Emzor lists N26.70bn five-year bond at 19% to fund API plant

On 18 August 2026 Emzor Pharmaceutical listed and priced a N26.70 billion (c. US$19.8m) five-year fixed-rate bond on FMDQ at a 19.00% coupon to fund working capital and completion of an antimalarial API manufacturing facility in Sagamu, Nigeria.

The issuance provides a fresh five-year domestic Naira curve point for a Nigerian corporate, extending local long-term supply while confirming high domestic borrowing costs: a 19% coupon signals elevated funding costs for private issuers. The deal may modestly expand investable corporate-credit supply in Naira, but does not by itself imply sovereign spread moves or FX impacts without further market repricing evidence.

Monitor uptake of the wider N40bn programme and any secondary trading/price discovery on FMDQ over coming weeks.