Nigeria’s CWG Posts First Billion-Naira Profit in Over a Decade
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TLDR
- CWG Plc is expanding into East Africa and the Middle East after reporting its first billion-naira profit in 13 years
- The 32-year-old company posted ₦3.04 billion ($1.89 million) in net profit for 2024—a 428% increase year-on-year
- With a footprint in Nigeria, Ghana, Uganda, and Cameroon, CWG is scaling its proprietary software platforms across banking, SME, and cooperative sectors
CWG Plc, one of Nigeria’s largest IT services and infrastructure firms, is expanding into East Africa and the Middle East after reporting its first billion-naira profit in 13 years. The 32-year-old company posted ₦3.04 billion ($1.89 million) in net profit for 2024—a 428% increase year-on-year—marking a major turnaround and repositioning itself as a pan-African digital enabler.
With a footprint in Nigeria, Ghana, Uganda, and Cameroon, CWG is scaling its proprietary software platforms across banking, SME, and cooperative sectors. Its tech arm, Fifthlab, grew revenue by 558% in 2024, while digital products like SMERP, KuleanPay, and BillsnPay recorded 1,000%–2,000% usage growth.
In Q1 2025 alone, CWG reported ₦1.48 billion ($921,281) in after-tax profit, largely driven by rising IT spend from Nigerian banks, which increased 33% year-on-year to ₦60.3 billion ($37.5 million). CWG has not disclosed the exact countries in its expansion plan but says two new markets will be added. The company also supported MTN Nigeria’s digital self-service kiosk rollout and expanded Finacle core banking deployments in partnership with Infosys.
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Key Takeaways
CWG’s transformation is driven by rising regional demand for homegrown digital solutions. Its success in Ghana and Uganda, where revenues doubled, signals market appetite beyond Nigeria. Yet, scaling beyond West Africa will test the firm’s ability to localise platforms, secure enterprise clients, and navigate more competitive markets. The company’s core revenue still comes from IT infrastructure and software integration, but its pivot toward product-led growth, like KuleanPay and UCP, indicates a shift toward recurring, scalable revenue models. CWG’s ability to balance enterprise services with SaaS-style offerings may define its regional competitiveness. However, global players like Accenture and Microsoft continue expanding across Africa with bundled solutions and deeper resources. CWG’s path forward will depend on maintaining a cost advantage, deepening local partnerships, and iterating quickly on its digital offerings. If it executes on its roadmap, CWG could emerge not just as a regional integrator but a platform company at the heart of Africa’s digital transformation.
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