assessing business viability, profitability and the entrepreneur’s character.
The financing scheme has been met with optimism from business owners and advisers. Feyikemi Odunuga, a consultant who trains early-stage entrepreneurs, said the partnership could provide a lifeline for manufacturers and service providers squeezed by soaring input costs. “I’m here to help several of my mentees apply. For many of them, this could determine whether their businesses grow or shut down,” she said.
The initiative also includes monthly training for women-led businesses, a move that EDC alumni such as Kachi Salvation believe could amplify its impact across Lagos’s dense microenterprise community. “The single-digit rate is a huge relief. A lot of businesses will jump at this opportunity,” he said.
