By Otobong Tommy
Nigerian pharmaceutical manufacturer Emzor Pharmaceutical Industries, owned by Stella Okoli, has raised N26.7 billion (US$19.8 million) through a five-year bond to complete an antimalarial active pharmaceutical ingredient (API) plant in Sagamu, Ogun State, after the project missed two previously announced commissioning dates.
The Series 1 fixed-rate bond, issued at a 19 percent coupon and listed on FMDQ Exchange through Emzor Pharma Funding SPV Plc, was oversubscribed. It forms part of the company’s N40 billion (US$29.6 million) bond programme.
Emzor said proceeds from the issue will be used for working capital, expansion of manufacturing capacity and completion of the Sagamu API facility.
The project is strategically significant for Nigeria and the wider African pharmaceutical industry. APIs are the active substances that give medicines their therapeutic effect, yet the vast majority used by pharmaceutical manufacturers in sub-Saharan Africa are imported.
Heavy reliance on imports leaves drugmakers exposed to foreign-exchange shortages, currency volatility and disruptions in global supply chains.
Emzor’s Sagamu facility is designed to produce antimalarial APIs and has been described as the first full-scale plant of its kind in West Africa. The company plans to eventually expand production to APIs used in HIV antiretroviral medicines and other essential drugs.
The financing comes as the project faces delays. Emzor unveiled plans for the facility in 2024 at an estimated cost of about US$23 million, with commissioning initially expected in late 2025. The target was subsequently pushed to early 2026.
The facility remains incomplete as of August 2026, with the latest bond announcement indicating that the funds will help accelerate its completion. Emzor has not announced a new commissioning date.
The 19 percent coupon also highlights the high cost of naira-denominated financing for Nigerian manufacturers. Over five years, the interest expense will add significantly to the project’s financing burden, increasing the commercial pressure on the facility to reach production and generate returns.
For Emzor, however, local API production could provide a strategic advantage by reducing its exposure to imported pharmaceutical inputs and foreign-exchange risks while strengthening its position in Nigeria’s growing push for greater domestic drug manufacturing capacity.
Okoli, a pharmacist, founded Emzor in 1977 after starting with a small chemist shop in Lagos. The company has since grown into one of Nigeria’s largest indigenous pharmaceutical manufacturers.
Her wealth has been estimated at more than $80 million, placing her among Africa’s wealthiest women and prominent pharmaceutical entrepreneurs.
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