In a significant change in leadership, Abiola Adetunji Adebayo took over as CEO of Fidson Healthcare Plc when Dr. Fidelis Ayebae, the company’s original managing director, departed after 30 years in that position.
Dr Ayebae hailed the succession “a mark of Fidson’s strong leadership planning”, announcing a new chapter in the company’s ambitious expansion strategy unveiling a N30 billion capital raise project.
Fidson wants to increase its presence in Nigeria and break through the pharmaceutical frontier in Africa.
The company’s 26th Annual General Meeting (AGM), which was held virtually on July 31, 2025, surprisingly unanimously approved the equity drive.
The strategic mandate empowers Fidson’s board to raise funds through Rights Issue and/ or other equity-based instruments. The company’s capacity expansion, product innovation, and market dominance are all intended to be accelerated by this bold move.
Imokha Ayabae, Fidson’s Finance Director, described the capital injection as transformative and foundational to the company’s future.
For our future, this N30 billion obligation is essential. 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. We are set to exploit these monies to boost operational efficiency and spread our influence across Nigeria and other African countries,” he stated.
In tandem with the capital raise, shareholders sanctioned an increase in Fidson’s authorised share capital from N1.2 billion to N1.5 billion, through the creation of 600 million new ordinary shares at 50 kobo apiece.
Fidson’s dedication to transparency and stakeholder engagement was demonstrated by the live-streamed proceedings of the virtual AGM, which was conducted in accordance with the Business Facilitation Act, 2022, marking a milestone in corporate governance.
The AGM’s turning point was Dr. Ayebae’s official retirement as CEO, which took effect on August 1, 2025. He passed over the reigns to Adebayo, a veteran executive and pioneer director who has walked with Fidson from inception.
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Dr Ayebae hailed the handover as part of Fidson’s robust succession planning, noting, “As I step down, I do so with immense pride in what we have built together. After 30 years of traveling this path with me, I can now retire with the knowledge that Fidson is in good hands with Biola Adebayo. I have no doubt that his direction will keep the business at the forefront of Nigerian healthcare delivery by fostering innovation and strategic expansion.
The board’s outgoing chairman, Segun Adebanji, was also leaving. At the next board meeting of the company, a new chairperson will be confirmed.
In support of its strong financial results for the fiscal year that concluded on December 31, 2024, Fidson announced a dividend of N1.00 per 50 kobo ordinary share, for a total payout of N2.29 billion. This dividend, which came from N2.52 in profits per share (EPS), demonstrates Fidson’s unwavering dedication to maximizing shareholder value.
The company’s audited financials, re-elected directors, and standardized compensation packages for the board, auditors, and senior management in accordance with regulatory standards were also examined and approved by shareholders.
Fidson’s corporate integrity was reiterated by Company Secretary Yomi Adebanjo, who said, “Our electronic AGM ensures that all shareholders, regardless of their location, can participate actively in the company’s decision-making process.” Our values of openness and sound corporate governance are in line with this.
