Table of Contents
Key Points
- Fidelis Ayebae steps down as CEO after growing Fidson into a $66 million pharmaceutical company since founding it in 1995.
- The company seeks $20 million via rights issue to fund expansion, as shareholders approve share capital increase to $1 million.
- Fidson’s net profit surged nearly 4x to $3.97 million in the first half, driven by strong ethical drug sales and revenue growth.
Nigerian pharma mogul Fidelis Ayebae has stepped down as managing director and CEO of Fidson Healthcare Plc—the Lagos-based company he founded in 1995 and nurtured into a $66 million business over three decades.
His retirement took effect on Aug. 1, as confirmed in a regulatory filing on the Nigerian Exchange. The statement acknowledged Ayebae’s pivotal role in building Fidson into a key player in Nigeria’s pharmaceutical sector over the past 30 years.
Adebayo steps in as CEO
A leadership transition at the company is already underway. Abiola Adetunji Adebayo, a longtime executive director, will take over as managing director and CEO.
His appointment had previously been approved by the board, according to outgoing Chairman Segun Adebanji, who also announced his own retirement. “This move confirms Fidson's robust succession planning and commitment to sustained growth,” Adebanji said.
While the board is expected to name a new chairman at its next meeting, industry watchers are closely following developments, with many speculating that Ayebae may be nominated to take on that role, continuing his influence in a more strategic capacity.
Fidson seeks $20 million capital
The leadership transition comes at a critical time for Fidson, which plans to raise up to N30 billion ($20 million) through a rights issue or other equity financing methods to support its next phase of growth. As part of its capital restructuring, shareholders have also approved an increase in the company’s share capital—from N1.2 billion ($0.8 million), made up of 2.4 billion shares of 50 kobo each, to N1.5 billion ($1 million) by creating an additional 600 million shares.
Fidson’s leap under Ayebae
Under Fidelis Ayebae, Fidson Healthcare has grown steadily since its founding, becoming one of Nigeria’s leading producers of pharmaceutical products. The company posted strong results in 2024, with net profit rising nearly 40 percent, from N3.61 billion ($2.44 million) in 2023 to N5.05 billion ($3.41 million), fueled by higher demand for its ethical drug offerings.
Revenue climbed to N84.19 billion ($56.84 million), up 58.7 percent from the previous year. The strong financial showing enabled the company to declare a final dividend payout of $1.49 million, with Ayebae, as the largest shareholder, receiving nearly half a million dollars.
Fidson posts strong first-half growth
That performance has continued into 2025. For the first half of 2025, Fidson reported a sharp rise in profit, climbing from N1.51 billion ($1 million) in H1 2024 to N6.02 billion ($3.97 million). Revenue also saw strong growth, increasing from N37.25 billion ($24.5 million) to N62.64 billion ($41.2 million), driven by solid results across all segments of the business.
This financial upswing also strengthened the company’s balance sheet. Total assets rose from N73.49 billion ($48.2 million) at the end of 2024 to N86.08 billion ($56.4 million) as of June 30, 2025. Retained earnings climbed from N17.74 billion ($11.63 million) to N23.77 billion ($15.64 million) over the same period, underscoring the company’s solid financial footing as it looks ahead to its next chapter.
