Fidson’s Founder, Dr Fidelis Ayebae, has retired from his role after three decades at the helm.
Dr Ayebae, who co-founded the company in 1995 and led it to become a market leader in the Nigerian pharmaceutical industry, handed over the reins to Abiola Adetunji Adebayo, a pioneer executive director and longtime collaborator of Ayebae’s.
The leadership transition were announced at the company’s 26th Annual General Meeting (AGM) held virtually on Thursday, July 31, 2025.
Dr Ayebae’s resignation took effect August 1 after steerwing company’s management for 30 years.
Speaking after the meeting, Dr Ayebae expressed confidence in his successor, saying, “I now retire knowing that Fidson is in excellent hands with Biola Adebayo, who has been on this journey with me for 29 years. His leadership will continue to drive innovation and strategic growth.”
The Chairman of the Board, Mr Segun Adebanji, who also voluntarily retired at the AGM following his retirement by rotation, confirmed the succession, noting that Mr. Adebayo’s appointment had earlier been formally approved by the Board.
The new Board Chairman is expected to be announced at the company’s next board meeting.
In line with Fidson’s commitment to rewarding shareholders, the AGM saw the approval of a dividend payout of N1.00 per 50 kobo ordinary share, amounting to N2.29 billion. The payout is in accordance with the company’s dividend policy and reflects a healthy earnings per share of N2.52 for the financial year ended December 31, 2024.
In another strategic move, shareholders also approved an increase in share capital from N1.2 billion to N1.5 billion, through the creation of an additional 600 million ordinary shares.