Emzor Pharmaceutical Industries has raised ₦26.7 billion through a five-year fixed-rate bond listed on the FMDQ Exchange to expand its manufacturing capacity and strengthen local pharmaceutical production.
The Series 1 bond, issued through Emzor Pharma Funding SPV Plc, carries a 19 percent interest rate and forms part of the company’s ₦40 billion Bond Issuance Programme. FMDQ approved the listing on its platform on August 19, 2026.
The proceeds will support working capital and the expansion of Emzor’s manufacturing operations, including the completion of its full-scale antimalarial Active Pharmaceutical Ingredient (API) manufacturing plant in Nigeria.
APIs are the active ingredients in medicines that produce their therapeutic effects. Local production could help reduce Nigeria’s reliance on imported pharmaceutical inputs and limit manufacturers’ exposure to foreign exchange pressures and global supply-chain disruptions.
The bond is Emzor’s second domestic debt issuance and was reportedly oversubscribed, indicating strong investor interest in the company’s expansion plans.
Founded in 1977, Emzor has grown from a small Lagos chemist shop into a major indigenous pharmaceutical manufacturer, producing more than 120 medicines across several therapeutic categories.
The latest fundraising is expected to deepen local value addition in Nigeria’s pharmaceutical industry while strengthening domestic access to critical drug ingredients.
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