…subsidiary emerges as fastest-growing market in 2025
The Cameroon subsidiary of CWG Plc, a pan-African systems solutions company, has emerged as the group’s fastest-growing market, overtaking Uganda in revenue expansion and reinforcing the company’s pan-African growth strategy.
BusinessDay’s analysis of the group’s latest annual report reveals that CWG Cameroon achieved revenue growth of 82.2 percent in 2025, surpassing the growth in its operations in Uganda, Nigeria, and Ghana.
Despite starting from a lower base, revenue in Cameroon rose from N11.9 billion to N21.5 billion.
Uganda followed with a 74.4 percent increase to N12.9 billion, while Nigeria—CWG’s largest market—grew by 43 percent to N42.8 billion. Ghana also recorded growth, with revenue rising by 5.62 percent to N8.92 billion.
Overall, group revenue climbed to N65.6 billion, representing a 41.6 percent increase from 2024.
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Profit growth accelerates despite cost pressures
Profit after tax hit a billion-naira value for the second year to N4.98 billion, up 63.7 percent from N3.04 billion in 2024, despite rising administrative expenses and foreign exchange pressures.
Adewale Adeyipo, group managing director and chief operating officer, said the performance reflects both operational efficiency and strategic execution.
“We delivered record financial performance, secured strategic partnerships, expanded into new markets, and made meaningful progress in our transition to a trusted strategic partner,” he said.
He added that the company’s long-term focus is shifting beyond revenue growth to helping customers derive measurable and lasting value from technology investments.
Cameroon resurgence underscores pan-African strategy
Adeyipo noted that Cameroon’s strong performance reflects renewed focus and improved execution in the market.
“While in Cameroon, we recognised renewed focus and growth, with encouraging gains across key indices. These performances demonstrate the benefits of our pan-African strategy and the importance of local execution backed by a unified group vision,” he said.
Nigeria remained the group’s largest contributor to revenue and a key growth driver, while Ghana showed resilience through improved governance, compliance, and expansion in cybersecurity and solutions capabilities.
“These efforts helped Ghana sustain healthy margins, win new customers, and achieve key certifications, laying a solid foundation for improved performance in 2026,” Adeyipo added.
Software and infrastructure power earnings
CWG’s earnings growth continues to be underpinned by its long-standing partnership with Infosys, through which it distributes the Finacle core banking platform to major Nigerian banks, including First Bank, GTBank, UBA, Fidelity Bank, Stanbic IBTC and FCMB.
Since 2023, the group’s profit has increased ninefold, driven largely by a surge in software sales, which have jumped by over 450 percent in the period. Software revenue rose by 27.35 percent to N20.92 billion last year, reflecting the group’s strategic shift toward enterprise software and services.
Revenue from IT infrastructure services—covering equipment sales and support—grew by 88.44 percent, nearly doubling from N12.8 billion to N24 billion, making it the standout growth segment for the year.
Chairman Phillip Obioha said the performance highlights the group’s role in building the digital backbone required for the continent’s evolving economy.
“Managed and Support Services contributed N18.8 billion, up from N14.7 billion, demonstrating the strength of our recurring revenue model, while our Software division generated N21.3 billion, reflecting strong momentum in delivering localised, high-impact solutions,” he said.
Expansion and resilience amid macro headwinds
CWG also expanded its geographic footprint, strengthening operations in Cameroon, entering Tanzania, and deepening its presence across the Middle East and Africa corridor.
The company achieved SOC 2 compliance during the year, strengthening its governance framework and enhancing its appeal to international clients.
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However, growth momentum moderated compared to 2024, when Nigeria, Ghana and Uganda recorded significantly higher expansion rates.
Across its key markets, the group said businesses faced a challenging operating environment in 2025, marked by inflationary pressures, high interest rates, trade disruptions and rising import costs.
In Nigeria, regulatory and cost pressures dampened corporate spending; in Ghana, high taxes and compliance costs weighed on profitability; in Cameroon, businesses adjusted to post-election conditions; while in Uganda, currency appreciation affected export competitiveness.