Business
‘Belaire Champagne Gaining Ascendancy in Nigeria’
Samuel Douglas a Country Sales manager of Sovereign Brands, owners of the Luc Belaire brands, Bumbu Rum, Cloud Chaser and Skeleton wines. An American-based company, dealing in Nigeria through Ekochiv Ventures Nigeria Limited its local distributor. During an Exclusive interview with SIDNEY NWACHUKWU, Country Editor of Saharaweekly, he states that Belaire brands, are fast-rising products and have come to stay with its dynamic approach to changing the climate of Bubbly market in Nigeria/ Africa.
Excerpts:
What made you bring your business to Nigeria?
Firstly, Nigeria is the most populous Black nation in the world. Meaning there is strength in numbers. It shows there are lots of opportunities. Also Nigeria is one of the most vibrant markets in terms of social life. People are most desirous of good lifestyle. All around the globe, you would find out that of two Black people you meet, one is a Nigerian. And it’s easy to know who the Nigerian is. In terms of social circle, they are the people who would turn up the most. So it is an opportunity for any brand that wants to grow to be in Nigeria, especially in the wine/spirit business.
Nigerians are some of the most stylish people in the world. In fact, we run the entire African market. The growth of the bubbly brands is driven by Nigerians. They took the lifestyle from Nigeria to the world. They seek out their fun and leisure time; what they want, they seek it and pay for it, and it has become the norm. The South Africans had to learn from us. So we will always be the key market, not just for wine/spirit, but also for luxury goods. I believe we have the highest number of luxury cars on the streets in Nigeria across the Africa.
Your brand of champagne, Belaire and Bumbu, seems more like rum. What is behind the captivating names?
Sovereign Brands is a company that thrives on innovation; we are very creative minded people, we thrive on creativity and innovation. It’s a business that is blessed with a lot of talents. In every field here, you find some of the best hands, in marketing, sales and commercial departments, you would find people that are tested and know what they are doing. So the business is very careful and selective of the brands they deal with. It seeks out brands it wants to create, sell or do business with. It looks deeply into the heritage of these products and tries to understand what suits the market and what would be best for the consumer, as well as easy for them to manage and easily deal with it.
Belaire is actually a French word that means ‘one with a pleasant demeanor’. It’s very easy for anyone to relate with the brand. First, it’s a playful brand; it can function in any space. As a person, you know who has a nice lifestyle; when you are jovial and playful, everyone wants to be around you. You can see that the growth of the brand is very organic; it’s what everyone wants to be part of. Part of the style – the name, colour of the bottle, luminous label, that’s what people want to see. They are driven by what they see. And as you know, when you walk around a lot at night, very bright colours attract your attention like bees to honey.
For Bumbu, is based on the original recipe created by 17th century sailors of the West Indies, who blended native Caribbean ingredients into their rum and called it “Bumbu” – the original craft spirit. Just like the Bumble bee, you love the sweet taste. It’s just to get the consumer to understand that it’s a drink and something you can easily relate with. Truly, it’s a pleasant thing.
What has been the response or acceptance for these drinks?
You tried it yourself, did you enjoy it? For everyone that has tried Belaire, they all have one or two things to say – all positive. So far we are just a year old in the market. I am the first Country Sales Manager for the brand in Nigeria. It has been an awesome journey so far. Where we are coming from, the equity we have been able to build in the market, over the years is huge. It has got its positive and negative sides; but for us, as a business, it’s been positive and it’s been an awesome journey. The response has been tremendous and our growth has been very swift. For a product that was not mainstream trade product to have this kind of response, it’s been awesome. I can only thank God for it; and a lot of hard work. At the end of the day, it has been grace. I have always attributed every success in my life to God because he is my only source of power & inspiration. I hold that very dearly. Everything I touch I am always positive they will receive positive response. It doesn’t matter how much opposition arises.
What are your strategies in the business?
Strategies? You don’t discuss that in public. Truth is, once you have a good product, good team, the right market space discipline and good management skills, you can sell practically anything. I don’t know any strategy better than that.
Any plan to leverage on media?
We are already doing that. One of the major strengths has been the leaning towards media. We’ve been highly focused on new media. We are very focused on ensuring that we have very strong foothold, thus we aim to extend our use of media, but we are very focused on where we can gain more serious advantage, not just visibility.
As you well know, online platforms come and go. Strategically, what media areas do you want to use to gain dominance/consolidate?
First and foremost, we are a luxury brand. Did you say we are a high-end firm, well, not from my point of view? Our products are affordable, though it depends on who is buying.
Back to the issue: now there’s a middle-class that can afford our prices to an extent. Let’s say someone picks 10 bottles of our product but comes in once in a while. But another regularly picks just two bottles. That is okay for us. I believe we would find many that are comfortable and want to be in that class field compared to other brands. However, we are not competing with anyone. We are special in our own space. We’re Black and love to do things differently.
So if you love the brand, you’ll pay anything for the product. It’s not about the money; it’s the value the brand is putting out there, that’s what you want to see as a consumer.
Your products taste so great, what are you doing to push it into the public eye?
I spent years with Hennessy; I played a key role there, only a little has changed in the market. We in Belaire are doing what we have to do. In just 12 months, look at the kind of response and acceptance we have gotten in sales, visibility and acceptance. That should tell you that we know what we are doing. It took Moet Hennessy 10 years of intensive trade activities to get to where they are today, but again you can say the market wasn’t as saturated as it is now. Secondly, we are a brand to watch out for and we have done fantastically well and still growing.
At some point in the life of this market, the biggest products making sales in the night life then were, Red Label, Wines and Beers. As far back as 2006. I know how many bottles of wine I would sell in those days in my club; not much Champagnes in those days. I sold far more Whiskies than Cognac. So I know. We’re a part of the growth. Things are so much competitive today. Most big brands have made so much money and are investing majorly in the market.
Every product within the wine segment has a competition in terms of volume but that’s all that it is, we are just doing what we want to do and we are growing. I can’t tell you our position in terms of bubbly. But I can tell you that if we want to look at figures, give me three years, and the market will understand exactly where we are coming from.
How do you get 95% of parties in Nigeria to Petronize Belaire?
I may not be able to post figures and percentages now, but today we are at a lot of weddings, anniversaries etc with Belaire, there is a working template for the market?. Yes! Every business has a template and all players know that.
Once you get the template right, you will see the results, as people will come forward. And so far, people have been coming forward.
Recently, I visited Abeokuta for an appointment, and I decided to check out the market. I was at about 5 outlets, and I was super-impressed. There were outlets I didn’t even know, and they all had Belaire well arranged on the shelves. They had our products in their bars, fridges, on display. And I smiled because my sweat and stress is paying off. So to answer your question, guys are already picking the brand. I asked the bar-men about Belaire and they said that it what is new and cool.
We are not just in Lagos State I have been to the East, South, parts of the North as far as Kaduna. we are spreading, pushing our frontiers. We are also in Jos, Makurdi and Abuja.
Besides the earlier reason told, is there any other reason for bringing your products to Nigeria?
In 2014, we threw a party at an outlet across my then office, to celebrate a product. I later had a routine check of the tables across the venue, I was surprised to find a guest drinking Belaire Rose. I was furious and asked that they take it out. They pleaded that it was their last bottle. In our industry, there’s always that thing against competition and they know me well to fight tooth and nail to protect my product; as I turned my back on that table, I asked one of my trade guys to watch out for that brand (Belaire).
How do you marry your faith and career so well together?
I remember someone once asking me how I cope with managing my work and being so close to God. It’s just like my daughter once answered somebody on coping with seeing dead bodies as
Recapitalisation Without Transformation is a Risk Nigeria Cannot Afford
BY BLAISE UDUNZE
In barely two weeks, Nigeria’s banking sector will once again be at a historic turning point. As the deadline for the latest recapitalisation exercise approaches on March 31, 2026, with no fewer than 31 banks having met the new capital rule, leaving out two that are reportedly awaiting verification. As exercise progresses and draws to an end, policymakers are optimistic that stronger banks will anchor financial stability and support the country’s ambition of building a $1 trillion economy.
The reform, driven by the Central Bank of Nigeria (CBN) under Governor Olayemi Cardoso, requires banks to significantly raise their capital thresholds, which are set at N500 billion for international banks, N200 billion for national banks, and N50 billion for regional lenders. According to the apex bank, 33 banks have already tapped the capital market through rights issues and public offerings; collectively, the total verified and approved capital raised by the banks amounts to N4.05 trillion.
No doubt, at first glance, the strategy definitely appears straightforward with the idea that bigger capital means stronger banks, and stronger banks should finance economic growth. But history offers a cautionary reminder that capital alone does not guarantee resilience, as it would be recalled that Nigeria has travelled this road before.
During the 2004-2005 consolidation led by former CBN Governor Charles Soludo, the number of banks in the country shrank dramatically from 89 to 25. The reform created larger institutions that were celebrated as national champions. The truth is that Nigeria has been here before because, despite all said and done, barely five years later, the banking system plunged into crisis, forcing regulatory intervention, bailouts, and the creation of the Asset Management Corporation of Nigeria (AMCON) to absorb toxic assets.
The lesson from that experience is simple in the sense that recapitalisation without structural reform only postpones deeper problems.
Today, as banks race to meet the new capital thresholds, the real question is not how much capital has been raised but whether the reform will transform the fundamentals of Nigerian banking. The underlying fact is that if the exercise merely inflates balance sheets without addressing deeper vulnerabilities, Nigeria risks repeating a familiar cycle of apparent stability followed by systemic stress, as the resultant effect will be distressed banks less capable of bringing the economy out of the woods.
The real measure of success is far simpler. That is to say, stronger banks must stimulate economic productivity, stabilise the financial system, and expand access to credit for businesses and households. Anything less will amount to a missed opportunity.
One of the most critical issues surrounding the recapitalisation drive is the quality of the capital being raised.
Nigeria’s banking sector has reportedly secured more than N4.5 trillion in new capital commitments across different categories of banks. No doubt, on paper, these numbers may appear impressive. Going by the trends of events in Nigeria’s economy, numbers alone can be deceptive.
Past recapitalisation cycles revealed troubling practices, whereby funds raised through related-party transactions, borrowed money disguised as equity, or complex financial arrangements that recycled risks back into the banking system. If such practices resurface, recapitalisation becomes little more than an accounting exercise.
To avert a repeat of failure, the CBN must therefore ensure that every naira raised represents genuine, loss-absorbing capital. Transparency around capital sources, ownership structures, and funding arrangements must be non-negotiable. Without credible capital, balance sheet strength becomes an illusion that will make every recapitalization exercise futile.
In financial systems, credibility is itself a form of capital. If there is one recurring factor behind banking crises in Nigeria, it is corporate governance failure.
Many past collapses were not triggered by global shocks but by insider lending, weak board oversight, excessive executive power, and poor risk culture. Recapitalisation provides regulators with a rare opportunity to reset governance standards across the industry.
Boards must be independent not only in structure but also in substance. Risk committees must be empowered to challenge executive decisions. Insider lending rules must be enforced without compromise because, over the years, they have proven to be an anathema against the stability of the financial sector. The stakes are high.
When governance fails, fresh capital can quickly become fresh fuel for old excesses. Without governance reform, recapitalisation risks reinforcing the very weaknesses it seeks to eliminate.
Another structural vulnerability lies in Nigeria’s increasing amount of non-performing loans (NPLs), which recently caused the CBN to raise concerns, as Nigeria experiences a rise in bad loans threatening banking stability.
Industry data suggests that the banking sector’s NPL ratio has climbed above the prudential benchmark of 5 percent, reaching roughly 7 percent in recent assessments. Many of these troubled loans are concentrated in sectors such as oil and gas, power, and government-linked infrastructure projects, alongside other factors such as FX instability, high interest rates, and the withdrawal of Covid-era forbearance, which threaten bank stability.
While regulatory forbearance has helped maintain short-term stability, it has also obscured deeper asset-quality concerns. A credible recapitalisation process must confront this reality directly.
Loan classification standards must reflect economic truth rather than regulatory convenience. Banks should not carry impaired assets indefinitely while presenting healthy balance sheets to investors and depositors.
Transparency about asset quality strengthens trust. Concealment destroys it. Few forces have disrupted Nigerian bank balance sheets in recent years as severely as exchange-rate volatility.
Many banks still operate with significant foreign exchange mismatches, borrowing short-term in foreign currencies while lending long-term to clients earning revenues in naira. When the naira depreciates sharply, these mismatches can erode capital faster than any credit loss.
Recapitalisation must therefore be accompanied by stricter supervision of foreign exchange exposure, as this part calls for the regulator to heighten its supervision. Banks should be required to disclose currency risks more transparently and undergo rigorous stress testing at intervals that assume adverse currency scenarios rather than best-case outcomes. In a structurally import-dependent economy, ignoring FX risk is no longer an option.
Nigeria’s banking system has long been characterised by excessive concentration in a few sectors and corporate clients, which calls for adequate monitoring and the need to be addressed quickly for the recapitalization drive to yield maximum results.
Growth in most advanced economies comes from the small and medium-sized enterprises that are well-funded. Anything short of this undermines it, since the concentration of huge loans to large oil and gas companies, government-related entities, and major conglomerates absorbs a disproportionate share of bank lending. This has continued to pose a major threat to the system, as the case is with small and medium-sized enterprises, the backbone of job creation, which remain chronically underfinanced. This imbalance weakens the economy.
Recapitalisation should therefore be tied to policies that encourage credit diversification and risk-sharing mechanisms that allow banks to lend more confidently to productive sectors such as agriculture, manufacturing, and technology rather than investing their funds into the government’s securities. Bigger banks that remain narrowly exposed do not strengthen the economy. They amplify its fragilities.
Nigeria’s macroeconomic conditions, which are its broad economic settings, are defined by frequent and sometimes sharp changes or instability rather than stability.
Inflation shocks, interest-rate swings, fiscal pressures, and currency adjustments are not rare disruptions; but they have now become a normal part of the economic environment. Despite all these adverse factors, many banks still operate risk models that assume relative stability. Perhaps unbeknownst to the stakeholders, this disconnect is dangerous.
Owing to possible shocks, and when banks increase their capital (recapitalization), it is required that banks adopt more sophisticated risk-management frameworks capable of withstanding severe economic scenarios, with the expectation that stronger banks should also have stronger systems to manage risks and survive economic crises. In Nigeria today, every financial institution’s stress testing must be performed in the face of the economy facing severe shocks like currency depreciation, sovereign debt pressures, and sudden interest-rate spikes.
Risk management should evolve from a compliance obligation into a strategic discipline embedded in every lending decision.
Public confidence in the banking system depends heavily on credible financial reporting.
Investors, analysts, and depositors need to be able to understand banks’ true financial positions without navigating non-transparent disclosures or creative accounting practices, which means the industry must be liberated to an extent that gives room for access to information.
Recapitalisation provides an opportunity to strengthen the enforcement of international financial reporting standards, enhance audit quality, and require clearer disclosure of capital adequacy, asset quality, and related-party transactions. Transparency should not be feared. It is the foundation of trust.
One thing that must be corrected is that while recapitalisation often focuses on financial metrics, the banking sector ultimately runs on human capital.
Another fearful aspect of this exercise for the economy is that consolidation and mergers triggered by the reform could lead to workforce disruptions if not carefully managed. Job losses, casualisation, and declining staff morale can weaken institutional culture and productivity. Strong banks are built by strong people.
If recapitalisation strengthens balance sheets while destabilising the workforce that powers the system, the reform risks undermining its own economic objectives. Human capital stability must therefore form part of the broader reform strategy.
Doubtless, another emerging shift in Nigeria’s financial landscape is the rise of digital financial platforms that are increasingly changing how people access and use money in Nigeria.
Millions of Nigerians are increasingly relying on fintech platforms for payments, microloans, and everyday financial transactions. One of the advantages it offers, is that these services often deliver faster and more user-friendly experiences than traditional banks. While innovation is welcome, it raises important questions about the future structure of financial intermediation.
The point here is that the moment traditional banks retreat from retail banking while fintech platforms dominate customer interactions, systemic liquidity and regulatory oversight could become fragmented.
The CBN must see to it that the recapitalised banks must therefore invest aggressively in digital infrastructure, cybersecurity, and customer experience, while cutting down costs on all less critical areas in the industry.
Nigerians should feel the benefits of recapitalisation not only in stronger balance sheets but also in faster apps, reliable payment systems, and responsive customer service.
As banks grow larger through recapitalisation and consolidation, a new challenge emerges via systemic concentration.
Nigeria’s largest banks already control a significant share of industry assets. Further consolidation could deepen the divide between dominant institutions and smaller players. This creates the risk of “too-big-to-fail” banks whose collapse could threaten the entire financial system.
To address this risk, regulators must strengthen resolution frameworks that allow distressed banks to fail without triggering systemic panic, their collapse does not damage the whole financial system, and do not require taxpayer-funded bailouts to forestall similar mistakes that occurred with the liquidation of Heritage Bank. Market discipline depends on credible failure mechanisms.
It must be understood that Nigeria’s banking recapitalisation is not merely a financial exercise or, better still, increasing banks’ capital. It is a rare opportunity to rebuild trust, strengthen governance, and reposition the financial system as a true engine of economic development.
One fact is that if the reform focuses only on capital numbers, the country risks repeating a familiar pattern of churning out impressive balance sheets followed by another cycle of crisis.
But the actors in this exercise must ensure that the recapitalisation addresses governance failures, asset quality concerns, risk management weaknesses, and transparency gaps; and the moment this is done, the banking sector could emerge stronger and more resilient.
Nigeria does not simply need bigger banks. It needs better banks, institutions capable of financing innovation, supporting entrepreneurs, and building economic opportunity for millions of citizens.
The true capital of any banking system is not just money. It is trust. And whether this recapitalisation ultimately succeeds will depend on whether Nigerians see that trust reflected not only in financial statements but in the everyday experience of saving, borrowing, and investing in the economy. Only then will bigger banks translate into a stronger nation.
Blaise, a journalist and PR professional, writes from Lagos and can be reached via: [email protected]
FirstBank Makes Home Ownership Possible for Nigerians with Single-Digit Interest Rate Loan
For millions of Nigerians, homeownership has long felt like an ambition deferred. Squeezed by rising property prices, persistent double-digit inflation and high commercial lending rates, the dream of owning a home has remained just that – a dream.
But that narrative is quietly changing. Thanks to FirstBank.
The N1 Trillion Intervention Reshaping Access
In partnership with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), FirstBank has unveiled a mortgage opportunity that could redefine access to housing finance in Nigeria.
Backed by the Federal Government’s N1trillion mortgage fund, the initiative is designed to empower Nigerians with affordable, long-term credit to own their homes.
9.75% Interest Rate in a 30% Lending Environment
MREIF is priced at 9.75% per annum, dramatically lower than prevailing commercial loan rates. Eligible Nigerians can access up to N100 million and repay within 20 years. This translates into significantly more manageable monthly repayments and greater long-term financial stability.
Built for Salary Earners, Entrepreneurs and the Diaspora
The MREIF mortgage facility has been structured to be inclusive. It is available to salary account holders, business owners and diaspora customers. Whether you are a young professional aiming to exit the rent cycle, an entrepreneur building generational stability, or you’re a Nigerian abroad looking to secure assets locally, the product opens a pathway that has historically been out of reach for many.
Taking the First Step
For those who have been waiting for the right time, this is definitely it. The question is no longer whether homeownership is possible. The real question is: will you act before the window narrows?
Visit https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ and in no time you could be the latest homeowner in town.
Alpha Morgan Bank Deepens Presence in Abuja with New Branch in Utako
Marking another milestone in its expansion drive, Alpha Morgan Bank has opened a new branch in Utako, Abuja, reinforcing its strategy of building closer institutional ties within key business communities and bringing its financial expertise closer to individuals, and enterprises driving the city’s growth.
The new branch, located at Plot 1121 Obafemi Awolowo Way, Utako, Abuja is strategically positioned to serve individuals, entrepreneurs, and corporate clients within Utako and surrounding districts.
The expansion follows the Bank’s recently concluded Economic Review Webinar held in February 2026, as the bank continues to position as a thought-leader in the financial services industry.
Speaking on the opening, Ade Buraimo, Managing Director of Alpha Morgan Bank, said the move underscores the Bank’s commitment to accessibility and service excellence.
“Proximity matters in banking. As communities grow and commercial activity expands, financial institutions also evolve to meet customers where they are. The Utako Branch allows us to deliver our services to people in that community efficiently while maintaining the high standards our customers expect,”
The Utako location will provide a full suite of retail and corporate banking services, including account opening, deposits, transfers, business banking solutions, and financial advisory support.
Customers and members of the public are invited to visit the new Utako Branch to experience the Bank’s approach to satisfying banking.
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