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Meet the billionaires in Nigeria’s Healthcare and Pharmaceutical sector

The growth of this sector has been hampered by the proliferation of fake and adulterated drugs, and activities of smugglers.



May & Baker Nigeria Plc

Despite the huge potentials in the drugs and pharmaceuticals sector of the country, the growth of this sector has been hampered by the proliferation of fake and adulterated drugs, and activities of smugglers, just to mention a few.

But even with these challenges, these firms have yielded billions of returns to key investors through share valuation.

Here is a rundown of their profiles and what they are worth, using the number of shares they own. Data used are from the most recent annual reports of these companies, which are listed on the Nigerian Stock Exchange (NSE). 

*Valuation is calculated using the NSE closing figures for April 6, 2018.

Mr. Fidelis Ayebae

Fidelis Ayebae is the founder and pioneer Chief Executive Officer of Fidson Healthcare Plc, which was established in 1995.

He graduated from the Mainland Institute of Technology in 1976 with a Diploma in Civil Engineering. He also obtained an Advanced Diploma in Business Administration from the University of Lagos in 1999.

He has experience in corporate management, having worked in Nigeria International Bank (now Citibank) as an Assistant General Manager and in Metalum Limited as a Project Manager.

He was appointed to the board of NEM Insurance Plc in September, 2009, and is currently Chairman.

Fidelis is an Associate of the Chartered Institute of Administration and also a member of the Nigeria Institute of Management.

He holds 446,534,443 units of shares at Fidson Healthcare Plc. As at our cut-off date, Fidson was trading at N5.68 per share. This gives him a net worth of N2.5 billion.

Lieutenant General Theophilus Yakubu Danjuma

T.Y. Danjuma, GCON, is the Chairman of May & Baker Nigeria Plc and had once single-handedly bailed the company from financial straits with a multi-billion Naira loan.

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He served as a Minister of Defense for the Federal Republic of Nigeria from June, 1999, to March, 2003. He had once been the Chief of Army Staff of the Nigerian Army from 1975 to 1979.


Though largely known for his service in the military, Danjuma has also proven to be an astute businessman.

He has 254,841,302 units of shares in May & Baker Plc which was trading at N3.20 per share as at our cut-off date. This gives him a net worth of N815 million.

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Danjuma could be worth much more, as he is known to have several holdings in other blue-chip firms outside the pharmaceutical sector.

Notable mentions

A.B.C Orjiako

Dr. ABC Orjiako has been the Chairman of Seplat Petroleum Development Company Plc since March 3, 2010, and has been its Director since December 14, 2009. He doubles as the Chairman of Neimeth Pharmaceuticals Plc.

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Dr. Orjiako holds an MBBCH degree from the University of Calabar. He trained as a general surgeon in Lagos University Teaching Hospital (LUTH) from 1989 to 1991.

He sub-specialised in orthopedic and trauma surgery at National Hospital, Igbobi, and qualified as a Fellow of the West African College of Surgeons.

In 1996, he delved into business, after eleven years of active medical practice at LUTH and National Orthopedic Hospital, Igbobi, Lagos.

He has 372,377,503 units of shares at Neimeth Pharmaceuticals Plc. As at our cut-off date, Neimeth was trading at N0.82 per share. This gives him a net worth of N305 million.


Orjiako makes the cut, despite having pharmaceutical holdings worth less than a billion, due to his being a billionaire from his holdings in Seplat Petroleum Development Company Plc.

Prof. Elijah Ndajiya Sokomba

Elijah N. Sokomba is a Professor of Pharmacology at the University of Jos.

He is on the board of directors at Neimeth International Pharmaceuticals Plc. He has 409,857,176 units of shares at Neimeth.

As at our cut-off date, Neimeth was trading at N0.82. This gives him a net worth of N336 million.

Folarin Rotimi Abiola Williams Jnr.

Folarin is a son of the late legal luminary, Frederick Rotimi Alade Williams (popularly known as F.R.A Williams or Timi the law). Mr. F. R. A. Williams Jnr. is a Chemical Engineer and a legal practitioner.

He was educated at Imperial College of Science and Technology, London, where he graduated with a B.Sc. (Hons.) AGGI Chemical Engineering. Following a study at Selwyn College, Cambridge, from 1981 to 1983, Mr. Williams obtained an MA Cantab Law, and subsequently attended the Nigerian Law School from 1983 to 1984.

He holds a total of 72,587,449 shares in Pharma Deko Plc. As at our cut-off date, this gives him a net worth of N163,321,760.

Mazi S.I. Ohuabunwa

Mr. Ohuabunwa read Pharmacy in the University of Ife, graduating in 1976. He has a postgraduate degree in Business and Organizational Management at the Columbia University, N.Y., USA, and another one from the Lagos Business School.

He joined Pfizer Products Plc in 1978 as a Pharmaceutical Sales Representative and rose to become the Chairman/CEO in 1993.

In 1997, he led the management buy-over of Pfizer Inc shares in Pfizer Products Plc, transforming the resultant company, Neimeth International Pharmaceuticals Plc, into a medium-sized Nigerian R&D Based Pharmaceutical company.

He voluntarily retired from the company after 33 years of service in the industry, 18 years of which were at CEO level.

He has 126,956,834 units of shares at Neimeth. As at our cut-off date, Neimeth was trading at N0.82. This gives him a net worth of N104 million.  


Mrs. Funmilola Ayebae

Mrs. Olufunmilola O. Ayebae got her Professional Secretaries Diploma from the London College of Secretaries in the United Kingdom, after which she worked in many organisations in various capacities for a number of years, before establishing her own business, Goodness Supermarket, in 1995.

She is also the MD/CEO of Townhouse Limited. She became a Director of Fidson Healthcare Plc in 2001. She has 64,220,000 units of shares in Fidson Healthcare Plc.

As at our cut-off date, Fidson was trading at N5.68 per share. This gives her a net worth of N364,769,600.

Mrs. Ayebae makes the cut by virtue of being on the board and married to the founder of the company.

Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via [email protected]



  1. MrA1

    August 15, 2018 at 10:13 am

    @Fikayo @Nairametrics kindly cross-check and correct your last entry on the list.

    If Mrs Ayebae has 64,220,000 units of Fidson at N5.68, her wealth would be NGN 364.76 million and not NGN 36 million as stated.

    • mudeerat olawunmi

      August 15, 2018 at 11:26 am

      Thank you.

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Corporate Press Releases

AXA Mansard emerges Best Health Insurance Product Winner 2021

The winning product was the AXA Platinum Plus Cover which has been specially designed to provide a world-class health cover for the insurer’s customers.



Health Management Organization, AXA Mansard Health Limited, recently announced that it has emerged as the winner of the best health insurance product of the year in the Insurance Product & Process section of the just concluded 11th Annual Global Banking and Finance Awards 2021.

The winning product was the AXA Platinum Plus Cover which has been specially designed to provide a world-class health cover for the insurer’s customers. With access to roam over 1,700 hospitals locally, care in India, UAE and South African hospitals and limited in-patient cover in the UK, France, and Germany for up to $1000 in healthcare benefits.

The product provides enrolees with benefits such as twenty-four-hour dedicated Telemedicine service, home vaccination service, free home delivery of special medications, partnership with healthy eating restaurants, and smarter budget-friendly discounts on healthy meals.

Speaking on the award, Chief Executive Officer, AXA Mansard Health Limited, Tope Adeniyi, said “We thank our highly esteemed customers for this prestigious award, as they are the reason, we passionately drive to improve our product offerings and execute innovative initiatives. This award is recognition of our unflinching commitment to our customers and an affirmation of our current position as the leading health insurance company in the country.”

AXA Mansard Health has a twenty-four-hour call centre, a team of highly trained and dedicated professionals, service portals at all AXA Mansard Welcome Centres nationwide and has deployed state-of-the-art technology to attain operational excellence while contributing to prompt service delivery and overcoming of challenges being encountered in the Nigerian health insurance industry.

Whilst thanking the organizers, Adeniyi noted that “the company is counting on the continued support of our stakeholders to continuously provide superior customer experience and to develop more innovative and value-adding products. We will continue to innovate, create new products, improve our product offering and refine our service delivery to ensure we continuously meet the changing needs of our customers”.

AXA Mansard Health Limited is the Health Maintenance Organization (HMO) arm of the AXA Mansard group of companies. The HMO is geared to promote her members’ wellbeing.

The HMO serves all clients across the country virtually and has established functional offices in Lagos (the head office), Abuja, Port-Harcourt, Enugu, with ongoing plans to open offices in other locations.

Global Banking & Finance Review is a leading Online and Print Magazine, which has evolved from the growing need to have a more balanced view, for informative and independent news within the financial community.

Since its inception in 2011, The Awards reflect the innovation, achievement, strategy, progressive and inspirational changes taking place within the Global Financial community. According to the magazine’s publishers the awards were created to recognize companies prominent in their areas of expertise and excellent in financial service delivery.

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NNPC to boost power generation with additional 5,000 megawatts to national grid

The NNPC has revealed plans to boost power generation with additional 5,000 megawatts of electricity to the national power grid.



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The Nigerian National Petroleum Corporation (NNPC) has announced plans to boost power generation with additional 5,000 megawatts of electricity to the national power grid once the ongoing gas projects throughout the country are completed.

This follows progress being made on several gas projects, including the NLNG Train 7, with a foreign direct investment of between $3 billion and $5 billion.

According to a report from Thisday, this disclosure was made by the Group Managing Director of NNPC, Mallam Mele Kyari, while speaking at a virtual event organised by the Nigerian Gas Association (NGA), themed: “Powering Forward: Enabling Nigeria’s Industrialisation Via Gas,”

READ: General Electric rehabilitates 3 gas turbines at NDPHC power plants

Kyari, who was represented by the Chief Operating Officer, Gas and Power, Mr Yusuf Usman, said the NNPC was committed to fulfilling President Muhammadu Buhari’s directive to boost domestic gas supply.

Other gas projects listed by the NNPC boss include the AKK, which he described as one the largest and most aggressive gas infrastructure that has ever been embarked upon in Nigeria, stretching 614 km from Ajaokuta, Abuja, Kaduna and Kano, and Lot B of the OB3 gas project, which is already producing 125 mmscfd of gas.

He said the NNPC hopes to establish 2 gas hubs, one at Oben and the other at Brass, adding that one of the presidential mandates is to deliver on gas and power and create a market in the domestic environment that will consume the planned 4.5bcf of gas.

Kyari pointed out that the state oil giant and its partners are able to raise about $260 million within Nigerian merchant banks and 2 African banks for the Asa North gas project.

READ: Buhari flags off $2.8 billion gas pipeline project, biggest in Nigeria’s history

What the Group Managing Director of NNPC is saying

Kyari in his statement said, “At the moment, the power sector is challenged and all efforts have to be put in to unlock the liquidity in the downstream sector and expand the transmission network. This will enable us to sell the gas we have already invested in and enhance the economic prosperity of the country.

“Within the NNPC, we are looking to establish about five gigawatts of additional power into the network. So, NNPC is engaging with the stakeholders to resolve the power sector issue so that investment that has been made in generating gas can be realised.

He also stated that the NNPC had started creating a link between the domestic gas pipelines infrastructure and export gas pipelines to establish an outlet into the export route which will make the projects more bankable.

What this means

  • The actualization of this plan by the NNPC will give a much-needed boost to the power sector which has been facing serious crisis despite the rapidly growing economy.
  • Despite the power sector reform, which saw the Federal Government give up control of power generation and distribution but still retained transmission, the crisis in the sector still persists, with serious negative impacts on the agricultural, industrial and mining sectors. Even the Micro Small and Medium Enterprises are not saved from its crippling effects.
  • The addition of 5,000 megawatts of electricity, which is about half of what the country generates at the moment, will go a long way to help reduce the crisis in the power sector and boost the economy, which is still very fragile.

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