Key points
- MeCure Industries has increased its capital-raising target by 66.7% from N30 billion to N50 billion.
- The pharmaceutical manufacturer plans to deploy fresh capital into factory expansion, working capital and new product commercialisation.
- MeCure is targeting regional growth, including Sierra Leone and other West African markets, after revenue surged to N77.69 billion in 2025.
Main Story
MeCure Industries Plc is stepping up its growth ambitions, securing shareholders’ approval to expand its capital-raising programme from N30 billion to N50 billion as the pharmaceutical manufacturer moves to deepen local production and push further into West Africa.
The approval, granted at the company’s third Annual General Meeting held in Lagos on July 10, 2026, gives MeCure an additional N20 billion fundraising headroom to finance expansion projects, reinforce working capital and strengthen its balance sheet.
The revised capital target represents a 66.7% increase from the N30 billion fundraising programme earlier approved by shareholders at an Extraordinary General Meeting on May 14, 2025.
For MeCure, the bigger capital plan comes at a defining point in its growth story.
The company closed 2025 with revenue of N77.69 billion, up 68.8% from N46.03 billion in 2024, as stronger demand across its pharmaceutical portfolio accelerated sales.
Profit before tax more than doubled to N7.93 billion from N3.30 billion, while profit after tax surged 177.5% to N6.46 billion — its strongest annual profit in three years.
Now, MeCure is looking beyond the earnings boom.
The pharmaceutical company plans to channel new funding into factory expansion and the development and commercialisation of 19 newly approved products focused on cardiovascular and metabolic therapies.
Its growth strategy also includes expanding into Sierra Leone and other West African markets, potentially widening the company’s revenue base beyond Nigeria’s increasingly competitive pharmaceutical industry.
The Issues
Nigeria’s pharmaceutical manufacturers continue to operate under significant cost pressures, particularly from foreign exchange volatility, high financing costs and inflation.
The industry remains heavily exposed to imported pharmaceutical raw materials and machinery, making currency movements a major factor in production costs.
MeCure’s own 2025 numbers highlight the financing pressure facing expanding manufacturers. Finance costs rose sharply to N8.49 billion from N4.98 billion in the previous year, even as the company recorded strong operating growth.
This means the success of the N50 billion capital programme will depend not only on raising funds but on how efficiently MeCure converts the capital into higher production capacity, stronger margins and sustainable regional revenues.
Expansion into new West African markets also introduces regulatory, distribution and market-entry risks that the company will have to navigate.
What’s Being Said
Shareholders approved the increase in the capital-raising mandate, allowing the company to move beyond the N30 billion ceiling set in May 2025.
The resolution stated:
“That the Company be and is hereby authorised to increase the additional capital to be raised from the initial N30 billion approved by the shareholders at the EGM of 14th May 2025 to N50 billion while other resolutions passed on the said date remain unchanged.”
The company said the expanded fundraising mandate would provide greater financial flexibility to execute strategic growth projects, strengthen its financial position and improve operational efficiency.
Management also expects the capital injection to support working capital requirements and accelerate ongoing factory expansion.
More Insights
Despite committing to a more aggressive expansion strategy, MeCure is also returning value to shareholders.
At the AGM, shareholders approved a dividend of 32 kobo per 50 kobo ordinary share for the financial year ended December 31, 2025.
The payout is estimated at N1.29 billion, reflecting management’s confidence in the company’s earnings performance and growth outlook.
Shareholders also approved the re-election of Ayotunde Owoigbe and Tochukwu Orajiaku, who retired by rotation and presented themselves for re-election.
A new Statutory Audit Committee was also approved as the company strengthens corporate oversight ahead of the 2026 financial year.
What You Should Know
MeCure’s latest capital move comes less than three years after the pharmaceutical manufacturer joined the Nigerian Exchange’s Growth Board in November 2023.
Since then, the company has been scaling its pharmaceutical manufacturing and distribution operations while investing in technology and product traceability.
Its 2025 financial performance shows a business expanding rapidly.
Revenue jumped to N77.69 billion, gross profit climbed 79% to N26.51 billion, and operating profit nearly doubled to N16.43 billion.
However, total liabilities also increased to N62.14 billion from N40.88 billion, while finance costs rose by more than 70%.
The N50 billion fundraising programme could therefore serve a dual purpose: funding MeCure’s next growth phase while giving the company greater financial room to manage the rising cost of expansion.
What’s Next
Attention will now turn to the execution of MeCure’s N50 billion capital-raising programme and the pace at which the company deploys the proceeds.
Investors will also be watching the commercial rollout of the 19 newly approved pharmaceutical products, progress on factory expansion and the company’s entry into additional West African markets.
The ability to translate new capital into stronger production capacity and regional revenue growth will be critical to sustaining MeCure’s recent earnings momentum.
Bottom Line
MeCure’s decision to lift its capital-raising target to N50 billion signals a shift from rapid domestic growth to a broader regional pharmaceutical play.
After delivering record revenue and profit in 2025, the company’s next challenge is execution — turning fresh capital, new medicines and factory expansion into a stronger West African healthcare footprint.
