Emzor Pharma Funding SPV Plc, a dedicated special purpose vehicle owned by Emzor Pharmaceutical Industries Limited, a pharmaceutical company founded and led by Nigerian pharmacist Stella Okoli, has raised N26.70 billion ($20 million) through a five-year fixed-rate bond as the Nigerian drugmaker steps up investment in local pharmaceutical manufacturing.

The Series 1 bond carries a 19% interest rate and was issued under Emzor’s N40 billion ($30 million) Bond Issuance Programme. The listing was approved by the Board Listings and Markets Committee of FMDQ Exchange.

The proceeds will support working capital and the expansion of Emzor Pharmaceutical Industries’ manufacturing operations. Renaissance Securities (Nigeria) Limited acted as lead sponsor, with FirstCap Limited and UCML Capital Limited as co-sponsors.

Funding Africa’s antimalarial API production

Part of the financing will go toward completing Africa’s first full-scale antimalarial Active Pharmaceutical Ingredient manufacturing plant, according to Emzor.

The facility is expected to increase domestic production of pharmaceutical inputs and reduce Nigeria’s dependence on imported APIs, which are essential ingredients in medicine manufacturing.

Emzor Chairman Emeka Okoli described the transaction as an important step in the company’s expansion plans. He said the company’s N26.70 billion ($20 million) issuance was its second domestic bond and that strong investor demand reflected confidence in Emzor’s financial position and growth strategy.

Samuel Sule, CEO of Renaissance Capital Africa, said the transaction would help strengthen Nigeria’s pharmaceutical manufacturing base. Tumi Sekoni, Group Chief Operating Officer of FMDQ Group Plc, said the listing showed how Nigeria’s debt capital market can connect indigenous companies with long-term funding.

From Lagos chemist shop to pharmaceutical giant

Founded in 1977 by Nigerian pharmacist Stella C. Okoli OON, Emzor Pharmaceutical Industries began as a small retail chemist shop in Yaba, Lagos. It has since grown into a major Nigerian pharmaceutical manufacturer with facilities in Lagos and Ogun state.

Under Okoli’s leadership, Emzor produces more than 120 medicines across 16 therapeutic categories, including its widely recognized Emzor Paracetamol brand.

The bond gives Emzor additional long-term funding as the company seeks to deepen local pharmaceutical production and strengthen Nigeria’s capacity to manufacture medicines and critical drug ingredients.

For Nigeria’s healthcare industry, the investment comes as manufacturers face the challenge of reducing import dependence while meeting rising demand for locally produced medicines.