TOP 8 CEOs BEHIND MOST CAPITALIZED HEALTH CARE COMPANIES IN NIGERIA

Nigeria’s healthcare sector comprises several subsectors, including healthcare manufacturing, pharmaceuticals, hospitals, and laboratories. 

Data from the National Bureau of Statistics reveals that Nigeria’s healthcare sector, classified under Human Health and Social Services, grew by 2.12% in the first quarter of 2024. This follows a 2.78% growth recorded in 2023. 

Notably, the healthcare sector has achieved GDP growth in every quarter since 2020, marking 17 consecutive quarters of growth. In nominal terms, the healthcare sector’s GDP stands at N322 billion, contributing approximately 0.72% to the overall GDP. 

The nominal GDP of the healthcare sector closely aligns with the combined market capitalization of companies listed on the NGX. 

As of July 2024, Nigeria has nine healthcare companies listed on the NGX, but this article focuses on eight of them with a total market capitalization of N104 billion. 

These companies play a pivotal role in advancing healthcare in Nigeria by driving innovation and improving service delivery. Equally important are the leaders behind these companies. Without further ado, here are the top CEOs shaping the future of healthcare in the country. 

 Isola Oluwole Olukayode-Managing Director Pharm Deko 

Ishola Olukayode has been Managing Director of Pharm Deko since January 2020. As a seasoned professional in the field he has leveraged his over 25 years experience in the manufacturing industry 

• Before his career journey began, he first graduated from Obafemi Awolowo University Ile-Ife with a Bachelor degree in Food Science and Technology (1990). He obtained Masters in Food Technology (1992) and Microbiology (1997) from University of Ibadan and Obafemi Awolowo University respectively. 

• He started out as a lecturer at Obafemi Awolowo University between 1995 and 1996 before joining the manufacturing industry in 1997. 

• He worked in Evans Medical Plc from 1997 to 2005. He joined Pharma-Deko Plc in 2006 as Manufacturing Manager (Contract Manufacturing). He has since held various positions in the company i.e. Production Manager, Consumer, General Manager Operation overseeing operation related functions spanning, planning, procurement, Logistics and Project Management. 

Pharma-Deko Plc, founded in 1962, is a pharmaceutical company engaged in the manufacturing and marketing of pharmaceutical and consumer products. 

Based in Agbara, Ogun State, the company states that it has a diverse product portfolio, including over-the-counter drugs, prescription medications, and consumer healthcare products. 

Pharma-Deko claims it has a significant presence in the Nigerian market and exports to other West African countries. For August 2024, Pharma-Deko’s market capitalization was N396.98 million. 

Julius Adewale Adelusi- Founder/ CEO Juli Plc

Julius Adewale Adelusi-Adeluyi is the founder and Chairman of Juli Plc, the first indigenously promoted company listed on the Nigerian Stock Exchange.  

He currently serves as the National President of the Nigeria Academy of Pharmacy and has held leadership positions across multiple organizations, including the Nigeria America Chamber of Commerce and the National Council for Population and Environmental Activities. 

• Adelusi-Adeluyi’s influence extends beyond business into civic and community service. He was the first District Governor of Rotary International District 9110 in Nigeria and a notable student leader on the global stage. 

• A former Federal Minister of Health and Social Services, Adelusi-Adeluyi also chaired the Oodua Investment conglomerate and currently chairs the MTN Foundation, reflecting his continued impact on Nigeria’s socio-economic development. 

Established in 1972, Juli Plc operates in the food and drug retail and wholesale sector. Headquartered in Lagos, with branches and distribution centers in Ado-Ekiti and Ikeja, the company offers a range of products, including pharmaceuticals, medical supplies, and consumer goods.  

Juli Plc claims a robust supply chain and distribution network, supporting its market presence. As of August , 2024, the company’s market capitalization stood at N2.06 billion, with shares trading at N10.30. 

Adesoji Akinola Oladejo- Managing Director, Morrison Industries Plc

Adesoji Akinola Oladejo is an accomplished professional with expertise in food process engineering and business process consulting. With a solid academic foundation and certifications in project management and Six Sigma, he brings valuable skills along with his role at Tillbridge Limited. 

• He earned a Bachelor of Science degree in Food Technology from the University of Ibadan in 1991, focusing on Food Process Engineering. He also holds an MBA from Lagos State University, obtained in 1998. 

Founded in 1955, Morison Industries Plc is a Nigerian medical supplies company that manufactures and distributes healthcare products like antiseptics, disinfectants, and wound care solutions. Headquartered in Lagos, the company has a strong market presence in Nigeria and a growing export business. As of July 2024, Morison Industries’ market capitalization was N4.4 billion, with shares priced at N4.45. 

Ayodeji Oseni-MD Industrial & Medical Gases (IMG) Nigeria Plc

Ayodeji Oseni as the CEO of Managing Director/CEO of Industrial & Medical Gases holds a Bachelor of Science (B.Sc. Hons) degree in Microbiology (1989) and a Master’s in Business Administration (MBA) from Lagos State University (2002).  

• He is also a distinguished alumnus of the prestigious Lagos Business School. With 30 years of experience in business development, sales, and marketing management, Ayodeji has a notable track record of over 20 years in corporate and business strategy. 

• Before his appointment as Managing Director/CEO of Industrial & Medical Gases in 2016, Ayodeji served as Chief Marketing Officer for Salmwhon Consulting, where he oversaw country operations in Nigeria. His extensive experience in the downstream oil and gas sector includes his role as Vice President of Sales & Marketing at SO Energy, a part of the Sahara Group, where he managed retail business strategy and operations across West Africa, including Nigeria, Ghana, and Côte d’Ivoire. 
• Ayodeji has also held significant roles at Conoil Plc, leading retail network expansion and customer service delivery across Nigeria, and at SmartMark Limited, where he served as Head of Business for SWATCH West Africa, overseeing operations in Nigeria and Ghana.

Industrial & Medical Gases (IMG) Nigeria Plc, established in 1959, is a manufacturer and distributor of industrial and medical gases. 

The company supplies oxygen, nitrogen, and other gases essential for healthcare and industrial applications. The company’s market capitalization stands at N10.24 billion.

Valentine Okelu- Managing Director/CEO at Neimeth International Pharmaceuticals PLC 

Valentine Okelu is the Managing Director of Neimeth International pharmaceuticals. He became Executive Director in September 2016, reflecting his extensive experience and leadership in the pharmaceutical industry.  

• He began his career as a medical sales representative at Rhone Poulenc Rorer/May & Baker Plc, progressing to roles in market development and product management. At Aventis/May & Baker Plc, he served as Product Manager for Cardiovascular products before moving to May & Baker Nigeria Plc, where he held various leadership roles. 

• He graduated with distinction from the University of Nigeria, Nsukka in 1994, earning both a Bachelor of Pharmacy and a Master of Pharmacy in Pharmacology and Toxicology.  

• He is an alumnus of the Lagos Business School Advanced Programme and the Strategic Marketing Management Programme, and has attended several executive programmes in marketing, strategy, and management at London Business School and the University of London. 
• Okelu is a member of several professional organizations, including the Pharmaceutical Society of Nigeria, the International Pharmaceutical Federation, and the Commonwealth Pharmacists Association.

Founded in 1957, Neimeth International Pharmaceuticals Plc is a key player in Nigeria’s pharmaceutical sector. Specializing in pharmaceuticals and veterinary products, Neimeth operates modern facilities and a widespread distribution network from its Lagos headquarters. It established Nigeria’s first pharmaceutical manufacturing plant in Aba. As of August, 2024, Neimeth’s market capitalization is N8.2 billion. Its product range includes treatments for malaria, diabetes, and cardiovascular diseases. 

Patrick Ajah – Managing Director/CEO May & Baker 

Patrick Ajah is the Managing Director and Chief Executive officer of May and Baker an appointment he has held since January 1, 2021. 

With over 20 years of progressive experience and responsibility in a variety of business environments; from Pharmaceuticals to FMCG, Telecoms and manufacturing. 

• He has demonstrable experience in business development, distributor engagement and contracting, P&L oversight, organizational transformation and managing through crisis across countries and cultures in sub-Saharan Africa and in more than eight reputable international/multinational organizations among which: are Pfizer, AstraZeneca, Novartis, GSK , Globacom, Guinness and Twinnings Ovaltine. 

• He has a Bachelor of Pharmacy (B. Pharm.) degree from the University of Ibadan, Oyo State and an MBA in Marketing from Obafemi Awolowo University, Ile Ife, Osun State. 

May & Baker Nigeria Plc, established in 1944, is one of Nigeria’s oldest pharmaceutical companies, known for producing antibiotics, antimalarials, and OTC medications. Headquartered in Lagos, it operates manufacturing plants and a distribution network. As of August 7, 2024, its market capitalization was N11.65 billion with shares trading at N6.75. 

Fidelis Akhagboso Ayebae CEO Fidson Healthcare plc

Dr. Fidelis Akhagboso Ayebae is the Founder and CEO of Fidson Healthcare Plc, a leading Nigerian pharmaceutical company. 

• He holds a Higher National Diploma in Civil Engineering from the Mainland Institute of Technology (1976) and an Advanced Diploma in Business Management from the University of Lagos (1999).  

• His early career saw him in various positions, including Project Manager at Metalum Limited and Assistant Director at Citibank, before venturing into entrepreneurship in 1991.  

• Dr. Ayebae is also a member of the Nigerian Institute of Management (NIM), an Associate Member of the Chartered Institute of Administration (CIA), and a Fellow of the Institute of Corporate Affairs Management (FICAM). 

Founded in 1995, Fidson Healthcare Plc is a leading Nigerian pharmaceutical company involved in manufacturing and marketing generics and branded medicines. Headquartered in Lagos, it has production facilities and a broad distribution network nationwide. As of August 2024, Fidson Healthcare’s market capitalization was N31.56 billion, with shares priced at N13.75. 

Dukor Anderline Ndidi – Co CEO Mecure Industries

Dukor Anderline Ndidi is professional in the pharmaceutical industry with over 25 years of experience. She currently serves as the Chief Executive Officer of MeCure Healthcare Limited, a role she has held since June 2022. In this position, she oversees the company’s operations in Lagos, Nigeria, ensuring the delivery of quality healthcare services. 

• Before becoming CEO, Anderline spent a decade as the Director of Pharmaceutical Operations at MeCure, where she was instrumental in streamlining processes and enhancing the company’s pharmaceutical services from March 2013 to March 2023. 

• Her career at MeCure began in 2006, where she initially served as the Superintendent Pharmacist and Regulatory Affairs Manager, roles she held for seven years. Prior to joining MeCure, Anderline worked at Renaissance Pharmaceuticals Limited as a Superintendent Pharmacist and Regulatory Affairs Officer from 1998 to 2006. 
• Her early career also included a stint as a Pharmacist on Duty at St. Nicholas Pharmacy from 1996 to 1997. 
• Anderline holds a Master of Science in Clinical Pharmacy from the University of Lagos (2014-2015) and a Master of Public Health from Lagos State University College of Medicine (2009-2013).  

MeCure Industries Plc, established in 1990, is the largest pharmaceutical company on the NGX by market capitalization. It specializes in manufacturing and distributing healthcare products across Nigeria. Headquartered in Lagos, MeCure is known for its commitment to quality and innovation. As of August, 2024, its market capitalization was N34.08 billion. 

(Mecure Health: 34.08 billion)  ( 2. Fidson Healthcare: 31.56 billion)   (3. May and Baker: 11.65 billion) (4. Industrial and medical gases: 10.24 billion) (5.Neimeth International: 8.2 billion) (6. Morison Industries: 4.4 billion) (7. Juli PLC: 2.06 billion) (8. Pharm Deko: 396.98 million).