Lagos-based tech giant CWG Plc is eyeing fresh frontiers in East Africa and the Middle East after posting its first billion-naira profit in 13 years, a move that marks a new chapter for one of Nigeria’s oldest IT infrastructure firms.
The company reported a staggering 428% year-on-year surge in profit to ₦3.04 billion ($1.89 million) in 2024, driven by a strong rebound in enterprise IT spending and the growing uptake of its proprietary software platforms across Nigeria and beyond. With operations already in Nigeria, Ghana, Uganda, and Cameroon, CWG is positioning itself as a pan-African tech enabler with global aspirations.
Though the company has yet to name the countries it plans to enter, Group CEO Adewale Adeyipo confirmed in the 2024 annual report that CWG is targeting two new markets to deploy its digital platforms, which serve banks, cooperatives, and SMEs.
Increased tech demand across West Africa powered strong regional performance. CWG Ghana doubled revenue to ₦8.4 billion ($5 million), while Uganda also more than doubled its earnings to ₦7.34 billion ($4.6 million). Cameroon, which had posted no revenue in 2023, brought in ₦11.9 million ($7,400) in 2024.
CWG’s growth was equally fueled by its innovation-focused division, Fifthlab, which saw a 558% revenue jump, thanks to the expansion of platforms like:
- Finedge, which onboarded nearly 20 new financial institutions;
- KuleanPay, an escrow platform that recorded a 2,000% surge in transaction volume;
- SMERP, a business tool for SMEs that grew by 1,000%;
- BillsnPay, which processed over 30.5 million transactions worth ₦18.6 billion ($11.6 million); and
- UCP, a cooperative management platform that processed 500 million transactions—up 50% year-on-year—with customer growth of 140%.
Banking clients remain CWG’s growth engine. In Q1 2025, the company posted a ₦1.48 billion ($921,000) profit up 368% from Q1 2024 on revenues of ₦15.3 billion ($9.5 million), an 83% increase. Much of that was fueled by rising IT investments from Nigeria’s top banks, which spent ₦60.3 billion ($37.5 million) on digital services in the quarter, up from ₦45.3 billion ($28.2 million) a year earlier.
CWG’s revenue breakdown reveals a balanced portfolio: IT infrastructure brought in ₦6.2 billion ($3.7 million), software ₦4.42 billion ($2.8 million), and managed services ₦4.42 billion ($2.7 million).
In 2024, CWG deepened its relationship with Infosys by expanding Finacle banking solutions to three new Nigerian sites and partnered with MTN Nigeria to launch digital self-service kiosks in Lagos and Abuja.
But challenges remain. Global consulting heavyweights like Accenture and Microsoft are ramping up African operations, offering bundled, full-service solutions that could pressure homegrown players like CWG.
The company’s ability to localize, scale, and innovate—particularly across its proprietary platforms—will be critical as it attempts to turn a record-setting year into a regional tech breakthrough. If successful, 2025 could be the most transformational year in CWG’s 32-year history.
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