The largest Corporate Deals in Nigeria in 2025

Nigeria’s dealmaking landscape in 2025 reflected a year of strategic recalibration, capital consolidation, and selective big-ticket bets across the economy.

From fintech funding rounds and consumer goods divestments to energy megafinancings, power sector takeovers, and cross-border banking expansions, transaction activity underscored how capital continued to reposition itself around scale, resilience, and long-term growth.

Curated by the Nairametrics Research Team, this power list highlights some of the most consequential mega deals announced or completed during the year.

The selection is not exhaustive and spans multiple sectors, including financial services, fintech, energy, manufacturing, consumer goods, agribusiness, and infrastructure, reflecting the breadth of capital flows across Nigeria’s economy.

Beyond deal size, transactions featured in this list were selected based on their measurable impact on the economy, the level of transparency around deal structure and valuation, and the degree of completion or regulatory clarity achieved within the year. In a market where many large transactions are announced but never consummated, emphasis was placed on deals with verifiable execution milestones.

Energy, infrastructure, and industrials dominated the upper end of the deal spectrum. African Export-Import Bank anchored a $1.35 billion refinancing for Dangote Industries’ refinery, Transgrid acquired a controlling stake in Eko Electricity Distribution Company for N360 billion, and major exits in power and oil, and gas reshaped ownership across strategic assets.

Together, these transactions highlighted where long-term capital was committed decisively in 2025.

What follows is Nairametrics’ curated list of top mega deals of the year—transactions that stood out not just for their headline numbers, but for their execution, economic relevance, and lasting influence on Nigeria’s corporate landscape.

Fintech startup LemFi raised $53 million in Series B funding to expand into Europe 

Deal size-$53 million  

In January 2025, remittance-focused fintech LemFi secured $53 million in a Series B funding round to accelerate its European expansion. The round was led by London-based growth-stage investor Highland Europe, with participation from existing backers Endeavor Catalyst, Left Lane Capital, Palm Drive Capital, and Y Combinator, bringing LemFi’s total funding to $85 million.

The Lagos-founded company, which serves African immigrants across 22 countries, planned to use the capital to broaden its service offerings, strengthen payment network licenses, and deliver hyper-localized solutions.

The European push followed a partnership with Modulr and the acquisition of an Ireland-based firm, enabling LemFi to commence independent operations ahead of its anticipated European license next month.

Founded in 2019 by Nigerian Ridwan Olalere and European Rian Cochran, LemFi employed over 300 staff across Europe, North America, Africa, and Asia, with fresh hiring expected to support rapid growth.

Frigoglass Group to sell Beta Glass, other Nigerian unit to Helios Investment Partners

Deal size -€100 million 

Frigoglass Group signed an agreement to sell its entire stake in Frigoinvest Nigeria Holdings B.V., including Beta Glass Plc and Frigoglass Industries Nigeria Limited, to Helios Investment Partners for up to €100 million, Nairametrics reported on December 9, 2025.

The divestment covers Beta Glass’s glass container business as well as Frigoglass Nigeria’s plastic crate and metal crown manufacturing operations.

The sale followed three years of strategic repositioning and operational strengthening by Frigoglass in West Africa. According to the filing on the Nigerian Exchange (NGX), the transaction is subject to regulatory approvals and is expected to close in the first quarter of 2026.

Beta Glass said it would collaborate with Frigoglass to support customers, suppliers, and partners during the ownership transition, ensuring a smooth handover while assisting Helios Investment Partners with local regulatory requirements.

Coca-Cola’s sale of Chivita and Hollandia maker to UAC 

Deal size-N182 billion 

The Coca-Cola Company entered into an agreement to sell Chivita|Hollandia (CHI Limited), the maker of Chivita juices and Hollandia dairy products, to UAC of Nigeria Plc, Nairametrics reported on July 30, 2025. The transaction, subject to regulatory approval, enables UAC to take over one of Nigeria’s leading food and beverage businesses, with a strong portfolio spanning fruit juices, evaporated milk, drinking yoghurt, and other value-added products.

Coca-Cola said the divestment aligns with its global strategy to operate an asset-light model, focusing on brands with the greatest growth potential. CHI Limited’s flagship brands—Hollandia and Chivita—are market leaders in their respective categories, and the sale is expected to ensure continuity while providing opportunities for further expansion under UAC.

UAC, with nine manufacturing facilities and an extensive distribution network, described the acquisition as a strategic move to broaden its consumer goods portfolio.

Afreximbank signed a megafinancing facility for Dangote Industries’ refinery

Deal Size – $1.35billion

African Export-Import Bank signed a $1.35 billion financing facility in favour of Dangote Industries Limited as part of a wider $4 billion syndicated loan, in which the bank acted as Mandated Lead Arranger.

The facility refinanced capital previously deployed in constructing the Dangote Petroleum Refinery and Petrochemicals Complex, the world’s largest single-train refinery with a capacity of 650,000 barrels per day, easing initial operating pressures and strengthening Dangote Industries’ balance sheet.

Afreximbank said the financing supported Africa’s industrialisation and energy security goals, while Dangote Industries noted that the refinancing would accelerate the supply of refined petroleum products across Nigeria and the wider African market.

Transgrid acquires 60% of Eko Electricity Distribution Company 

Deal size-N360 billion 

Transgrid Enerco Limited completed its acquisition of a 60% controlling stake in Eko Electricity Distribution Company (EKEDC) in a deal valued at approximately N360 billion, Nairametrics reported on Dec 30, 2025.

Originally expected to close by April 2025, the transaction was finalised on December 30, making it one of the largest privately negotiated takeovers in Nigeria’s power distribution sector since the 2013 privatisation.

The consortium, comprising North South Power Company (NSP), Axxela Limited, and the Stanbic IBTC Infrastructure Growth Fund (SIIF), now controls the Disco, which serves southern Lagos and Agbara in Ogun State, key industrial and commercial hubs.

The new owners planned to modernise operations, expand distribution capacity from 513MW to 1,500MW, and improve service reliability.

The acquisition involved N180 billion in upfront cash, with the remaining N180 billion secured via bank guarantees.

PZ Cussons Plc sold its 50% stake in PZ Wilmar Limited 

Deal size-$70 million 

PZ Cussons Plc sold its 50% stake in PZ Wilmar Limited to Wilmar International Limited for $70 million, Nairametrics reported, enabling Wilmar to take full ownership of one of Nigeria’s largest sustainable palm oil businesses.

The transaction, announced jointly by both companies, remains subject to regulatory approvals and was expected to be completed in the last quarter of 2025.

PZ Wilmar, established in 2010 as a joint venture between PZ Cussons Plc (UK) and Wilmar, also holds minority interests in two palm oil plantations in Nigeria, majority-owned by Wilmar. The deal does not affect PZ Cussons Nigeria Plc, whose operations remain independent.

Wilmar’s CEO, Kuok Khoon Hong, noted that the acquisition reflects confidence in Nigeria’s growing palm oil sector, given its large population and agricultural potential.

Access Bank acquisition of National Bank of Kenya 

Deal size-N179 billion

Access Bank Plc completed the acquisition of National Bank of Kenya in a transaction valued at approximately N179.1 billion ($109.6 million), marking a significant milestone in the group’s East African expansion strategy.

The acquisition, which was first announced in May 2025, followed regulatory approvals from the Central Bank of Kenya and Kenya’s National Treasury under the country’s Banking Act.

As part of the transaction structure, certain assets and liabilities of NBK were transferred to KCB Bank Kenya Limited, a subsidiary of KCB Group, to support financial restructuring and ensure a smooth transition.

Access Bank said the acquisition combined NBK’s local banking franchise with its regional and global network, positioning the group to scale public sector, corporate, retail, and digital banking services in Kenya, a key regional commercial hub.

The transaction reinforced Access Bank’s pan-African growth strategy and further advanced its ambition of building a unified cross-border banking platform capable of supporting trade, investment flows, and financial inclusion across the continent.

Tony Elumelu’s Heirs Energies acquired a 20.07% stake in Seplat Energy  

Deal size -$500 million 

Tony Elumelu’s Heirs Energies acquired a 20.07% stake in Seplat Energy for $500 million, Nairametrics reported on December 31, 2025, making the firm the single largest shareholder in one of Nigeria’s leading oil and gas companies.

The transaction was supported by Afreximbank and Africa Finance Corporation, highlighting Africa’s growing capacity to finance large-scale, homegrown energy deals.

The acquisition comes shortly after Heirs Energies closed a $750 million financing facility with Afreximbank to support operations and expansion, providing the company with the financial firepower to execute transactions of this magnitude.

Seplat Energy currently produces approximately 286 thousand barrels of oil equivalent per day (kboepd), while Heirs Energies contributes about 70 kboepd, giving the consortium enhanced production scale and market influence.

TotalEnergies exits Bonga Oilfield, sells stake to Shell 

Deal size -$510 million 

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) approved a Sales Purchase Agreement (SPA) in which TotalEnergies Exploration and Production Nigeria Limited assigned its entire 12.5% contractor interest in OML 118 to Shell Nigeria Exploration and Production Company (SNEPco) and Nigerian Agip Exploration Limited (NAE), Nairametrics reported on September 25, 2025.

Under the agreement, SNEPco acquired 10% of the stake for $408 million, while NAE purchased 2.5% for $102 million, valuing the transaction at $510 million.

The NUPRC confirmed that both assignees demonstrated technical and financial capacity to explore, develop, and produce from the deepwater asset.

As part of the deal, SNEPco and NAE assumed all decommissioning, abandonment, and host community liabilities previously held by TotalEnergies. The divestment, requiring ministerial consent under the Petroleum Industry Act 2021, also involved payment of statutory fees and premiums by the assignees.

Femi Otedola divested his 77% controlling stake in Geregu Power Plc 

Deal size -$750 million 

Billionaire Femi Otedola divested his 77% controlling stake in Geregu Power Plc in a $750 million landmark transaction, Nairametrics reported, marking one of the largest private power divestments in Nigeria’s history.

The deal, which officially closed on December 29, 2025, was executed through the sale of Otedola’s 95% stake in Amperion Power Distribution Company Limited to MA’AM Energy Ltd, a Nigerian integrated energy company.

Following the transaction, MA’AM Energy became the new controlling shareholder of Geregu Power, acquiring the indirect interest previously held by Otedola and Calvados Global Services Limited. MA’AM Energy, active in generation, supply, energy trading, and marketing, now holds majority control over Amperion Power, the main shareholder of Geregu Power.