Nairametrics profiles CFOs steering Nigeria's top pharma firms — Fidson, MeCure, May & Baker lead N250B+ valuations
Nairametrics profiles the chief financial officers of Nigeria's six largest listed pharmaceutical companies, ranked by market capitalisation as of October 23, 2026. The sector faces rising production costs, foreign exchange volatility, high financing expenses, and heavy reliance on imported raw materials — placing CFOs at the centre of liquidity management, cost control, and expansion strategy.
Fidson Healthcare (N250B market cap) leads under Finance Director Imokha Ayebae, with H1 2026 revenue up 18.9% to N74.48B and profit after tax rising 28.2% to N7.72B — though trade receivables surged 139.7% to N26.34B, signalling collection challenges. MeCure Industries (N224.8B) under Group CFO Ifedamola Oluwasegun F. grew revenue 20.4% to N44.85B and operating profit 41% to N10.9B, but finance costs jumped 54.9% to N5.93B. May & Baker (N68.58B) with Ayodeji Aboderin (CFO since 2014) delivered 51% profit-before-tax growth to N4.85B, driven by cost cuts and higher interest income.
Neimeth (N34.67B) under Nonye Offorjamah (Head of Finance since September 2024) posted 26% revenue growth to N3.66B but marginal 1.9% PAT increase to N207.66M. Juli Plc (N1.31B) under Osho Olaniyi Thomas saw revenue collapse 45.5% to N146.86M, though net loss narrowed 59.2% to N12.86M via cost reductions. Pharma-Deko (N396.78M) appointed Olusola Adeyinka as CFO in 2025 with 25 years' cross-sector experience.
Two additional firms — Industrial and Medical Gases Nigeria and Morison Industries — have financial controllers but insufficient public profiles for detailed assessment.
For investors tracking the sector, the divergence is clear: Fidson and MeCure demonstrate scale and earnings momentum despite working capital and financing pressures, while May & Baker shows disciplined cost management. Neimeth's growth is revenue-led but profit-flat. Juli Plc remains in turnaround mode. Watch receivable collection at Fidson, finance cost trajectory at MeCure, and whether Juli can sustain loss reduction.