In the first nine months of 2025, Nigeria’s corporate finance landscape recorded deals valued at about $987.5 million. The data is from DealMaker Africa, which tracks mergers, acquisitions, and capital-raising activity across the continent.
- Coca Cola sells CHI to UACN (N182 billion)
- TotalEnergies divests stake in Bonga Field to Shell and Agip ($510 million)
- Aradel acquires an additional 40 percent stake in ND Western (undisclosed)
- PZ Cussons sells stake in PZ Wilmar to Wilmar ($70 million)
- Lemfi Series B ($53 million)
- OmniRetail Series A ($20 million)
- British International Investment loan to Johnvents ($40.5 million)
- Presco’s acquisition of GOPDC and SOP ($172 million)
- TotalEnergies to sell 40 percent stake in PPL 2000 and PPL 2001 to Chevron (undisclosed)
- Union Bank completes merger with Titan Trust Bank
- Access Bank’s expansion in Cameroon, Mauritius, Tanzania, and Kenya
- Moove’s $1.2 billion debt financing
- Leadway Pension acquires PAL Pensions (undisclosed)
- First Holdco sells FBNQuest Merchant Bank (undisclosed)
- Chowdeck acquires Mira (undisclosed)
- 9Mobile transitions to T2
- Unity Bank and Providus Bank merger
- IFC equity investment in Lagos Free Zone ($50 million)
- Champion Breweries to acquire Bullet Energy Drink (undisclosed)
- LagRide secures debt facility from UBA ($100 million)
- Frigoglass to sell BetaGlass stake (€100 million)
- Helios to exit Axxela (undisclosed)
- Ellah Lakes to acquire ARPN
- Moniepoint concludes Series C funding round ($200 million)
- Bank of Agriculture to raise $1 billion for small shareholder farmers
This figure excludes the N1.55 trillion raised through debt securities on the FMDQ platform. It highlights the gap between corporate finance transactions and capital market fundraising. Even with this distinction, deal activity in 2025 remains well below the levels seen a year earlier.
In 2024, the total deal value stood at $6.2 billion. DealMaker Africa tracked 75 corporate finance deals in Nigeria during that year. By contrast, between the first and third quarters of 2025, only 45 deals have been recorded. The numbers point to a clear slowdown in both deal value and transaction momentum.
BusinessDay has tracked 25 of the corporate deals that defined the Nigerian corporate scene in 2025
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Coca Cola sells CHI to UACN (N182 billion)
On July 30, The Coca-Cola Company announced the sale of its 100 percent stake in CHI Limited to UAC Nigeria, ending its six-year ownership of the Nigerian food and beverage company. Coca-Cola had acquired full control of CHI Limited in 2019, marking a deeper push into Nigeria’s fast-moving consumer goods market.
In November, UAC Nigeria released details of the transaction, including its valuation. The acquisition, priced at N182 billion, transfers ownership of one of Nigeria’s largest FMCG companies to UACN. The deal significantly expands UACN’s footprint in the consumer goods sector. It also positions the company to become one of Nigeria’s few firms generating N1 trillion in annual revenue by 2026.
TotalEnergies divests stake in Bonga Field to Shell and Agip ($510 million)
In May, TotalEnergies announced the divestment of its 12.5 percent interest in Oil Mining Lease (OML) 118. OML 118 contains the Bonga deepwater field. The deal is a $510 million transaction involving Shell Nigeria Exploration and Production Company (SNEPCo) and Nigerian Agip Exploration (NAE).
Operated by SNEPCo, which previously held a 55 percent stake, the deal was completed in November. TotalEnergies sold 10 percent of its stake to SNEPCo, and the remaining 2.5 percent to NAE. This raises SNEPCo’s interest to 65 percent and increases NAE’s holding to 15 percent
Aradel acquires an additional 40 percent stake in ND Western (undisclosed)
In October, Aradel Holdings agreed to acquire an additional 40 percent stake in ND Western for an undisclosed sum. This raises its ownership in the company from 41.67 percent to 81.67 percent.
The transaction has implications beyond ND Western. Through its initial 41.67 percent holding, Aradel had an indirect 20.8 percent interest in Renaissance Africa Energy Consortium. With its stake in ND Western increasing to 81.67 percent, Aradel’s exposure to Renaissance becomes more direct, strengthening its influence within the consortium.
PZ Cussons sells stake in PZ Wilmar to Wilmar ($70 million)
In June, PZ Cussons announced plans to sell its 50 percent stake in PZ Wilmar, its Nigerian edible oil joint venture, in a transaction valued at $70 million. Upon completion of the deal, Wilmar International will assume full ownership of the business.
PZ Wilmar is the producer of the Mamador and Devon Kings edible oil brands, two of the leading players in Nigeria’s consumer goods market.
Lemfi Series B ($53 million)
In January, Lemfi recorded the second-highest funding round by a Nigerian company in 2025. The company raised $53 million in a Series B funding round led by Highland Europe.
Since inception in 2021, Lemfi has now raised $85 million in different funding rounds. Apart from the $53 million raised, Lemfi also successfully hit $1 billion in monthly transaction volume in January.
OmniRetail Series A ($20 million)
In April, supply chain technology company OmniRetail raised $20 million in a funding round led by Norfund. A notable feature of the round was the participation of Flour Mills of Nigeria. The move signalled the consumer goods giant’s infusion of technology to strengthen distribution and last-mile delivery to end consumers.
British International Investment loan to Johnvents ($40.5 million)
In February, the British International Investment (BII), the development finance institution of the UK provided a $40.5 million loan facility to Johnvents Industries. The goal of the loan was to expand the production capacity of the cocoa processing facility at Premium Cocoa Products Ile-Oluji, one of Johnvent’s subsidiaries.
Presco’s acquisition of GOPDC and SOP ($172 million)
In August, Presco, one of Nigeria’s largest oil palm producers, completed the acquisition of Ghana Oil Palm Development Company (GOPDC) and Saro Oil Palm in transactions valued at a combined $172 million.
GOPDC, previously owned by the former majority shareholder of SIAT Group, was acquired for $124.9 million. Saro Oil Palm, which Presco chairman Olakanmi Rasheed Sarumi had held, was purchased for $56.7 million.
TotalEnergies to sell 40 percent stake in PPL 2000 and PPL 2001 to Chevron (undisclosed)
In December, TotalEnergies announced the sale of a 40 percent stake in two exploration fields, PPL 2000 and 2001, to Star DeepWater Petroleum, a Chevron company. TotalEnergies received the exploration license during the 2024 exploration round by the NUPRC.
Although the financial terms of the deal have not been disclosed, it would see TotalEnergies remain the operator of the field, while holding 40 percent. Chevron would hold 40 percent, and South Atlantic Petroleum (SAPETRO) would hold the remaining 20 percent.
Union Bank completes merger with Titan Trust Bank
In September, the long-anticipated merger between Union Bank and Titan Trust Bank was completed. This marks the first banking consolidation under Nigeria’s new minimum capital requirement.
The process, which began in 2021, results in the cessation of Titan Trust Bank as a standalone entity. It also leads to the expansion of Union Bank as Nigeria’s fifth-largest bank by branch network.
Access Bank’s expansion in Cameroon, Mauritius, Tanzania, and Kenya
In 2025, Access Bank sustained its expansion drive, completing a series of cross-border acquisitions across East and Southern Africa. In May, the bank finalised the acquisition of the National Bank of Kenya. This was followed in December by the completion of its purchase of Standard Chartered Cameroon. During the same period, Access Bank UK also acquired a majority stake in Afrasia Bank, based in Mauritius.
In Tanzania, Access Bank completed the acquisition of Standard Chartered Tanzania, consolidating its presence in the market. The transaction builds on its earlier acquisition of BancABC Tanzania in 2024 and strengthens the bank’s regional footprint in East Africa.
Moove’s $1.2 billion debt financing
In July, Nigerian auto-tech company, Moove, announced plans to raise $1.2 billion in a debt financing round. According to the company, the raise was to finance the company’s rollout of an autonomous vehicle fleet.
Moove entered an agreement with Alphabet-owned Waymo in December 2024 to provide vehicle financing. In 2024, Moove raised $100 million in a Series B funding round, taking the company’s equity financing to $250 million and debt financing to $210 million. It is unknown how much has been raised in the debt financing round.
Leadway Pension acquires PAL Pensions (undisclosed)
In September, Leadway Pension announced its acquisition of PAL Pensions, with the transaction completed by November. While the financial terms were not disclosed, the deal marks the second merger and acquisition involving pension fund administrators since 2024.
First Holdco sells FBNQuest Merchant Bank (undisclosed)
In November, First Holdco completed its divestment from FBNQuest Merchant Bank to a consortium named EverQuest Acquisition. The deal, which was announced in December 2024, was finalised after obtaining all regulatory approvals.
Chowdeck acquires Mira (undisclosed)
In June, Nigerian food delivery startup Chowdeck acquired Mira, a restaurant point-of-sale and management software provider. The acquisition deepens Chowdeck’s push beyond logistics into restaurant operations, allowing it to integrate ordering, payments, and inventory tools as competition intensifies across Nigeria’s food-tech and quick-commerce space.
9Mobile transitions to T2
In August, Nigerian telecom operator 9mobile completed a strategic rebrand to T2, marking a new chapter in its efforts to revitalise its market position under new ownership. The transition follows a 2023 acquisition by Lighthouse Telecoms and is part of a broader recovery roadmap focused on stabilisation, modernisation and growth.
The move includes a new brand identity and a renewed focus on digital services and customer experience.
Unity Bank and Providus Bank merger
In September, shareholders of Unity Bank Plc and Providus Bank Limited approved a merger, marking the second banking consolidation under the new minimum capital requirement.
Under the scheme, Unity Bank’s share capital will be cancelled, and the merged entity, to be known as Providus-Unity Bank, will combine Unity’s branch network with Providus’s digital capabilities.
Unity shareholders will receive cash or new Providus shares as part of the transaction, which aims to strengthen the institution’s competitiveness and scale. The new bank will be the ninth largest bank in Nigeria in terms of assets and branch network.
IFC equity investment in Lagos Free Zone ($50 million)
In February, the International Finance Corporation made a $50 million equity investment in the Lagos Free Zone Company.
The financing is to support the expansion of Nigeria’sfirst deep-sea port-based private special economic zone. According to reports, the funding will support the first phase of the 860-hectare zone, focusing on land development, industrial facilities, and logistics infrastructure. Integrated with the Lekki Deep Sea Port, the project is expected to attract global businesses, support economic diversification, and create about 30,000 jobs.
Champion Breweries to acquire Bullet Energy Drink (undisclosed)
In August, Champion Breweries Plc agreed to acquire the Bullet ready-to-drink alcoholic and energy drink brand from UK-based Sun Mark International. The deal, which will see Champion hold a majority interest in Bullet’s brand assets and intellectual property, remains subject to regulatory approval. The financial terms of the transaction were not disclosed.
The acquisition is part of Champion’s strategy to diversify its portfolio and expand in high-growth beverage categories across Africa.
LagRide secures debt facility from UBA ($100 million)
In December, Lagos‑backed ride‑hailing platform LagRide secured a $100 million credit facility from United Bank for Africa (UBA) to finance the acquisition of 3,500 vehicles.
The financing will support the expansion of LagRide’s Drive‑To‑Own programme. It will help drivers transition from daily rentals to vehicle ownership. The move is expected to strengthen urban mobility.
Frigoglass to sell BetaGlass stake (€100 million)
In December, Frigoglass Group agreed to sell its entire stake in Beta Glass Plc and associated Nigerian glass operations to Helios Investment Partners for up to €100 million. The transaction, disclosed on the Nigerian Exchange, includes Beta Glass and Frigoglass Industries Nigeria and is subject to regulatory approvals.
The deal is expected to close in the first quarter of 2026 and reflects a strategic exit by Frigoglass from its Nigerian manufacturing footprint.
Helios to exit Axxela (undisclosed)
In November, Helios Investment Partners announced its exit from Nigeria’s energy sector with the planned sale of its remaining 75 percent stake in Axxela.
Axxela is Nigeria’s largest private gas infrastructure and distribution company. The move ends nearly a decade of involvement in Nigeria’s natural gas market. Helios entered Axxela in 2016 and built the business into a regional leader. Details of the buyer and financial terms of the transaction have not been publicly disclosed.
Ellah Lakes to acquire ARPN
In October, Ellah Lakes Plc agreed to acquire Agro‑Allied Resources & Processing Nigeria Limited (ARPN) from ARPN PTE Ltd.
ARPN PTE is a Singapore‑based company jointly owned by Tolaram Africa and Valuestar Holdings. The acquisition will give Ellah Lakes full ownership of ARPN’s extensive oil palm and cassava plantations and expand its agro‑industrial footprint.
The transaction is part of Ellah Lakes’ broader expansion strategy and is expected to close in 2026, pending regulatory approvals.
Moniepoint concludes Series C funding round ($200 million)
In October, Moniepoint completed its extended Series C funding round, raising a total of $200 million. The company raised an initial $110 million tranche announced in late 2024 and a second $90 million close in 2025.
The funding was led by Development Partners International with participation from global backers including Visa, LeapFrog Investments, Google’s Africa Investment Fund, IFC, Proparco and Swedfund. It is noted that the capital will support the fintech’s expansion across Africa. It also marks the second-largest funding round by a Nigerian tech company, following Opay’s $400 million raise in 2021.
Bank of Agriculture to raise $1 billion for small shareholder farmers
In September, Bank of Agriculture signed a $1 billion financing agreement with the African Export-Import Bank (Afreximbank) to support smallholder farmers and the broader agricultural value chain.
The deal, reached at the Intra-African Trade Fair in Algiers, aims to mobilise affordable credit for inputs, mechanisation and market access. It will channel funds through the Bank of Agriculture’s National Smallholder Farmers Fund to support Nigeria’s smallholder farmers.
