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  • Emzor repays N5.13 billion commercial paper, affirms financial discipline

    Emzor repays N5.13 billion commercial paper, affirms financial discipline

    Emzor Pharmaceutical Industries Ltd (Emzor) has repaid its inaugural series one commercial paper, amounting to ₦5.13 billion, under its ₦10 billion Commercial Paper Issuance Programme. 

    The note, originally issued in November 2024 and matured on 18 August 2025, marked a significant milestone in the company’s capital markets journey, the company highlighted in a statement today.

    “This fulfilment and the continued retention of our investment grade credit rating of A- with a stable outlook further reinforces Emzor’s credibility and financial discipline in Nigeria’s investment landscape.”

    Emzor also emphasised its commitment to local pharmaceutical production saying, “We continue to drive innovation, quality, self-reliance, and excellence in pharmaceutical manufacturing.”

    The company described its $23 million investment in an Active Pharmaceutical Ingredients (API) plant in Sagamu, Ogun State. 

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    “This is the first of its kind in Sub-Saharan Africa and is set to bolster Nigeria’s drug self-sufficiency by reducing import reliance and lowering production costs for vital medicines like anti-malarials and HIV/AIDS antiretrovirals.”

    The company also provided an update on the facility’s progress, dedication to drug safety and commended the Federal Government for supporting local pharmaceutical production. 

    “The API plant, initially slated for opening in Q1-2024, has a revised timeline for early 2026 due to fiscal, monetary, and regulatory complexities. Over 90 per cent of civil engineering works have been completed and critical production equipment is already installed. We continue to sustainably champion drug safety with innovative track-and-trace technology.”

    “Policies such as the exemption of pharmaceutical raw materials from import duties and VAT for two years aim to stimulate local production, making essential medicines more affordable.”

    Regarding public procurement, Emzor noted that: “The Nigeria-First Policy improves the outlook for the supply of Emzor’s products during public tenders. As we near completion of our landmark API facility and continue to expand our footprint, Emzor remains at the vanguard of building resilient, accessible healthcare across Africa.”

  • Emzor reaffirms commitment to Africa’s health resilience

    Emzor reaffirms commitment to Africa’s health resilience

    Emzor Pharmaceutical Industries Limited has reaffirmed its commitment to advancing local pharmaceutical manufacturing in Nigeria and across the African continent, as part of a broader effort to boost health resilience and reduce dependency on imported medicines. 

    Speaking at the ECOWAS@50 sub-regional summit in Lagos, Executive Director of Emzor, Pharm. (Mrs.) Uzoma Ezeoke, highlighted the company’s strategic focus on strengthening medicine security through large-scale local production of high-quality, affordable drugs that meet international standards.

    In her presentation titled: “Local manufacturing equals medicine security,” Ezeoke said Emzor currently manufactures over 160 products across five factory sites, employing more than 2,000 staff and maintaining a distribution network that spans all Nigerian states and over 23 African countries, including direct exports to Liberia and Sierra Leone. 

    She spotlighted the company’s world-class Active Pharmaceutical Ingredients (API) plant in Sagamu, Ogun State, as a critical step toward medicine self-sufficiency. The facility is designed to boost the production of WHO-recommended essential medicines, especially antimalarials, and reduce the continent’s reliance on drug imports—often a channel for counterfeit and substandard medicines.

    “The API plant will help cut down on import costs, reduce the influx of fake drugs, improve access to quality healthcare, and drive economic growth across Africa,” Ezeoke said, noting the plant’s potential to address maternal and child health challenges, including postpartum bleeding and malaria.

    She also emphasised Emzor’s role in developing child-friendly drugs and locally produced Ready-to-Use Therapeutic Food (RUTF) to tackle malnutrition, in partnership with USAID and Nigerian farmers through a backward integration initiative. Speaking on the panel “Health is Wealth: Strengthening Sub-Regional Health Resilience,” Ezeoke acknowledged the challenges of operating in diverse regulatory environments across West Africa but affirmed Emzor’s readiness to expand its impact in both Anglophone and Francophone countries. “We are preparing for Africa’s future and understand the importance of cultural nuance in building sustainable multinational operations,” she said.

    Read Also: Emzor commits to ending malaria in Africa

    Ezeoke praised the Nigerian government’s support for pharmaceutical manufacturing but noted that despite a presidential executive order to waive VAT and customs duties on pharmaceutical raw materials, Nigeria remains among the few countries still levying import duties on active ingredients.

    President of the Lagos Chamber of Commerce and Industry (LCCI), Mr. Gabriel Idahosa, in his address on “Regional Integration as Economic Pillar,” underscored the importance of peace, security, and infrastructure for boosting trade in the ECOWAS sub-region. He lamented that intra-regional trade remains at just 12% of total trade compared to 60% in other regions, but expressed optimism that the African Continental Free Trade Area (AfCFTA) and the proposed ECOWAS common currency could drive integration and economic growth.

    Also speaking, President of the ECOWAS Bank for Investment and Development (EBID), Dr. George Agyekum Donkor, and Vice President Dr. Olagunju Ashimolowo, detailed the bank’s $2.5 billion financing of over 300 development projects, including $410 million invested in 19 projects across Nigeria—94% of which targeted the private sector. The two-day summit, organised by LCCI, brought together policymakers, ECOWAS leaders, and development experts to chart a course for deeper regional integration. Discussions spanned trade, health, industrialisation, security, and the empowerment of women and youth as catalysts for sustainable development.

  • Emzor boosts local drug production with $230m API plant

    Emzor boosts local drug production with $230m API plant

    Emzor Pharmaceutical Industries Limited, a leading pharmaceutical company in Nigeria, has announced a ground-breaking $230 million investment in a new Active Pharmaceutical Ingredients (API) manufacturing plant. This strategic move is set to significantly enhance local drug production, reduce reliance on imported pharmaceutical ingredients, and further strengthen Nigeria’s healthcare system.

    The new API plant, located in Sagamu, Ogun State, is the first of its kind in both Nigeria and Sub-Saharan Africa, positioning Emzor as a trailblazer in pharmaceutical manufacturing on the continent. The facility, expected to start operation later this year, is expected to increase Nigeria’s self-sufficiency in drug production, a key step in improving the availability of high-quality medicines for Nigerians and the broader African market.

    Speaking during a media interaction and facility tour, Dr. Stella Okoli, OON, Founder and Group Managing Director of Emzor Pharmaceutical, expressed excitement over the significant milestone, emphasising the plant’s role in bolstering the country’s pharmaceutical capacity. “This $230 million investment is a testament to our unwavering commitment to Nigeria’s healthcare and economic growth. By establishing this state-of-the-art API plant, Emzor is ensuring that Nigeria becomes more self-reliant in the production of essential medicines. This is a critical step in ensuring that Nigerians have access to high-quality, life-saving drugs at affordable price,” said Dr. Okoli.

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    The new facility is expected to provide a wide range of pharmaceutical ingredients that are currently imported into Nigeria, including those used in the production of antimalarial drugs, antibiotics, and HIV/AIDS antiretrovirals. By reducing reliance on imported APIs, Emzor aims to lower production costs and make medicines more affordable for Nigerians. “Nigeria has faced challenges with the availability of essential medicines, particularly due to the high cost of imports,” said Uzoma Ezeoke, Executive Director of General Duties, HR & Finance at Emzor. “This API facility will drastically reduce our dependence on foreign imports and ensure that critical medicines are produced locally, creating a more sustainable healthcare system for our people.”

    The plant’s establishment is expected to have a significant economic impact, not only by improving healthcare delivery but also by creating new jobs and opportunities for local suppliers and distributors. Emzor currently employs over 2,000 individuals, with many more in secondary and indirect employment across its value chain. The new API plant is set to further increase these numbers, contributing to the economic development of the region and beyond. “This investment is not just about expanding our production capacity,” Dr. Okoli added. “It is about creating jobs, empowering local communities, and improving access to essential healthcare. The new facility will provide numerous opportunities for Nigerians to be part of the growing pharmaceutical sector, and we are committed to ensuring that our workforce benefits from this expansion.”

    Emzor’s $230 million investment comes at a time when the Nigerian pharmaceutical sector faces numerous challenges, including high operating costs, inflation and the floating of the naira. Despite these challenges, Emzor has maintained its commitment to keeping medicines affordable and accessible. “We are absorbing as many of these costs as possible to ensure that Nigerians continue to have access to high-quality medicines,” said Ezeoke. It is critical that drug prices remain affordable for the average Nigerian, and we are working tirelessly to make that a reality.”

    Emzor’s efforts to combat the prevalence of counterfeit and substandard drugs have also been a major focus, with the company implementing rigorous quality control and monitoring measures across its supply chain. The new API plant will further strengthen these efforts, ensuring that only the highest-quality ingredients are used in the production of medicines. ‘‘Our investment in this facility is not just about expanding production; it’s about ensuring that the drugs we produce are safe, effective and trustworthy. We will continue to monitor and safeguard our supply chain to protect Nigerian consumers from the dangers of counterfeit drugs,” Ezeoke explained.

    The company’s latest initiative aligns with its ongoing mission to improve healthcare access and affordability in Nigeria, while also contributing to the broader growth of Africa’s pharmaceutical sector. Dr. Okoli expressed confidence that the new API plant will be instrumental in achieving these goals. “Emzor’s story is one of resilience, innovation and commitment to the well-being of Nigerians. We are proud of our achievements, but we know there is still more work to be done. This API plant is just the beginning of our continued effort to ensure that every Nigerian has access to the best medicines available,”she said

  • N6.2b dispute: Bank files winding-up petition against Emzor

    N6.2b dispute: Bank files winding-up petition against Emzor

    Federal High Court sitting in Lagos has fixed July 12 to hear a winding-up petition by Nova Merchant Bank Limited seeking to recover an alleged loan of N6,205,575,569.93 from Emzor Pharmaceutical Industries.

    The suit, FHC/L/CP/1044/2024, was assigned by the chief judge to Justice Chukwujekwu Aneke.

    Listed as respondents are Central Securities Clearing System Plc, Access Bank Plc, Ecobank Nigeria Limited, Citi Bank Plc, Fidelity Bank Plc, First City Momument Bank Plc, First Bank of Nigeria Limited.

    Others are Guaranty Trust Bank Plc, Jaiz Bank Plc, Keystone Bank Ltd, Polaris Bank Plc, Providus Bank Plc Stanbic IBTC Bank Plc, Sterling Bank Plc, Standard Chatered Bank Plc, Union Bank of Nigeria Plc, United Bank for Africa Plc, TAJ Bank Limited, WEMA Bank Plc, and Zenith Bank Plc.

    The bank’s counsel, Mr. Oluwakemi Balogun (SAN), in a Motion on Notice averred that the petitioner issued on the respondent, the statutory three weeks demand notice required by Section 572 of Companies and Allied Matters Act (CAMA) 2020.

    He said the demand notice had elapsed, yet the respondent neglected to pay or to secure or compound for same to the satisfaction of the petitioner.

    According to him, the respondent was unable to liquidate its indebtedness, adding that substantially the respondent’s assets were personal in nature and liable to be dissipated or removed by the respondent’s alter egos unless a restraining order was granted to prevent same.

    The petitioner is seeking an order of court appointing the Deputy Chief Registrar of Federal High Court, Lagos, as Provisional Liquidator of the respondent to take over and oversee affairs and running of the respondent’s company pending grant of the winding-up order by the court.

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    “An order of interlocutory injunction ‘restraining the respondents, their directors, workers from operating, withdrawing from and/or otherwise tampering with the respondent’s funds under whatsoever name or guise in the cited bank or financial institutions pending grant of the winding-up order by the court.

    “An order of interlocutory injunction (restraining the respondent from tampering with the respondents’ fixed and movable assets howsoever described and called, pending grant of the winding-up order by the court.

    “An order directing the cited respondents listed as 1-20 on the face of this Motion Paper to hold and disclose by way of a sworn affidavit filed within five days upon being notified of the order and a copy served on the petitioner’s solicitors) particulars of all assets, monies, real estate, stock, funds, bonds, cash deposits, bank guarantees, letters of credit and negotiable instruments in the name of the respondents up to N6,205, 575,569.93, pending grant of winding-up order by th court.”

    In an affidavit in support of the motion on notice deposed to by Azeezat Adeniji, a principal officer of Nova Merchant Bank, the deponent said upon an application by Emzor Pharmaceuticals, the petitioner by an offer letter dated April 5, 2022, with reference no., NVB/22/CBG/APRIL/05/004, granted a two-type credit facility to Emzor Pharmaceuticals.

    Facility Type 1 was for $4,583,333.00 to finance importation of raw materials while Facility Type 2 was  N500,000,000 to augment working capital requirement of the company.

    The affidavit alleged the respondent failed to repay the loan advanced to them by the petitioner despite several commitments.

  • Codeine: NAFDAC reopens firms indicted in syrup distribution

    • Asks Emzor to declare indicted sales rep wanted

    The National Agency for Food, and Drug Administration and Control (NAFDAC) yesterday lifted the shutdown order on three pharmaceutical companies closed on May 7 for production of codeine cough syrups.

    The affected firms are: Emzor Pharmaceuticals Ind. Ltd Lagos; Peace Standard Pharmaceutical Limited and Bioraj Pharmaceutical Limited in Ilorin, Kwara State.

    NAFDAC’s Director-General Prof. Mojisola Adeyeye, in a statement, gave the directive following meetings with the companies and its directorates of Investigation and Enforcement (I&E), Drug Evaluation Research (DER) and Narcotics and Controlled Substances (NCS).

    She also stated the affected companies have been charged administrative fees “commensurate with the respective violations.”

    The agency also ordered immediate stoppage of codeine syrups until further notice while investigations continue.

    “Therefore, the hold placed on the active pharmaceutical ingredient and the already made codeine syrups stands. NAFDAC will monitor the compliance.

    “All codeine products are to be recalled and the process verified through audit trail verified by NAFDAC

    “Embargo has been placed on new applications for permit or renewals for the importation of codeine as an active pharmaceutical ingredient for cough preparations- NAFDAC will not issue any permit until further notice.”

    NAFDAC said it would hold a stakeholders meeting on the codeine crisis in a few days to develop a road map for the supply chain distribution and the future of codeine syrup manufacturing.

    The agency also noted that the stakeholders meeting was in line with the Minister of Health pronouncements in his press release on the codeine crisis.

    NAFDAC also directed Emzor pharmaceutical Ind. Ltd to arrest the sales representative indicted in the BBC documentary or declare him wanted for investigation.

     

  • Emzor CEO, others bag awards in South Africa

    Chief Executive Officer (CEO), Emzor Pharmaceutical Industries, Mrs.   Stella Okoli, is to be honoured at the inaugural Africa Women Innovation and Entrepreneurship Forum (AWIEF) Awards on October 5, at the third AWIEF Conference and Exhibition at the Century City Conference Centre in Cape Town.

    Others to be honoured include  Abisola Ijalana, M12 Photography, Temie Giwa–Tubosun, LifeBank, Deola Sagoe, House of Deola,  Oke Maduewesi, Zaron International, Mary Olushoga, African Women Power (AWP) Network and Ndidi Nwuneli, LEAP Africa.

    Others are Barbara Mallinson, Obami (South Africa),   Tracey Chambers, The Clothing Bank (South Africa), Karine Sar, Deline’s Gift (Senegal), Sabetha Mwambenja, Covenant Bank for Women (Tanzania), Swaady Martin, YSWARA (South Africa) and  Aisha Pandor, SweepSouth.com (South Africa).

    Others include Annette Muller, FLEXY (South Africa), Hyasintha Ntuyeko, Kasole Secrets (Tanzania), Refilwe Sebothoma, PBM Creations (South Africa),  Mame Khary Diene, Bioessence Laboratories (Senegal);    Sonia Paiva, Woman Farmer Foundation (Swaziland), Jacqueline Mkindi, Tanzania Horticultural Association (Tanzania),Thandi Ndlovu, Motheo Construction Group (South Africa) and Marah Hativagone, Codchem (PVT) (Zimbabwe)

    Norway’s Ambassador to South Africa, Botswana, Madagascar and Namibia, Trine Skymoen, is expected to be the keynote speaker at the gala event.

     

  • Emzor unveils new paracetamol

    Emzor unveils new paracetamol

    A leading Nigerian pharmaceuticals, Emzor Pharmaceuticals, has introduced a brand of analgesics called Emzor Para 1000 into the market. The company said the drug would change paracetamol consumption in the country.

    According to the company‘s Group Chief Executive Officer, Dr. Stella Okoli, unlike the  paracetamols, which require double dose to be effective, Emzor Para 1000 provides relief from headaches, pains and fever with one caplet.

    “We  are happy to record another milestone in the annals of Nigerian pharmaceutical industry with the introduction of Emzor Para 1000; this is as a result of our resolution to ensure maximum and affordable wellness for Nigerians. The Emzor Para1000 caplet features enhanced  release and quick absorption, thus ensuring rapid relief from aches, pains and fever. Only one caplet of Emzor Para1000 is as strong as two tablets of the regular paracetamol and as such, no more than one caplet should be used at a time.” she said.

  • Emzor presents products to NFF

    Emzor presents products to NFF

    In line with their sponsor-ship agreement with the Nigeria Football Federation (NFF), pharmaceutical giant, Emzor has presented their products to the NFF in fulfillment of the value-in-kind section of the contract.

    Making the presentation in Abuja on Friday, Emzor’s Regional Manager, Mr. Benjamin Udebuani underscored that the pharmaceutical company has a fully entrenched tradition of fulfilling agreements, and that the organisation remains enchanted by the partnership with Nigeria football.

    Udebuani, alongside Mr. Muyiwa Kayode and Prince Adeyemi Aseperi, was received by NFF General Secretary, Dr. Mohammed Sanusi.

    Sanusi, in company with NFF Deputy General Secretary, Dr. Emmanuel Ikpeme, Head of Marketing Alizor Chuks and Chief Legal Officer Okey Obi, commended Emzor for fulfilling that part of the agreement, and also for the company’s cherished support for the NFF and the National Team.

    Emzor Pharmaceuticals is an official sponsor of the Super Eagles.

  • Make pharmaceuticals more attractive, urges Emzor chief

    The Group Managing Director of Emzor Pharmaceuticals, Dr. Stella Okoli, has called for a better positioning of the pharmaceutical industry,

    She said the sector has been involved in mainly manufacturing drugs known as ‘generics’, as most of the local pharmaceutical firms are not research-based.

    Although she admitted that not all firms could go into pharmaceutical research, to be viable, operators have had to upgrade to the World Health Organisation (WHO) Geneva standard, which has  become the benchmark for manufacturers in the sector, especially when trying to access the global fund.

    She said the WHO Standard as ‘neither here nor there’ considering that the local industry has been certified by the National Agency for Food, Drug Administration and Control (NAFDAC). However, for pharmaceutical firms to enter the global scene, and access global funds, the international community introduced the WHO Geneva Standard, so that only those so certified can participate.

    “Nigeria is part of this global fund, but no Nigerian company can access the fund which runs into millions of dollars. To access the fund, our local pharmaceutical firms must build factories that are compliant with WHO Geneva standard. Unfortunately, we do not have anything close to that in Nigeria. All the fittings and equipment in the WHO Geneva standard are imported because they are not available locally,” she said.

    But all hope for a vibrant local pharmaceutical firms are not lost. Operators, as well as stakeholders, are striving to get the WHO Geneva certification which is the key to greater success. There is also a clamour for the Federal Government to fight for its course by agitating that the global funds tender should go to local players. That, she said, was done in South Africa, and that is what other countries do and I belief that is what is called patriotism.   in the long run, Mrs Okoli is convinced that this effort will help in improving the country’s gross domestic product (GDP).

    She also frowned at the neglect of the manufacturing sector, which she blames on the toga of ‘lower hanging fruits’ categorisation especially since the oil discovery era.

  • Stella Okoli in low 70th birthday celebration

    Stella Okoli in low 70th birthday celebration

    ONE of the biggest names in the pharmaceutical business for many decades and Chief Executive Officer of Emzor Pharmaceuticals Limited, , Dame Stella Okoli, clocked 70 last week. Uncharacteristically, the corporate Amazon did not roll out the drums. Neither was champagne popped. Everything about her birthday was low profile.

    She is one of the stars of high society, Okoli’s distinct taste for clothes and accessories will compete favourably with that of any woman in her 20s or 30s. It is no error to say that Okoli would easily make the list of Nigeria’s best dressed women. At 70, the ageless beauty continues to display an amazing understanding of fashion; an attribute that has combined with her vivacious nature to endear her to all.

    She may not be a socialite, but she attends very important events of those who are very close to her.