Sam Pharmaceuticals opens WHO-Standard factory in Nigeria with FCMB, BoI support
Business Sam Pharmaceuticals opens WHO-Standard factory in Nigeria with FCMB, BoI support Published on April 25, 2026 By Daily Post Staff From left: Managing Director/CEO, First City Monument Bank (FCMB), Mrs. Yemisi Edun; Chairman/CEO of Sam Pharmaceutical Limited, Mr. Amit Bhojwani and Divisional Head, Emerging Corporates, FCMB, Mrs. Chinyere Muda-Sanusi, at the commissioning ceremony of the new factory of the company, funded by FCMB and the Bank of Industry, held in Ota, Ogun State, recently. Sam Pharmaceutical Limited has opened a new manufacturing facility in southwestern Nigeria, expanding local drug production capacity as the country pushes to reduce reliance on imported medicines. The plant, located in Ota, Ogun State, meets World Health Organisation (WHO) Good Manufacturing Practice (GMP) standards and was financed with support from First City Monument Bank (FCMB) and the Bank of Industry (BoI). The facility has the capacity to produce more than 400 million tablets, 50 million capsules, two million bottles of syrup, and one million pouches each month, according to the company. Nigeria has been seeking to boost domestic pharmaceutical manufacturing following supply chain disruptions during the COVID-19 pandemic that exposed vulnerabilities in its import-dependent supply chain. Minister of State for Health, Adekunle Salako, said at the commissioning on April 8 that the project aligns with the government’s drive to expand local pharmaceutical production and reduce reliance on imports. Ogun State Deputy Governor Noimot Salako-Oyedele said the factory would support job creation and economic activity in the state, while improving access to essential medicines. Director General of the National Agency for Food, Drug Administration and Control (NAFDAC), Mojisola Adeyeye, described the facility as a reflection of growing compliance with global standards in Nigeria’s pharmaceutical sector. Managing Director and Chief Executive Officer, First City Monument Bank, Yemisi Edun, said the bank supported the project through a ₦3 billion term loan in partnership with the Bank of Industry, alongside more than ₦3.2 billion in working capital. She said the financing reflects the bank’s focus on supporting local manufacturing and strengthening critical sectors of the economy. Sam Pharmaceuticals Chairman and Chief Executive Officer Amit Bhojwani said the new plant would scale production and position the company more strongly in Nigeria’s branded generics market. Founded in 1971, Sam Pharmaceutical Limited produces more than 120 NAFDAC-approved medicines and operates in Ilorin, Kwara State, and Ogun State. Don't Miss Nigerian stock market extends rally with massive N1.86tn gain You may like FCT High Court dismisses FHT Mega Express suit against Parallex Bank, awards N500,000 against company in favour of Bank Life Lager rewards two consumers with All-Expense-Paid Trip to London at Obiagu Fest Experience in Enugu. Infinix NOTE 60 Ultra Ushers in New Premium Era 4th edition of South Africa focus week returns to Lagos, strengthening bilateral ties, economic collaboration Quiet Shift to Betting Apps: What Nigerian User Behaviour Is Revealing Ginger, FCMB SheVentures Unveil “Built to Last” Programme for Women Beauty Entrepreneurs