CWG grows profit 84% on strong software and IT services sales

CWG, a Nigerian information technology services and infrastructure firm, grew its profit by 84.22% in 2025, driven by a sustained growth in software sales and IT infrastructure services, which rose by 54.05%, according to its 2025 financial results. 

CWG’s revenue rose to ₦65.66 billion ($47.83 million) in 2025, a 41.65% increase from 2024. Profit after tax hit ₦5.61 billion ($4.09 million).

Since 2024, CWG’s profit growth has been powered by its long-term partnership with Indian multinational financial company Infosys, through which it distributes the Finacle core banking application to Nigerian banks, including First Bank, GTBank, UBA, Fidelity, Stanbic IBTC, FCMB, and Wema, many of which carried out major software upgrades in 2024.

Since 2023, CWG’s profit has increased ninefold, driven by a surge in software sales, which have jumped by 450.05% over the same period. 

Software sales rose by 27.35% to ₦20.92 billion ($15.24 million) in 2025, reflecting CWG’s shift from its roots as a systems integrator selling Oracle hardware across sub-Saharan Africa to a business increasingly focused on enterprise software and services.

Beyond software, revenue from IT infrastructure services, covering equipment sales and IT support, rose 88.44%.

CWG’s Profit Engine

The correlation between software sales & profit (2023–2025)

Analysis

Total Revenue

₦65.66bn

▲ 41.6% YoY

THE DRIVER

Software Sales

₦20.92bn

▲ 450% (3Yrs)

Net Profit

₦5.61bn

▲ 84.2% YoY

Revenue Mix Profit Growth

The Software Pivot

In 2025, software sales reached ₦20.92bn. This shift from low-margin hardware to high-margin IP (Finacle) is the primary driver of profitability.

Powered by CWG/Finacle

GTBank First Bank UBA Stanbic IBTC Wema

Managed support services, which include software support, hardware support, performance monitoring, on-site technical support, and maintenance, grew 14.60% to ₦18.83 billion ($13.72 million). Revenue from its platform business is down 13.48%. 

Despite the topline growth, CWG’s cost of sales, largely costs paid to original equipment manufacturers, rose 35.91% to ₦49.55 billion ($36.09 million), reflecting the higher cost of delivering at scale. 

In 2024, Adewale Adeyipo, group chief executive officer of CWG, attributed the company’s growth to increased sales and its strategic focus on improving efficiency, optimising costs, disciplined operating expense management, and boosting productivity.

After recording its first billion-naira profit in 13 years in 2024, CWG told TechCabal in May 2025 that it was expanding into new markets in East Africa and the Middle East.

“We are poised for even more significant revenue and profit growth in 2025,” CWG said at the time. “As we move into 2025, we are diversifying our offerings to more sectors, strengthening our presence in our existing markets, and expanding operations into other East African countries and the Middle East.” 

However, CWG’s 2025 results show it retained operations in Nigeria, Ghana, Uganda, and Cameroon, unchanged from 2024.

While CWG continues to benefit from banking clients, it has begun exploring new collaboration opportunities outside financial services. In June 2025, it partnered with Taraba State to digitise and optimise sports gaming revenue collection processes.

In December 2025, the Federal Inland Revenue Service (FIRS) named CWG as one of the system integrators for Nigeria’s mandatory electronic invoicing system under the monitoring, billing, and settlement (MBS) platform. The designation positions CWG to provide end-to-end systems integration services to businesses implementing the new invoicing requirements.