2026-07-13
International Breweries, AB InBev’s Nigerian subsidiary, has proposed a capital restructuring aimed at wiping out accumulated losses of NGN191.03 billion and restoring its ability to pay dividends, according to a notice filed with Nigerian Exchange Limited.
The brewer said the plan follows its return to profitability in the 2025 financial year, but noted that it still cannot distribute dividends because of the losses carried on its books at the end of that period. International Breweries sells brands including Budweiser, Trophy Lager and Hero Lager in Nigeria, one of Africa’s largest beer markets.
Under the proposal, the company would use part of the balance in its share premium account to eliminate negative retained earnings. If approved, that step would rebuild distributable reserves and reopen the path for future dividend payments. The company said there would be no reduction in the number of shares in issue.
After clearing the accumulated losses, International Breweries also plans to reorganize the remaining balance in the share premium account to support a return of excess capital to shareholders. The company presented the move as part of a broader effort to strengthen its balance sheet after returning to profit.
The proposal still requires regulatory approvals and confirmation by Nigeria’s Federal High Court before it can take effect. Until those approvals are secured, the plan remains subject to legal and market review.
The move matters beyond corporate finance because it could affect how investors view one of AB InBev’s key operations in West Africa. For the beverage industry, a successful restructuring could help unlock shareholder distributions at the Nigerian unit and signal greater financial stability in a market that is important for beer sales and long-term growth.