“From a humble beginning, Stella Okoli, grows Emzor Pharmaceuticals Nigeria Limited, into a multi-billion naira business, showcasing a rare entrepreneurial skill”
Stella Chinyelu Okoli is the founder and Chief Executive Officer of Emzor Pharmaceutical Industries Limited. When she floated Emzor in 1977, not a few of her friends and colleagues wondered if she knew what she was getting herself into. They had wondered how she could survive the turbulent world of business, particularly manufacturing. But over 35 years down the line, Okoli has not only proved the cynics wrong, she has, in fact, emerged as one of Nigeria’s women billionaires in the business world. From a very humble beginning as a retailing chemist shop in January 1977, the company has now grown to become a leading manufacturer of pharmaceutical products as well as other health and medical products.
Born in Kano, northern Nigeria, to Felix Ebelechukwu and Margaret Modebelu, of Nnewi, Anambra State, Okoli bagged a first degree in pharmacy from Bradford University in 1969, following it up with a master’s in Bio-Pharmaceutics from the University of London, Chelsea College in 1971. She has held several professional leadership positions, which include Chairman of the Pharmaceutical Manufacturers Group, (PMG) of Manufacturers Association of Nigeria, (MAN).
The company, a wholly owned indigenous company, was incorporated in Nigeria in 1984 for the purpose of manufacturing high-quality pharmaceutical products and medical consumables. According to Okoli, the idea to manufacture drugs locally was predicated upon the need to develop local capabilities and competencies, create jobs and provide high-quality pharmaceutical products and services to Nigerians at prices that are not only affordable but represent value.
From retail to importation and wholesales of pharmaceutical products, the company commenced pilot manufacturing in 1986. This culminated in the introduction of its flagship brand, Emzor Paracetamol, which currently controls 25 per cent of the analgesic market in the country. Emzor has since continuously expanded its product range, growing in leaps and bounds. It now produces over 60 time-tested products, which include analgesics, vitamins, haematinics, anti-malarials, anti-tussives, antibiotics, anti-helmintics, anti-histamine, antacid, and cardio-protective drugs in Nigeria and in the West Coast of Africa. Emzor Pharmaceuticals has established offices in India, Sierra Leone, Liberia, Ghana, and Mali.
The rapid expansion of Emzor Pharmaceuticals has also led to the establishment of several subsidiaries, which includes Zolon Healthcare Limited, Lagos, a specialty health care organisation positioned for the provision of intelligent health care solutions to the needs of the people; this was achieved by building partnerships with world-class health organisations. Specialties in this subsidiary include Cardiology, Endocrinology, Neuropsychiatry, Oncology, Biotechnology, Ophthalmology, Gastroenterology, Obstetrics and Gynaecology, Paediatric and Geriatric Medicine, as well as Health Fairs/Seminars.
There is also Emzor Hesco Limited, incorporated to provide good quality hospital and surgical equipment, instruments, consumables and other medical devices that aid diagnosis and management of diseases. “Our philosophy is to provide solutions that empower health care providers rather than just supply products and in so doing help to build their capacities. At the University of Ibadan, we have set up a shop at the hospital where doctors can rent these critical equipment for use,”
Emzor Hesco is into partnership with international companies like AESCULAP AG, Germany, providing products like surgical instruments and containers for all surgical needs; orthopaedic implants like plates and screws, targon nailing systems, power drill systems like electric, battery and pneumatic; closure technologies for sutures and surgical specialties; and hospital project business, specifically in the field of surgery. Other partners include Huckerts Laboratory, Belgium, which specialises in safe and effective disinfection of instruments; Medical Research International, Italy, for spirometry, oximetry and telemedicine. This subsidiary provides services for the National Hospital Abuja, Lagos University Teaching Hospital (LUTH), National orthopaedic Hospital (NOH), Igbobi Lagos, Chevron Clinic, Havana Hospital, among others; EMZOR Pharmacy and Stores Limited, a retail and dispensing pharmacy outfit positioned for the delivery of good quality and affordable products and services in the pharmaceutical downstream to Nigerians; Life Gate Medicals Limited, providing specialised training for healthcare workers and medical tourism.
On June 12, 2009, Okoli’s efforts at ensuring top quality products paid off as the company received the NIS ISO 9001:2000 certification. In presenting the certificate, the Standards Organisation of Nigeria (SON), remarked that “Emzor Pharmaceuticals Industries Limited had been recognised for excellent performance by numerous awards by different professional bodies. The company has over 60 strong brands, with Emzor Paracetamol having over 25 per cent of the local market share on analgesic in the country,” a statement by SON noted. Indeed, challenges dotted the footpath of Okoli who is saddened by the fact that there has not been enough encouragement in the sector neglected over the years. “You will find out that people have taken their money and put it elsewhere to either trade or do other businesses. We are, however, planning to revive the sector and we are hopeful that we will be lucky to do this,” she said. To Okoli, having a virile pharmaceutical industry is a form of security for a country in the event of a crisis it means that the country will remain dependent on outsiders for something that is vital to it.
Besides, the issue of fake products has remained a hydra-headed problem for the country despite the efforts of the regulators to curb it. Okoli believes that the fake drugs business thrives because there is a gap between the demand and the cost of drugs in the country. This accounts for why foreign firms have capitalised on the gap to flood the country with different drugs. “Look, it is not that they love us; they only saw a loophole and they are doing business, otherwise, why have such companies not come to set up their factories here?” she asked rhetorically, explaining that it has been difficult to fake Emzor products because of the extra mile the company goes to secure its products. Besides, products of the company are everywhere, and readily affordable, which is a disincentive to fakers. Okoli is saddened by the fact that government has not been able to implement the national drug policy that stipulates that 70 per cent of drugs used in the hospitals should come from local manufacturers.
Okoli mentors other local manufacturers and encourages aspiring entrepreneurs to invest in the pharmaceutical industry first, as her contribution to building a healthy nation and secondly, in pursuit of Nigeria’s quest for self-sufficiency.
But how did she come about her business name? “Oh, it is a combination of my children’s names, Emeka, Uzoma and Edward”, she said. Indeed, Okoli has not only engrained her name and company on the minds of Nigerians, but carved a space for herself in history as a businesswoman of note.
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John F Fowler .MCIM, is an International marketing and business consultant, Motivational/Empowerment speaker and Author.
He is currently the founder and president of Trinity Empowerment Center a nongovernmental organization with a vision to empower youths in starting and sustaining small businesses in developing countries.
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