Nigerian pharma tycoon Fidelis Ayebae’s stake surges past $21 million

Nigerian pharmaceutical magnate Fidelis Ayebae, the founder of Fidson Healthcare Plc, has seen the market value of his stake in the pharmaceutical company rise sharply this year, crossing $21 million as investors pile into one of the country’s most established drugmakers.

Ayebae, who owns a 33.1 percent interest in Fidson, equal to 759.6 million shares, has benefited from a strong rally in the company’s stock on the Nigerian Exchange (NGX). His stake has increased from N11.77 billion ($8.2 million) at the start of the year to N30.39 billion ($21.15 million), representing an increase of N18.61 billion ($12.95 million).

The gain reflects renewed investor confidence in Nigeria’s pharmaceutical industry, where companies producing locally made drugs are drawing more attention amid a growing push to reduce import dependence and stabilize medicine supply chains.

Fidson shares up 158 percent since January

Ayebae’s story is deeply tied to Fidson’s steady rise over the past three decades. He founded the company in 1995, starting out as a small distributor of imported medicines. Seven years later, he led Fidson to establish its first local manufacturing plant, thus marking a key turning point in its growth from a trading business to a full-fledged pharmaceutical producer.

In 2005, Fidson became the first Nigerian firm to manufacture antiretroviral drugs locally, a move that strengthened its reputation and supported the country’s broader efforts to expand access to HIV treatment. That milestone positioned Fidson among Nigeria’s most respected healthcare companies, with a growing range of prescription and over-the-counter products.

Fidson’s stock has climbed 158 percent since January, rising from N15.5 ($0.011) to N40 ($0.027) per share, according to data from the Nigerian Exchange (NGX). The rally has boosted the company’s market capitalization to more than $63.8 million, thus rewarding long-term shareholders who have held through years of industry volatility.

Fidson shares gain on local demand

As Nigeria's healthcare system continues to be strained by import costs, the spike in Fidson's share price indicates a greater preference for domestic producers. The company has become more attractive to institutional and retail investors due to its ability to keep expanding while expanding its production capacity.