CWG Plc, a prominent Nigerian IT services and infrastructure company, has announced its expansion into the East African and Middle Eastern markets following a significant milestone of achieving a billion-naira profit for the first time in over a decade.
With operations spanning across Nigeria, Ghana, Uganda, and Cameroon, the 32-year-old company experienced a remarkable 428% increase in profits, totaling ₦3.04 billion ($1.89 million) in 2024. This surge in profitability is attributed to CWG’s strategic shift towards becoming a pan-African tech enabler, focusing on developing digital platforms tailored for banks, cooperatives, and SMEs.
A spokesperson for CWG expressed optimism about the company’s future growth prospects in 2025, emphasizing plans to diversify into new sectors, expand its presence in existing markets, and venture into additional East African countries and the Middle East. While specific target countries have not been disclosed, Group CEO Adewale Adeyipo mentioned in the 2024 annual report that CWG is eyeing two new markets to introduce its proven solutions.
The company’s improved performance is linked to the increasing adoption of technology in West Africa. CWG Ghana reported a revenue increase to ₦8.4 billion ($5.0 million) in 2024, up from ₦4.13 billion ($2.6 million) in the previous year. Similarly, Uganda witnessed a revenue growth of over 100%, reaching ₦7.34 billion ($4.6 million), while Cameroon recorded its first revenue of ₦11.9 million ($7,407).
In addition to geographical expansion, CWG is focusing on enhancing its innovation capabilities through its software subsidiary, Fifthlab. The subsidiary experienced a remarkable 558% revenue surge in 2024, driven by the development of platforms addressing real-world challenges in key economic sectors.
Finedge CWG’s banking and digital division welcomed nearly 20 new financial institutions in 2024, while KuleanPay, the company’s escrow and transaction management platform, witnessed a remarkable 2,000% increase in transaction volume. Other platforms such as SMERP, a cloud-based solution for SME operations, and UCP, a cooperative management platform, also reported significant growth rates in revenue and customer base.
The banking sector continues to be a key driver of CWG’s growth, with the company recording a 368% increase in after-tax profit in Q1 2025 compared to the same period in 2024. This growth is largely attributed to increased IT spending by Nigerian banks, including major institutions like First Bank of Nigeria, UBA, GTBank, and others.
Despite facing competition from global IT consultancies like Accenture and Microsoft, CWG remains focused on rapid scaling, effective localization, and continuous innovation to ensure its success in 2025. The company’s commitment to delivering transformative solutions both financially and geographically positions it for further growth and expansion in the coming years.
