Fidson Healthcare Plc is poised for significant expansion in the pharmaceutical sector as shareholders have approved a N30 billion capital raise at the company’s 26th yearly general meeting (AGM).
The virtual meeting, held in line with the provisions of the Business Facilitation Act, 2022, highlighted the company’s strategic plans to deepen its market presence through new investments, alongside a leadership transition at the top.
The AGM allowed shareholders to endorse several critical resolutions, chief among them was the approval to increase Fidson’s share capital from N1.2 billion to N1.5 billion by creating an additional 600 million ordinary shares of 50 kobo each.
The shareholders also gave the Board the mandate to raise N30 billion through equity issuance, either by Rights Issue or other means.
Speaking on the importance of the capital raise, Fidson’s Finance Director, Imokha Ayabae, explained that the funds would support strategic initiatives such as capacity expansion, innovation in product lines, and broader market penetration. He noted that the N30 billion mandate is pivotal for the future as it would also improve operational efficiency and help the company strengthen its footprint in Nigeria and other African countries.
The AGM also marked a defining moment in Fidson’s corporate history as the company’s founder, Dr Fidelis Ayebae, officially announced his retirement as Managing Director and Chief Executive Officer, effective August 1, 2025. Ayebae has led the company for 30 years, growing it into a major force in Nigeria’s pharmaceutical landscape.
Announcing the development, outgoing Chairman of the Board, Mr. Segun Adebanji, confirmed that Ayebae would be succeeded by Mr. Abiola Adetunji Adebayo, a founding executive who has worked alongside him for nearly three decades. According to Adebanji, the Board had already formally approved Adebayo’s appointment, describing the transition as a reflection of Fidson’s well-structured succession plan and long-term vision.
During his farewell remarks, Ayebae expressed pride in the company’s progress and confidence in its future.
“As I step down, I do so with immense pride in what we have built together. Biola Adebayo has been on this journey with me for 29 years. I am confident that his leadership will continue to drive innovation and strategic growth, ensuring the company remains at the forefront of healthcare delivery in Nigeria,” he added.
Meanwhile, shareholders approved the company’s recommendation to pay a dividend of N1.00 per 50 kobo ordinary share, totaling approximately N2.29 billion. The dividend payout was derived from the company’s earnings per share of N2.52 and reflects Fidson’s consistent policy of rewarding its shareholders.
