EMZOR RAISES N26.7BN TO EXPAND DRUG PRODUCTION

Emzor Pharmaceutical Industries has raised N26.7bn through a domestic bond issuance to strengthen its manufacturing capacity and complete its pharmaceutical ingredients plant in Sagamu, Ogun State.

The five-year fixed-rate bond, issued through Emzor Pharma Funding SPV Plc, was listed on the FMDQ Exchange and attracted strong investor demand.

The bond carries a 19 per cent coupon and forms part of a wider N40bn bond programme. The funds will support working capital, expansion of manufacturing capacity and the completion of the Sagamu facility.

The Sagamu plant is expected to produce active pharmaceutical ingredients, the substances responsible for the therapeutic effects of medicines.

Emzor said the facility would help strengthen local production of pharmaceutical ingredients and reduce the industry's dependence on imports.

Nigeria's pharmaceutical manufacturers currently rely heavily on imported active ingredients, leaving them exposed to foreign exchange challenges, currency fluctuations and disruptions in global supply chains.

The company, founded by pharmacist and entrepreneur Stella Okoli in 1977, has grown from a small pharmaceutical outlet in Lagos into one of Nigeria's major indigenous drug manufacturers.

The latest fundraising represents another step in Emzor's expansion as it seeks to increase local value addition within Nigeria's pharmaceutical industry.

The company said the strong demand for the bond reflects investor confidence in its business and long-term growth prospects.

The investment is also expected to support Nigeria's broader efforts to improve medicine supply security and reduce dependence on imported pharmaceutical products and raw materials.

With the completion of the Sagamu facility, Emzor is expected to play a bigger role in strengthening domestic pharmaceutical manufacturing and building a more resilient drug supply chain.