Pharmaceutical manufacturer MeCure Industries Plc has obtained shareholder approval to increase its capital-raising programme from N30 billion to N50 billion. This significant increase aims to fund expansion projects, strengthen its balance sheet, and support future growth initiatives.
The approval was granted at the company’s 3rd Annual General Meeting (AGM) held in Lagos on July 10, 2026, according to a disclosure signed by the Company Secretary, Olawale Ibitoye.
The additional capital is expected to support strategic investments, improve working capital, and enhance operational efficiency. This move comes amid persistent inflationary pressures, elevated financing costs, and foreign exchange volatility in the market.
The revised N50 billion fundraising programme represents a 66% increase from the N30 billion capital raise previously approved by shareholders at an Extraordinary General Meeting (EGM) held on May 14, 2025.
Management noted that this expanded mandate will provide additional financial flexibility to execute key growth projects and strengthen the company’s financial position. The capital injection will help reinforce the company’s balance sheet, stabilize working capital requirements, and accelerate factory expansion projects.
The funds will also support the development and commercialization of 19 newly approved pharmaceutical products, specifically focused on cardiovascular and metabolic therapies. Furthermore, the capital will aid the company’s expansion into regional export markets, including Sierra Leone and other West African countries.
At the AGM, shareholders also approved a dividend payment of 32 kobo per 50 kobo ordinary share for the financial year ended December 31, 2025. This dividend payout is estimated at approximately N1.29 billion and follows a year of strong earnings growth for the pharmaceutical company.
The approval reflects management’s confidence in the company’s financial performance and future growth prospects. Shareholders also approved the re-election of Mrs. Ayotunde Owoigbe and Mr. Tochukwu Orajiaku, who retired by rotation and offered themselves for re-election to the board. Additionally, members ratified the appointment of a new Statutory Audit Committee to strengthen oversight and governance ahead of the 2026 financial year.
The fundraising expansion comes on the back of a record financial performance by MeCure Industries in 2025. For the year ended December 31, 2025, the company reported a pre-tax profit of N7.93 billion, representing a 140.18% increase from N3.30 billion recorded in 2024.
Profit after tax surged by 177.5% year-on-year to N6.46 billion, marking the company’s highest annual profit in three years and accounting for more than 80% of its cumulative earnings over the previous three-year period. Revenue also recorded strong growth, rising by 68.8% to N77.69 billion from N46.03 billion in 2024, driven by increased demand across its pharmaceutical manufacturing and distribution businesses.
With the expanded capital programme, MeCure is positioning itself to deepen its manufacturing capacity, broaden its product portfolio, and strengthen its presence in both domestic and regional healthcare markets.
