Fidson Healthcare Plc has announced the retirement of its founder and Managing Director, Fidelis Ayebae, after three decades at the helm of the company.
This was announced during the company’s 26th Annual General Meeting, held virtually on 31 July in line with the provisions of the Business Facilitation Act, 2022.
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At the meeting, shareholders also approved a mandate for the company to raise up to N30 billion through equity, alongside other key resolutions, including a dividend payout and an increase in share capital.
Mr Ayebae will be succeeded by Abiola Adebayo, a pioneer Executive Director of the company. The board had previously approved Mr Adebayo’s appointment as the new Managing Director and Chief Executive Officer, effective 1 August 2025.
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In his comments, Mr Ayebae reflected on his journey and the future of Fidson.
He said: “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.”
The company also announced the retirement of its board chairman, Segun Adebanji, who stepped down after completing his tenure. His successor will be formally appointed at the next board meeting.
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Dividend, Capital raise
A key highlight of the AGM was the shareholders’ approval of a dividend payout of N1.00 per 50 kobo ordinary share, amounting to N2.29 billion. The dividend was paid out of an earnings per share of N2.52, in line with the company’s policy of delivering returns to shareholders.
In addition, the Board received authorisation to raise up to N30 billion through a Rights Issue or other equity raise methods. The company’s share capital will also be increased from N1.2 billion to N1.5 billion by creating an additional 600 million ordinary shares of 50 kobo each.
Speaking on the capital raise, Fidson’s Finance Director, Imokha Ayabae, described the move as a strategic step to strengthen the company’s position.
“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 said.
Governance decisions
The AGM was streamed live on the company’s website, a move the company said aligns with its commitment to transparency and shareholder engagement.
“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.
ALSO READ: Drug maker Fidson seeks fresh capital
Other resolutions passed at the meeting included the presentation of the audited accounts for the financial year ended 31 December 2024, the election and re-election of directors, and the approval of remuneration for directors, auditors and company managers.
About Fidson Healthcare Plc
Fidson Healthcare Plc is a Nigerian pharmaceutical company involved in the manufacturing, marketing and sales of pharmaceutical and healthcare products.
It is a wholly Nigerian-owned business that has grown to become a leading player in the West African healthcare sector.
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