After 30 years at the helm, Dr. Fidelis Ayebae, the founder managing director and CEO of Fidson Healthcare Plc, has retired, making Abiola Adetunji Adebayo the new CEO in a significant leadership transition.
Dr Ayebae called the succession “a mark of Fidson’s strong leadership planning”, heralding a new chapter in the company’s ambitious growth strategy unveiling a N30 billion capital raise initiative.
Fidson wants to penetrate Africa’s pharmaceutical frontier and increase its presence throughout Nigeria.
Remarkably, the company’s 26th Annual General Meeting (AGM), which was held virtually on July 31, 2025, unanimously approved the equity drive.
The strategic mandate empowers Fidson’s board to raise funds through Rights Issue and/ or other equity-based instruments. This bold action aims to strengthen market dominance, promote product innovation, and expedite the company’s capacity expansion.
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Imokha Ayabae, Fidson’s Finance Director, described the capital injection as transformative and foundational to the company’s future.
“Our future depends on this N30 billion mandate. 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.
A corporate governance milestone was marked by the virtual AGM, which was conducted in accordance with the Business Facilitation Act of 2022. Fidson’s dedication to transparency and stakeholder engagement was evident through the live-streamed proceedings.
Dr. Ayebae’s official retirement as CEO, which took effect on August 1, 2025, was a turning point in the AGM. He handed over the reins to Adebayo, a veteran executive and pioneer director who has journeyed with Fidson from inception.
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. Now that Biola Adebayo has been with me for 30 years, I can retire with confidence that Fidson is in good hands. I have faith that under his direction, innovation and strategic expansion will continue to propel the business forward, keeping it at the forefront of Nigerian healthcare service.
Segun Adebanji, the board’s outgoing chairman, was also leaving. The next board meeting of the company will confirm a new chairperson.
Fidson announced a dividend of N1.00 per 50 kobo ordinary share, or N2.29 billion, to support its strong financial performance for the fiscal year that ended on December 31, 2024. This dividend was drawn from earnings per share (EPS) of N2.52, reinforcing Fidson’s consistent commitment to shareholder value.
In accordance with regulatory standards, shareholders also approved the company’s audited financial statements, re-elected directors, and adjusted compensation packages for the board, auditors, and senior management.
“Our electronic AGM ensures that all shareholders, regardless of their location, can participate actively in the company’s decision-making process,” said Company Secretary Yomi Adebanjo, reinforcing Fidson’s corporate integrity. This is consistent with our values of openness and sound corporate governance.
