Fidson founder Fidelis Ayebae targets Sub-Saharan Africa's biggest drug factory after record N119 billion revenue

Fidelis Ayebae has spent decades building Fidson Healthcare into Nigeria's largest pharmaceutical company. Now the founder and chairman has a bigger target in view: the largest and most sophisticated pharmaceutical manufacturing operation in Sub-Saharan Africa.

The ambition was on full display at Fidson's 27th Annual General Meeting, held virtually on July 30, where shareholders approved a dividend of N1.50 per 50 kobo ordinary share, totaling N3.6 billion, after a year in which the company crossed a threshold no Nigerian pharmaceutical firm had reached before.

"We recorded revenue of N119.06 billion, becoming the first pharmaceutical company in Nigeria to surpass the N100 billion annual revenue milestone," Ayebae told shareholders. "This achievement reflects the dedication of our people, the confidence of our shareholders, and the effectiveness of our long-term growth strategy."

The N119.06 billion figure, roughly $75 million at current exchange rates, sets a new benchmark for Nigeria's pharmaceutical sector at a moment when local manufacturers are under pressure to reduce the country's dependence on imported medicines.

Ayebae credited federal government policies for improving the operating environment, saying the reforms have strengthened the ability of local players to meet demand for pharmaceutical products at prices that remain accessible to ordinary Nigerians.

But Ayebae made clear the revenue record is a waypoint, not a destination. Fidson's ongoing expansion projects have reached advanced stages and, upon completion, will position the company as the largest and most sophisticated pharmaceutical manufacturer in Sub-Saharan Africa, he said. He did not specify a timeline or the total capital committed to the expansion.

The meeting also coincided with the one-year anniversary of a leadership transition at both the board and management levels, a succession shareholders acknowledged as evidence of strong corporate governance and forward planning. Managing director and chief executive Biola Adebayo used the occasion to reaffirm the company's operational priorities.

"Our focus remains clear: to deepen our manufacturing capabilities, widen our product portfolio, improve market penetration, and build a healthcare institution that delivers value to consumers, healthcare professionals, shareholders, and society at large," Adebayo said. "We will achieve this by leveraging emerging opportunities across Africa and continually strengthening our processes for sustainable growth."

Fidson operates one of the most vertically integrated pharmaceutical manufacturing footprints in West Africa. The company produces a broad range of branded generics and over-the-counter products, and has invested heavily in quality infrastructure designed to meet both local and international regulatory standards.

The dividend approval follows a year in which Fidson set a new benchmark for Nigeria's pharmaceutical industry at a time when local drug manufacturers are expanding production to reduce the country's dependence on imported medicines. Shareholders who addressed the meeting commended the board and management for maintaining a dividend policy that rewards investors while preserving sufficient capital for future expansion.

Ayebae founded Fidson in 1995 with a focus on affordable, quality healthcare products for the Nigerian market. Three decades later, the company he built is now pointing at a continental footprint.