Nigerian tycoon Fidelis Ayebae gains $1.1 million from Fidson stake

Nigerian multimillionaire businessman Fidelis Ayebae, who ranks as one of the wealthiest investors on the Nigerian Exchange, has experienced a significant increase in the market value of his stake in Fidson Healthcare Plc.

According to data tracked by Billionaires.Africa, the market value of his shares in the Lagos-based pharmaceutical company has increased by N949.55 million ($1.13 million) over the past 27 days, thanks to growing interest and sustained buying activities on the Nigerian Exchange (NGX).

Fidson’s journey from local distributor to pioneer in ARV drug production

Fidson Healthcare’s journey began as a local pharmaceutical products distributor. However, under Ayebae it has expanded its operations. The company established its first local manufacturing facility in 2002 and became the first firm in the region to produce antiretroviral (ARVs) drugs in March 2005.

Since Oct. 23, Fidson’s shares on the local bourse have increased by 8.62 percent, rising from N14.50 ($0.0173) to R15.75 ($0.0187) at the time of writing. This has returned millions of dollars to the company’s shareholders, including Ayebae, who is one of the top players in the African pharmaceutical industry.

Fidelis Ayebae’s Fidson stake soars reinforcing his status among Nigeria’s wealthiest investors

Ayebae, a banker turned accomplished industrialist, owns a 33.1-percent stake in the pharmaceutical company, which translates to 759,643,749 ordinary shares. This stake makes him one of the richest investors on the NGX.

The recent surge in Fidson shares has caused the market value of his stake to increase by N949.55 million ($1.13 million) from N11.01 billion ($13.11 million) on Oct. 23 to N11.96 billion ($14.24 million).

The $1.1-million surge in Ayebae’s stake which in recent times adds to his previous wealth gains and solidifies his standing as one of the top figures in Africa’s pharmaceutical industry and secures his position among the wealthiest investors on the NGX.