In a milestone transaction for Africa’s healthcare and capital markets, Emzor Pharmaceutical Industries Limited, through its special purpose vehicle, Emzor Pharma Funding SPV PLC, has successfully listed a ₦26.70 billion ($19.8 million) 5-Year 19.00% Series 1 Fixed Rate Bond on the FMDQ Securities Exchange platform in Lagos.
The listing, approved by the Board Listings and Markets Committee of FMDQ Exchange following an oversubscribed issuance, forms part of Emzor’s broader ₦40.00 billion Bond Issuance Programme.
The proceeds will directly fund the completion of West Africa’s first full-scale antimalarial Active Pharmaceutical Ingredient (API) manufacturing plant in Sagamu, Ogun State, alongside meeting general working capital and debt refinancing needs.
The landmark issuance was led by Renaissance Securities (Nigeria) Limited as Lead Sponsor, alongside FirstCap Limited and UCML Capital Limited as Co-Sponsors.
Speaking on the achievement, Emeka Okoli, Board Chairman of Emzor Pharma Funding SPV PLC, emphasized the strategic importance of the capital raised:
”Emzor is pleased to have successfully completed its ₦26.70 billion Series 1 Bond Issuance, our second domestic bond issuance, marking a significant milestone in the company’s efforts to deepen local pharmaceutical manufacturing.
The proceeds will support the completion of the first full-scale antimalarial Active Pharmaceutical Ingredient (API) manufacturing plant in Africa, a transformative project that will strengthen domestic pharmaceutical manufacturing, reduce reliance on imported APIs, and contribute to greater national health security.”
Underlining the capital market’s role in local manufacturing capacity, Tumi Sekoni, Group Chief Operating Officer at FMDQ Group PLC, noted:
”The listing of Emzor Pharma Funding SPV PLC’s Series 1 Bond on FMDQ Exchange underscores the vital role our debt capital markets play in strengthening Nigeria’s healthcare value chain. By connecting a leading indigenous pharmaceutical manufacturer with long-term investor capital, FMDQ Exchange is supporting the expansion of locally driven industries while contributing to the development of a deeper and more resilient capital market.”
Samuel Sule, Chief Executive Officer of Renaissance Capital Africa, highlighted the long-term impact on West African health security:
”Renaissance Capital Africa is pleased to again have been entrusted, as Lead Issuing House, with a landmark issuance for Emzor Pharmaceutical Industries Limited. The transaction is directed at the heart of Nigeria’s pharmaceutical manufacturing base, promoting national health security and sovereignty by supporting completion of the first antimalaria API plant on the sub-continent.”
The Sagamu API facility will enable Emzor to locally synthesize active raw compounds—including artemether, lumefantrine, sulfadoxine, and pyrimethamine, shifting the regional pharmaceutical ecosystem away from heavy import reliance on foreign raw ingredients and establishing local supply chain resilience.
