…Appoints Biola Adebayo as new CEO

Fidson Healthcare Plc has unveiled N30 billion capital raise plan aimed at expanding its footprint in Nigeria and across Africa’s pharmaceutical landscape.

The equity drive was approved by shareholders at the company’s 26th Annual General Meeting (AGM) held virtually on July 31, 2025.

The strategic mandate authorizes Fidson’s board to raise funds via Rights Issue and/or other equity-based options. The move is expected to accelerate the company’s efforts in capacity expansion, innovation, and broader market penetration.

Mr. Imokha Ayabae, Fidson’s finance director, said the fresh capital injection will position the company to strengthen its leadership in healthcare delivery.

“This N30 billion mandate is pivotal for our future. It provides us with the financial agility to pursue strategic initiatives, including capacity expansion, product innovation, and market penetration that will solidify our leadership position in the healthcare sector. We are poised to leverage these funds to enhance operational efficiency and broaden our impact across Nigeria and other African countries,” he said.

Alongside the capital raise, shareholders also approved an increase in the company’s share capital from N1.2 billion to N1.5 billion, by creating an additional 600 million ordinary shares of 50 kobo each.

The virtual AGM , held in line with the provisions of the Business Facilitation Act, 2022, marked a significant milestone in Fidson’s corporate governance journey, with the live-streamed event reinforcing the company’s commitment to transparency and shareholder engagement.

A defining moment of the AGM was the retirement announcement of Dr. Fidelis Ayebae, the company’s founder and managing director/CEO, effective August 1, 2025. After three decades at the helm, Ayebae passed the baton to longtime executive and pioneer director, Mr. Abiola Adetunji Adebayo.

Dr. Ayebae described the handover as part of Fidson’s strong succession planning, stating, “As I step down, I do so with immense pride in what we have built together. I now retire knowing that Fidson is in excellent hands with Biola Adebayo, who 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.”

The outgoing board chairman, Mr. Segun Adebanji, also stepped down during the AGM, with a new chairperson expected to be announced at the next board meeting.

In line with its strong financial performance for the year ended December 31, 2024, Fidson declared a dividend of N1.00 per 50 kobo ordinary share, amounting to a total payout of N2.29 billion. The dividend was paid out of an earnings per share (EPS) of N2.52, reflecting the company’s continued commitment to shareholder value.

Shareholders also reviewed and approved the company’s audited accounts, elected/re-elected directors, and approved remuneration for directors, auditors, and senior management in accordance with regulatory standards.

Mr. Yomi Adebanjo, the company’s Secretary emphasized Fidson’s commitment to accountability, stating that, “Our electronic AGM ensures that all shareholders, regardless of their location, can participate actively in the company’s decision-making process. This aligns with our ethos of strong corporate governance and transparency.”