Shareholders Approve N1.00 Dividend per 50 kobo ordinary shares and N30 Billion Capital Raise Mandate at a Landmark Virtual AGM
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 26th 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.
