Nigerian Female Billionaire, Who Started as a Chemist, Raises $19.8m to Complete Antimalarial Plant
- A Nigerian female billionaire and Emzor Pharmaceutical CEO started as a chemist in Lagos
- She has raised ₦26.7 billion via Bonds to complete her pharmaceutical company's antimalarial API plant in Ogun State
- Bond oversubscription reflects strong investor confidence in Emzor's expansion plans
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Emzor Pharmaceutical Industries, founded by Nigerian pharmacist and businesswoman Stella Okoli, has raised ₦26.7 billion ($19.8 million) through a five-year bond to help complete its long-awaited antimalarial active pharmaceutical ingredient (API) plant in Sagamu, Ogun State.
The Series 1 fixed-rate bond, issued at a 19 per cent coupon, was listed on the FMDQ Exchange through Emzor Pharma Funding SPV Plc. The issue was oversubscribed, signalling strong investor interest in the pharmaceutical company's expansion plans.
Source: Instagram
The bond forms part of a broader ₦40 billion ($29.6 million) debt programme designed to support working capital, expand manufacturing capacity and accelerate completion of the Sagamu facility.
Plant has missed two launch targets
The funding comes as Emzor races to complete a project that has already missed two previously announced commissioning timelines.
The company unveiled plans for the approximately $23 million facility in 2024, with reports in March 2025 indicating that it was expected to open later that year. By August 2025, the projected opening had shifted to early 2026.
That deadline has also passed, with the facility still incomplete as of August 2026. Emzor has not announced a new commissioning date, but the latest bond proceeds are expected to accelerate work on the project.
Once completed, the plant is expected to manufacture antimalarial APIs before expanding into ingredients for HIV antiretroviral drugs and other essential medicines, according to a report by Billionaires Africa.
Why the plant matters
APIs are the active substances responsible for the therapeutic effects of medicines. Africa's heavy dependence on imported pharmaceutical ingredients has left manufacturers exposed to foreign-exchange shortages, currency fluctuations and global supply-chain disruptions.
For Nigerian drugmakers, producing APIs locally could reduce some of these vulnerabilities while strengthening domestic pharmaceutical manufacturing.
Emzor's Sagamu project has been positioned as the first full-scale antimalarial API manufacturing facility of its kind in West Africa. Its completion could therefore mark a significant step towards reducing the region's reliance on imported pharmaceutical inputs.
However, the project's financing also highlights the cost of raising long-term capital in Nigeria.
Source: Instagram
A costly bet on local drug manufacturing
At a 19 per cent coupon over five years, the bond carries a substantial financing cost. For Emzor, that means the facility will need to generate sufficient value and revenue to justify a high cost of capital.
The challenge is compounded by the fact that the plant has yet to begin commercial production after repeated delays.
Still, the investment represents a major bet on Nigeria's pharmaceutical manufacturing future, particularly at a time when local production is increasingly viewed as critical to medicine security.
From Lagos chemist to pharma powerhouse
Okoli founded Emzor in 1977, starting from a small chemist shop in Lagos before building the business into one of Nigeria's leading indigenous pharmaceutical manufacturers.
Her journey has made her one of Africa's prominent female pharmaceutical entrepreneurs.
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Temitayo Ogunbanjo, who oversees Aradel’s refining business, disclosed the plan on the sidelines of a conference in Abuja, saying the removal of petrol subsidies and deregulation of the downstream sector had created a clearer commercial path for local refiners to produce petrol.
Source: Legit.ng
