Fidelis Ayebae, a Nigerian multimillionaire businessman and one of the wealthiest investors on the Nigerian Exchange, has seen the market value of his investment in Fidson Healthcare Plc rise significantly.
His shares in the Lagos-based pharmaceutical company have surged in value by N949.55 million in the last 27 days, thanks to increased interest and continuous buying activity on the Nigerian Exchange (NGX).
Fidson Healthcare began as a small-town pharmaceutical distributor. However, under Ayebae’s leadership, it has extended its operations. In March 2005, the company became the first in the region to produce antiretroviral (ARV) medications after establishing its first local production facility in 2002.
Fidson’s shares on the local exchange have gained by 8.62 percent since Oct. 23, jumping from N14.50 to N15.75 at the time of writing. This has resulted in millions of dollars being returned to the company’s shareholders, notably Ayebae, who is a major player in the African pharmaceutical business.
Ayebae, a banker turned successful industrialist, owns 33.1 percent of the pharmaceutical company, or 759,643,749 ordinary shares. With this investment, he becomes one of the NGX’s wealthiest investors.
The recent jump in Fidson shares has increased the market value of his ownership from N11.01 billion on Oct. 23 to N11.96 billion.
The N949.55 million increase in Ayebae’s ownership, which has recently added to his prior wealth gains, reinforces his position as one of Africa’s leading personalities in the pharmaceutical business and guarantees his position among the NGX’s wealthiest investors.