Nigerian tech powerhouse CWG Plc is gearing up for an ambitious expansion into East Africa and the Middle East after posting its highest profit in over a decade. The 32-year-old IT services giant reported a remarkable ₦3.04 billion profit in 2024 — a 428% surge that marks its first billion-naira bottom line in 13 years.
Currently operating in Nigeria, Ghana, Uganda, and Cameroon, CWG is broadening its scope beyond traditional systems integration. The company is increasingly positioning itself as a key tech enabler across Africa by creating digital platforms tailored for banks, cooperatives, and small businesses.
“As we look to 2025, our focus is on scaling our offerings, deepening our presence in current markets, and entering new territories in East Africa and the Middle East,” a company spokesperson said.
Though exact countries remain unnamed, Group CEO Adewale Adeyipo confirmed that CWG aims to break into two new markets this year. The company’s expansion strategy builds on strong performances in 2024, particularly in Ghana and Uganda, where revenues more than doubled, driven by rising tech demand.
CWG’s innovation arm, Fifthlab, also had a standout year, recording a 558% jump in revenue thanks to its problem-solving platforms for critical industries. Among its successes, Finedge onboarded nearly 20 new financial institutions, while KuleanPay saw a 2,000% spike in transactions. SMERP, a cloud solution for SMEs, expanded by 1,000%, and BillsnPay processed over 30 million transactions valued at ₦18.6 billion.
The group’s cooperative platform, UCP, grew its user base by 140%, handling 500 million transactions—a 50% year-on-year increase.
CWG’s momentum continued into early 2025, as the company reported a ₦1.48 billion after-tax profit in the first quarter, up 368% from the same period last year. Revenues reached ₦15.3 billion, powered largely by increased IT investments from Nigeria’s banking giants, including GTBank, UBA, and First Bank.
A closer look shows IT infrastructure remains CWG’s strongest revenue stream at ₦6.2 billion, followed by software and managed services at ₦4.4 billion each.
The company also expanded its banking tech footprint by partnering with Infosys to roll out more Finacle sites and supported MTN Nigeria’s digital initiatives in Lagos and Abuja.
Yet, even with these gains, CWG faces stiff competition from global heavyweights like Accenture and Microsoft. Analysts say the company’s future success will hinge on its ability to scale operations, localize services, and keep its innovation engine running.
If its current trajectory holds, 2025 could mark CWG’s most transformative year yet — both financially and geographically.
