…Shareholders Approve N30bn Capital Raise, Dividend at 26th AGM
Fidson’s Founder, Managing Director and Chief Executive Officer, Dr Fidelis Ayebae, has retired from his role after three decades at the helm.
Dr Ayebae, who co-founded the company in 1995 and led it to become a market leader in the Nigerian pharmaceutical industry, handed over the reins to Mr. Abiola Adetunji Adebayo, a pioneer executive director and longtime collaborator of Ayebae’s.
Also, Fidson Healthcare Plc has unveiled a N30 billion capital raise plan aimed at expanding its footprint in Nigeria and across Africa’s pharmaceutical landscape.
The leadership transition and the capital base expansion were announced at the company’s 26th Annual General Meeting (AGM) held virtually on Thursday, July 31, 2025.
The retirement of Dr. Ayebae, who has steered the management of the company for 30 years to its prominent position within the Nigerian pharmaceutical industry, took effect from August 1.
Speaking after the meeting, Dr. Ayebae expressed confidence in his successor, saying, “I now retire knowing that Fidson is in excellent hands with Biola Adebayo, who has been on this journey with me for 29 years. His leadership will continue to drive innovation and strategic growth.”
The Chairman of the Board, Mr. Segun Adebanji, who also voluntarily retired at the AGM following his retirement by rotation, confirmed the succession, noting that Mr. Adebayo’s appointment had earlier been formally approved by the Board.
The new Board Chairman is expected to be announced at the company’s next board meeting.
The AGM, conducted electronically in line with the Business Facilitation Act 2022, was hailed as a testament to Fidson’s adherence to corporate governance and innovation. It was streamed live on the company’s website, enabling widespread shareholder participation.
In line with Fidson’s commitment to rewarding shareholders, the AGM saw the approval of a dividend payout of N1.00 per 50 kobo ordinary share, amounting to N2.29 billion. The payout is in accordance with the company’s dividend policy and reflects a healthy earnings per share of N2.52 for the financial year ended December 31, 2024.
In another strategic move, shareholders also approved an increase in share capital from N1.2 billion to N1.5 billion, through the creation of an additional 600 million ordinary shares.
More significantly, the Board received a mandate to raise up to N30 billion in fresh capital via Rights Issues and/or other equity raise methods.
According to Fidson’s Finance Director, Mr. Imokha Ayabae, the capital raise is designed to fund future strategic growth. “This N30 billion mandate provides us with the financial agility to pursue capacity expansion, product innovation, and market penetration. It will help us solidify our leadership in Nigeria and expand across Africa.”
Company Secretary Mr. Yomi Adebanjo highlighted the importance of the virtual AGM, stating that it allowed all shareholders, regardless of location, to be actively involved in the decision-making process.
“It’s a reflection of our values of transparency, inclusiveness and accountability.”
The AGM also featured the presentation of audited financial statements for the year ended December 31, 2024, with reports from Directors, Auditors, and the Audit Committee. Shareholders approved the remuneration of directors and auditors, and the remuneration of company managers was duly disclosed.
With a refreshed leadership, solid financial backing, and a renewed focus on innovation and growth, Fidson Healthcare Plc is poised to consolidate its position as a pharmaceutical powerhouse in Nigeria and beyond.
As the company embarks on this next phase, shareholders and industry observers alike will be watching closely as Biola Adebayo takes the helm to chart the company’s course for the future—building on Dr. Ayebae’s enduring legacy.
