Emzor's Stella Okoli raises ₦26.7bn bond to complete Sagamu antimalarial plant

Emzor Pharmaceutical Industries, founded by Nigerian pharmacist Stella Okoli, has raised ₦26.7 billion ($19.8 million) through a five-year bond to help complete its antimalarial active pharmaceutical ingredient (API) plant in Sagamu, Ogun State. The Series 1 fixed-rate bond, issued at a 19 per cent coupon, was listed on the FMDQ Exchange through Emzor Pharma Funding SPV Plc and was oversubscribed.

The funding comes as Emzor races to finish a project that has already missed two previously announced commissioning timelines. The bond forms part of a broader ₦40 billion ($29.6 million) debt programme to support working capital, expand manufacturing capacity and accelerate completion of the Sagamu facility.

Bond details

The oversubscription signals strong investor confidence in Emzor's expansion plans. The company unveiled plans for the approximately $23 million facility in 2024. Reports in March 2025 said it was expected to open later that year. By August 2025, the projected opening had shifted to early 2026.

That deadline has also passed, with the facility still incomplete as of August 2026. Emzor has not announced a new commissioning date, but the latest bond proceeds are expected to accelerate work on the project.

What the plant will produce

Once completed, the plant is expected to manufacture antimalarial APIs before expanding into ingredients for HIV antiretroviral drugs and other essential medicines, according to a report by Billionaires Africa. APIs are the active substances responsible for the therapeutic effects of medicines.

Emzor's Sagamu project has been positioned as the first full-scale antimalarial API manufacturing facility of its kind in West Africa. Its completion could mark a significant step towards reducing the region's reliance on imported pharmaceutical inputs.

High cost of capital

The project's financing highlights the cost of raising long-term capital in Nigeria. At a 19 per cent coupon over five years, the bond carries a substantial financing cost. That means the facility will need to generate enough value and revenue to justify the high cost of capital, a challenge compounded by repeated delays before commercial production begins.

Okoli founded Emzor in 1977, starting from a small chemist shop in Lagos before building the business into one of Nigeria's leading indigenous pharmaceutical manufacturers. Her journey has made her one of Africa's prominent female pharmaceutical entrepreneurs.

For Nigerian drugmakers, producing APIs locally could reduce vulnerabilities linked to foreign-exchange shortages, currency fluctuations and global supply-chain disruptions. It also strengthens domestic pharmaceutical manufacturing at a time when local production is increasingly viewed as critical to medicine security.