Fidson stake held by Nigerian tycoon Fidelis Ayebae tops $10 million

Key Points

• Fidelis Ayebae’s 33.1% stake in Fidson Healthcare has surged by $3.08 million since the start of the year, pushing its market value back above the $10-million mark.
• Fidson Healthcare’s 2024 profit jumped nearly 40% to $3.41 million, driven by a 58.7% revenue increase and strong demand for ethical drugs.
• Shareholders, including Ayebae, benefited from a $1.49 million dividend payout and rising stock value as Fidson’s market capitalization topped $31 million.

After a tough year that saw the naira’s sharp depreciation wipe out a good chunk of many local businessmen’s fortunes, Nigerian pharmaceutical mogul Fidelis Ayebae is making a strong comeback. The market value of his stake in Fidson Healthcare Plc has climbed back above the $10 million mark.

Ayebae, a former banker who built his name in Nigeria’s pharmaceutical industry, owns 33.1 percent of Fidson Healthcare—an investment that amounts to 759.6 million ordinary shares. His sizable holding firmly places him among the top investors on the Nigerian Exchange (NGX). Since the start of the year, his stake has risen by N4.94 billion ($3.08 million), thanks to a steady rally in Fidson’s share price.

Strong financials fuel investor confidence

Founded in 1995 by Fidelis Ayebae, Fidson Healthcare has steadily grown into one of Nigeria’s leading pharmaceutical companies, known for manufacturing and distributing a wide range of pharmaceutical products.

In 2024, the company delivered a strong financial performance, with profit climbing nearly 40 percent—from N3.61 billion ($2.44 million) in 2023 to N5.05 billion ($3.41 million). This impressive growth was fueled by a 58.7 percent surge in revenue to N84.19 billion ($56.84 million), driven by strong demand for its ethical drug portfolio.

To reward its shareholders, the Lagos-based company declared a final dividend payout of $1.49 million for the 2024 fiscal year. Fidelis Ayebae, the founder and largest shareholder, took home nearly half a million dollars from the payout.

Stock rally boosts shareholder wealth

Beyond the dividend, investors have seen even more gains from the sharp rise in Fidson’s stock price. Since the start of the year, the company’s shares have jumped 41.94 percent on the NGX, climbing from N15.5 ($0.00967) on Jan. 1 to N22 ($0.0137) at the time of drafting this report.

The rally has pushed Fidson’s market capitalization past $31 million, significantly boosting shareholder value, including Ayebae’s. The value of his stake alone has grown by N4.94 billion ($3.08 million) over the same period, rising from N11.77 billion ($7.34 million) to N16.71 billion ($10.42 million).

Thanks to this $3-million gain, Ayebae’s holding in Fidson is once again worth more than $10 million, cementing his position as a major figure in Africa’s pharmaceutical industry and one of the wealthiest investors on the Nigerian Exchange.