Eligible shareholders are strongly encouraged to exercise their provisional rights during the
period.”

• Mr. Imokha Ayebae

Michael Nzewi, the CEO of CardinalStone Partners Limited, Lead Issuing house for the Rights
Issue spoke about the equity capital raising journey of the company and indicated that its last
offering in 2019 was at N4.50 compared to the current offer price of N35 which is a discount to
current market price is a testament to the growth trajectory of the Company’s stock and the
attractiveness of holding Fidson shares in an investment portfolio.
Shareholders whose names appear on the register as of the Qualification Date are urged to
complete the Official Participation Form and lodge it, along with full payment, with their
Stockbroker or any Receiving Agent listed in the Rights Circular before the closing date.
Fidson’s drive toward excellence in pharmaceutical manufacturing remains unwavering. We are
committed to delivering value to our stakeholders, empowering our workforce, and driving
innovation.

Dr. Mrs. Amina Mohammed-Baloni, MBBS, FWACP, MPH joins the board as an Independent Non-Executive Director. She is a highly accomplished physician and public health leader with over 25 years’ experience spanning clinical medicine, policy formulation, and health systems governance. A Fellow of the West African College of Physicians and holder of a Master’s in Public Health, she is renowned for her results-driven approach to improving maternal, child, and community health outcomes.

Dr. Mohammed-Baloni previously served as the Commissioner for Health in Kaduna State, where she spearheaded major reforms. These reforms positioned the state as a leader in innovative healthcare delivery, including the pioneering of Zipline drone partnership for medical supply distribution, the pharmaceutical manufacturing MOU with PMG-MAN, and an exemplary COVID-19 pandemic management. Currently, she chairs the Board of the Bauchi State Specialist Hospital and provides governance oversight as a Non-Executive Director on the Boards of Solina Centre for International Development and Research (SCIDaR) and the African Resource Centre for Excellence in Supply Chain Management (ARC-ESM).

She is an alumna of the Harvard Kennedy School of Governance, INSEAD Business School, and the London School of Hygiene and Tropical Medicine.

Similarly, Mrs. Hannah Emanehi Oyebanjo, (MCIoD, MCIM, MNIMN, FISMN, frpa) also joins the board as an Independent Non-Executive Director. She is the Managing Director of Redwood Consulting, a member of The Republicom Group. As a business leader, she brings over 30 years of success in driving growth, transformation, and market leadership across sectors and industries. She is recognized for launching category-defining products for global multinationals and leading award-winning marketing campaigns.

Mrs. Oyebanjo previously served as Marketing Director at GlaxoSmithKline, where she drove significant innovations leading to multiple global and regional awards. She also held the position of Marketing Director at Colgate Palmolive and was recently appointed to the Faculty for Marketing and Entrepreneurship at the China Europe International Business School (CEIBS) in 2025. She is a recipient of multiple honours, including the Marketing Icon Award: Nigerian Marketing Award, 2025, and the Lifetime Achievement Award: WIMCA (Women in Marketing and Communications) 2025. She is a member of the Chartered Institute of Directors (CIoD) and a Fellow of the Advertising Regulatory Council of Nigeria (ARCON). Mrs. Oyebanjo holds a Bachelor of Science Degree in Chemistry and a Master of Business Administration – an alumna of Lagos Business School and the University of Cape Town. She is an executive coach, a conference speaker, and a thought leader in marketing and leadership.

We are pleased to welcome these accomplished professionals to the board. Their wealth of experience and strategic insights are expected to strengthen the company’s board capacity to deliver on our mission.

Fidson Healthcare Plc remains dedicated to advancing healthcare in Africa, leveraging the expertise of its board members and the commitment of its workforce to achieve sustainable growth and industry leadership.

LAGOS, NIGERIA – August 1, 2025

Fidson Healthcare Plc (the Company), the leading pharmaceutical company in Nigeria, held its 26th Annual General Meeting (AGM), on Thursday, July 31, 2025. The meeting was held electronically in accordance with the provisions of the Business Facilitation Act, 2022. The seamlessly executed virtual meeting underscores Fidson’s commitment to excellence and good corporate governance.   The pivotal meeting saw shareholders approve a significant dividend payout, grant the Board a crucial mandate to raise additional capital, and witnessed a landmark announcement as the Chairman of the Board voluntarily retired at the meeting following his retirement by rotation.

A key highlight of the AGM was the overwhelming approval of the Board’s recommendation to pay a dividend of N1.00 per 50 kobo ordinary share, amounting to N2,294,996,275 (Two Billion, Two Hundred and Ninety-Four Million, Nine Hundred and Ninety-Six Thousand, Two Hundred and Seventy-Five Naira) only. The payment was in line with the Company’s policy of giving returns to its numerous shareholders. The dividend was paid out of a total earnings per share of N2.52 in line with the Company’s dividend policy.

In a significant and emotional announcement during the AGM, the Board Chairman, Mr. Segun Adebanji, made known to the public his retirement as Chairman and Director of the Company.  The Board is expected to formally appoint his successor at the next Board Meeting of the Company.   

In the same vein, Mr Adebanji announced the retirement of Dr. Fidelis Ayebae as Managing Director and Chief Executive Officer, effective August 1, 2025. Dr. Ayebae has steered the management of the Company for 30 years to its prominent position within the Nigerian pharmaceutical industry. “He will be succeeded as the Managing Director/CEO by yet another pioneer Executive Director, Mr. Abiola Adetunji Adebayo. His appointment as the new Managing Director had previously been formally approved by the Board.” The outgoing Chairman remarked, ‘This move confirms Fidson’s robust succession planning and commitment to sustained growth.’

Speaking after the meeting, Dr. Ayebae reflected on his journey and the future of Fidson. “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.”

In another strategic move, shareholders also approved an increase in the Company’s share capital from N1,200,000,000 (one billion, two hundred million naira) only, divided into 2,400,000,000 (two billion, four hundred million) ordinary shares of 50 kobo each, to N1,500,000,000 (one billion, five hundred million naira) only by the creation of additional 600,000,000 (six hundred million) ordinary shares of 50 kobo each. More significantly, the Board received authorisation to raise up to N30,000,000,000 (thirty billion naira only) through equity by way of a Rights Issue and/or other equity raise methods.   

Mr. Imokha Ayabae – the Finance Director, elaborated on the strategic intent behind the capital raise. “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,” He explained. “We are poised to leverage these funds to enhance our operational efficiency and broaden our impact across Nigeria and other African countries.”

The electronic 26^th AGM was streamed live on the Company’s website  (www.fidson.com), highlighting Fidson’s dedication to transparency and robust shareholder engagement. “Our electronic AGM ensures that all shareholders, regardless of their location, can participate actively in the company’s decision-making process,” The Company Secretary, Mr Yomi Adebanjo, commented; “This aligns with our ethos of strong corporate governance and accountability.”

The Audited Accounts for the year ended December 31, 2024, together with the Reports of the Directors, Auditors and Audit Committee thereon, were duly laid before the meeting. Directors were also elected/re-elected, and their remuneration, along with that of the Auditors of the Company were approved. The remuneration of the Company Managers was also disclosed.

Fidson Healthcare Plc. continues to demonstrate its leadership in the Nigerian pharmaceutical industry, with these resolutions setting the stage for significant expansion and enhanced shareholder value in the coming years.

About Fidson Healthcare Plc

Fidson Healthcare Plc. is the leading pharmaceutical company in Nigeria, engaged in the business of manufacturing, marketing, and sales of pharmaceutical and healthcare products. We are a wholly Nigerian company that has grown to become a leading player in the West African healthcare landscape.

This rich heritage has established the groundwork for our contemporary democratic aspirations, a system built not on perfection, but on a shared determination to surmount challenges. In this spirit, Nigeria consistently showcases its power of innovation and resilience. Democracy here embodies a daily renewed promise: a commitment to turning obstacles into opportunities and aspirations into real progress.

As we commemorate Democracy Day today, we at Fidson Healthcare Plc join countless Nigerians in honouring the resilient spirit, and limitless potential of our country. For over thirty years, Fidson, a proudly Nigerian pharmaceutical company, has been devoted to enhancing the health and well-being of our people. On this significant day, we reaffirm our unwavering belief in Nigeria’s greatness and our dedication to creating a future aligned with our shared dreams.

Of course, we acknowledge the challenges that put our nation to the test. However, instead of diminishing our hope, these obstacles motivate us to aspire for more. From our state-of-the-art facilities right here in Nigeria, we manufacture life-saving solutions that impact millions even across Africa — proof that homegrown innovation can light the way to a brighter tomorrow. Each step we take is a testament to our belief in Nigeria’s ability to heal, advance, , and lead.

Today, we honour everyday Nigerians who propel our nation forward. Together, we can construct a Nigeria where every voice is heard, and every life is cherished. Fidson stands resolute in this vision, enhancing healthcare and advocating for hope, unity, and progress.

With faith in our hearts and our hands united in purpose, let’s continue building the Nigeria we envision—a nation of greatness, proudly ours.

Happy Democracy Day, Nigeria.

From all of us at

Fidson Healthcare Plc,

Proudly Nigerian

A report by the World Bank Group revealed that 17 coastal West African countries generated 6.9 million tons of plastic waste in 2018, with Nigeria –Africa’s most populous country –, alone accounting for 4.7 million tons per year. The consequences are dire; blocked drainage systems, polluted waterways, and a growing threat to marine life.

Plastic pollution extends beyond being a mere eyesore, it poses a significant threat to Nigeria’s health, economy, and future. Microplastics have been detected in both human blood and marine life, raising alarm about long-term health implications. In the Niger Delta, plastic waste disrupts fishing communities, while Northern Nigeria faces worsening soil degradation that compromises agriculture. The stakes are high, yet Nigeria’s resilience remains strong. Across the nation, from grassroots initiatives to corporate leadership, efforts are underway to combat this issue.

Experts warn that if current trends persist, by 2050, the amount of plastic waste in the ocean could surpass that of all fish combined. This chilling forecast underscores the necessity for immediate action.

Nigeria is making strides toward curbing plastic pollution, though challenges remain. Recycling infrastructure is still developing, and the transition away from single-use plastics like water sachets is ongoing. While the implementation of the 2020 national policy has taken time, the government’s commitment to a nationwide ban on single-use plastics starting January 2025 is a promising step forward. With growing awareness and collaboration between businesses, policymakers, and citizens, the path to a plastic-free future is becoming clearer

Fidson Healthcare PLC, well-known for innovation in Nigeria’s pharmaceutical sector, is taking decisive action against plastic pollution. Already, our facilities practice waste separation and encourage recycling. In collaboration with local organizations, Fidson is contributing to waste collection drives to empower Nigerians to engage with their environment and is informing communities about the dangers of plastic pollution and encouraging responsible waste management practices. 

How You Can Take Action

• Minimize single-use plastics—choose reusable bags, bottles, and containers instead.

• Participate in clean-up initiatives—volunteer for local waste management projects.

• Advocate for change—call for regulations on plastic production and waste management.

World Environment Day 2025 symbolizes more than just a celebration—it serves as a rallying call. Nigeria is at a crucial juncture, and with organizations like Fidson Healthcare PLC paving the way, a cleaner and healthier future is attainable.

Let’s commit to making every day a stride towards a plastic-free Nigeria.

In the ever-evolving landscape of Nigeria’s pharmaceutical industry, Fidson Healthcare Plc continues to distinguish itself as the industry leader. Despite the shifting global supply chains, currency volatility, and growing public health needs, the company remains driven by innovation, strategic foresight, and an unyielding commitment to quality healthcare delivery. The recently released 2024 audited financial statements present more than just a healthy balance sheet; they offer compelling evidence of a company firmly positioned at the forefront of its sector, shaping the future of healthcare in Nigeria with bold and deliberate strides.

The proudly Nigerian company, which hit the 30-year milestone in 2025, has demonstrated a strong growth trajectory over the years, making it an attractive prospect for investors. Today, it is the largest pharmaceutical company in Nigeria with a market capitalization of approximately 44.64 billion naira as of April 2025. According to the 2024 audited financial statements, Fidson recorded a 59% increase in revenue, growing from ₦53.1 billion in 2023 to ₦84.2 billion. While profits before tax rose to ₦7.7 billion, representing a 30% growth, the net profit surged by an impressive 60% to ₦5.78 billion. In his statement, the Finance Director, Mr. Imokha Ayebae, explained that these achievements were not accidental. “They were the result of operational efficiency, prudent financial management, and a good relationship with critical stakeholders in the Nigerian market.”  Also, earnings per share climbed from 157 kobo to 252 kobo, and net asset per share rose by 23% to 1,034 kobo—signaling strong shareholder value creation. In a bold expression of confidence in its future cash flow and profitability, the company proposes an increase in its dividend payout from ₦0.60 to ₦1.00 per share, amounting to ₦2.29 billion in total.

This remarkable financial success rides on Fidson’s clinical adherence to global standards in every facet of the organization’s processes. At the core of its business is the world-class WHO-complaint manufacturing facility in Ogun State. The Deputy Managing Director, Mr. Biola Adebayo, revealed that the company invests heavily in its manufacturing capabilities. “Since embarking on local production in 2002, the company has maintained a steady growth trajectory, consistently expanding its production capabilities in line with the current Global Manufacturing Practices (cGMP).” In 2024 alone, Fidson reinforced this edge by investing over ₦3.7 billion in property, plant, and equipment, signifying not just a commitment to meeting growing demand but also a strategic focus on reducing dependence on imported drugs. The company’s ability to produce high-quality pharmaceutical products locally—from tablets to infusions and injectables is unrivaled. Today, Fidson is the leading LVP manufacturer in Africa, producing over 120 million bottles annually. The company is also the manufacturer of glass-ampoule injectables in Nigeria. This has played a pivotal role in enhancing national health security while simultaneously fostering affordability and accessibility across the country.

Complementing these manufacturing capabilities is a robust logistics and distribution system. The company has cultivated a vast and reliable network that spans all geopolitical zones in Nigeria, ensuring the seamless movement of products from factory floors to hospital shelves and retail pharmacies. With 11 purpose-built depots operated across Nigeria’s geopolitical regions already, more depots are in the works to ensure efficient distribution of life-saving medicines to reinforce the brand’s reputation for reliability in a market where timely access to medicines is critical.

Yet, Fidson’s most valuable asset remains its people. With a workforce of over 1,709 employees, the company has cultivated a culture rooted in professionalism, inclusivity, and continuous learning. It maintains a policy of non-discrimination, offering equal opportunities to all. Beyond statutory obligations, the company goes further to prioritize employee well-being by offering comprehensive health insurance for all staff, performance-based incentives and even free meals for low-income workers. Its approach to talent development—through training, upskilling, and leadership grooming—has created a resilient and motivated team capable of navigating the dynamic terrain of pharmaceutical manufacturing, marketing and distribution.

In 2025, Fidson Healthcare strives to expand its leadership. With continued investments in infrastructure and expertise, actively exploring new markets across Africa, and strategic partnerships across the healthcare value chain, the company is poised to deepen its market penetration and broaden its impact on public health outcomes in Africa. Its CSR expenditure (amounting to ₦248 million in 2024) demonstrates a deep sense of social responsibility, further strengthening its community ties, corporate legacy and environmental sustainability.

Fidson Healthcare is more than a pharmaceutical company; it is a symbol of national pride and resilience. With visionary leadership, a dynamic workforce, and a steadfast commitment to innovation and excellence, Fidson is on course to not only lead the pharmaceutical industry in 2025—but to define its future.

Dr. Babatunde Kabir Ipaye joins the board as an Independent Non-Executive Director. A distinguished Governance and Public Health Specialist, Dr. Ipaye brings over two decades of experience in leadership, policy development, and health systems reform. With a medical degree earned from the University of Lagos as the overall best graduate of his class and multiple national and international consulting roles, he has contributed significantly to public health initiatives, including malaria, tuberculosis, HIV/AIDS, and COVID-19 programmes in Nigeria and beyond. Dr. Ipaye has held esteemed positions, such as Commissioner for Health in Ogun State and Consultant Health Specialist with the World Bank, where he demonstrated exceptional capacity in healthcare delivery and policy implementation. His vast expertise will enhance Fidson’s strategic focus and operational impact in the healthcare sector.

Mr. Philip Ikechi Ejiofor also joins the board as an Independent Non-Executive Director. He is a chartered accountant with over 30 years of senior management experience, spanning finance, logistics, supply chain, and information technology. His extensive international experience, encompassing leadership roles in various multinational organizations in Nigeria and Rwanda, has honed his skills in strategic financial planning, regulatory compliance, and organizational development. Mr. Ejiofor’s proven ability to drive operational efficiency and mentor high-performing teams aligns seamlessly with Fidson’s vision of excellence and innovative leadership.

Mr. Oshoke Michael Ayebae has been appointed Executive Director, Business Development and Marketing. Since joining Fidson Healthcare Plc in 2011, Mr. Ayebae has demonstrated remarkable leadership, establishing the company’s herbal and nutraceutical division and later spearheading its Business Development function since 2016, where he led the development of over 40 new profitable products in 5 years and rebranded over 80% of Fidson’s product portfolio for better shelf presence and brand acceptance. With degrees in Marketing and Business Management from Bradford University and a Master’s in Programme and Project Management from the University of Warwick, his contributions have driven significant growth and brand visibility for the company.

Speaking on the appointments, the Chairman of the Board, Mr. Olusegun Adebanji stated, “We are pleased to welcome these accomplished professionals to the board. Their wealth of experience and strategic insights will strengthen our board’s capacity to deliver on our mission.”

Fidson Healthcare Plc’s contributions to healthcare delivery in Nigeria has received several recognitions including the Pharmaceutical Manufacturing Company of the Year by the Nigeria Healthcare Excellence Awards and one of Africa’s Fastest Growing Companies by The Financial Times, London. The company remains dedicated to advancing healthcare in Africa, leveraging the expertise of its board members and the commitment of its workforce to achieve sustainable growth and industry leadership.

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Yes! We have won it again for the 4th consecutive time!

We also emerged the 1st runner-up for the Overall Employer of the Year!

This affirms our collective dedication to excellence, hard work, and innovation that contributes to our success as an employer of choice.

Let’s continue defying the odds by pushing boundaries and achieving greatness.

Congratulations again on this well-deserved recognition!