Pharmaceutical Company Owned by Nigerian Billionaire Opens New Facility
- May & Baker Plc is expanding its manufacturing operations with a new facility in Anambra State to support local medication production
- CEO Patrick Ajah highlighted the company’s focus on producing quality medicines from Nigerian research, including herbal products made from local plants
- The company’s revenue has increased significantly, and it aims to grow its market share and contribute to African health innovation through this new expansion
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
One of Nigeria's top pharmaceutical businesses, May & Baker Plc, which is mostly owned by Nigerian billionaire Theophilus Yakubu (TY) Danjuma, is strengthening its commitment to domestic medication production and economic development in Nigeria by expanding its manufacturing footprint with a new facility in Anambra State.
Source: Getty Images
The proposal was unveiled by CEO Patrick Ajah at the Association of Community Pharmacists of Nigeria's 2025 Annual Conference in the capital of Anambra, Awka. At the company's exhibit booth, Ajah spoke with Chukwuma Soludo, the governor of Anambra State, and confirmed that the new facility will support May & Baker's current depot operations in Onitsha.
“We are heavily invested in producing quality medications locally and developing products from Nigerian research,” Ajah said, noting the company’s legacy as Nigeria’s first pharmaceutical manufacturer. Governor Soludo praised the firm’s innovation drive, highlighting that most drugs on display were produced at the May & Baker Pharmacentre in Ota, Ogun State.
Ajah also highlighted the business's herbal medicine initiative, which makes use of local plants and scientific knowledge from Nigeria. Products include Niclovix from the Nigerian Institute for Pharmaceutical Research and Development and Roveda, which is made from bitter leaf and was created by Prof. Ernest Izevbigie, Vice Chancellor of Benson Idahosa University.
“These herbal products merge science, local resources, and traditional knowledge,” Ajah said, adding that May & Baker is commercialising them to meet growing domestic and export demand. Soludo engaged extensively on the herbal portfolio, promising state support for investments that add value to Anambra’s economy.
Vaccines, consumer health items, and medications are all produced by May & Baker. Danjuma, who retired in 2019 after serving as the board's chair for 16 years, owns 41.78 percent of the company through TY Holding and affiliates. The business established a manufacturing plant and partnered with the government to produce vaccines through Biovaccines Nigeria Limited.
Revenue for May & Baker increased from N13.97 billion ($9.12 million) to N19.28 billion ($12.59 million) in the first half of 2025. In the first half of 2024, gross profit climbed from N4.35 billion ($2.84 million) to N6.67 billion ($4.35 million). Through its expansion into Anambra, the company hopes to grow its pharmaceutical market share in Nigeria and its contribution to African health innovation.
Source: Getty Images
Pharmacists, chemists sell medicines at new rate
Legit.ng reported that essential drug prices have remained high as the Nigerian government’s plan to introduce zero tariffs on pharmaceutical products continues to drag.
In June 2024, President Bola Tinubu signed an executive order to eliminate tariffs, excise duties and VAT on specialised machinery, equipment and raw materials for pharmaceuticals.
The aim was to stimulate local production of essential healthcare products such as syringes, biologicals, and medical textiles.
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Source: Legit.ng
