Nigerian IT services giant CWG Plc is set to expand its operations into East Africa and the Middle East after posting its first billion-naira profit in over a decade, the company announced this week.
The 32-year-old tech firm, which already operates in Nigeria, Ghana, Uganda, and Cameroon, reported a 428% surge in profit to ₦3.04 billion ($1.89 million) for the 2024 financial year. The milestone marks CWG’s highest profit since its founding, as it transitions from a traditional systems integrator to a pan-African digital solutions provider.
“We are poised for even more significant revenue and profit growth in 2025,” a company spokesperson said in an email. “We’re diversifying our offerings across more sectors, deepening our footprint in current markets, and expanding into new ones in East Africa and the Middle East.”
While the company has yet to disclose specific countries targeted for entry, Group CEO Adewale Adeyipo noted in the 2024 annual report that CWG is pursuing two additional markets as part of its international growth strategy.
CWG’s strong regional performance underpinned the profit boost. In Ghana, revenue doubled to ₦8.4 billion ($5 million), while Uganda saw its revenue rise by over 100% to ₦7.34 billion ($4.6 million). Cameroon, previously dormant, recorded its first-ever revenue of ₦11.9 million ($7,407).
The company is also ramping up innovation through its software division, Fifthlab, which posted a 558% increase in revenue over the past year. Fifthlab’s platforms are tailored for critical sectors such as finance, cooperatives, and SMEs.
“This is our next frontier—leveraging years of experience to create transformative technology for the markets we serve,” Adeyipo said.
Among CWG’s key platforms, Finedge, the firm’s digital banking unit, onboarded nearly 20 financial institutions in 2024. KuleanPay, its escrow and transaction management service, recorded a 2,000% increase in transaction volume.
Meanwhile, SMERP, a cloud-based solution for small businesses, posted 1,000% growth, and BillsnPay, CWG’s utility vending platform, processed over 30.5 million transactions worth ₦18.6 billion ($11.6 million).
The group’s cooperative-focused platform, UCP, also experienced a 140% increase in its customer base, processing 500 million transactions—up 50% year-on-year.
