A musician who built his fortune through Afrobeats, gaming, and fintech now owns a significant piece of a company that makes IV fluids for West African hospitals. Zagadat Capital GH Ltd, the investment firm where Oluwatosin Ajibade serves as chief investment officer, accumulated 47,514,775 shares of Intravenous Infusions Plc through open-market trades on the Ghana Alternative Exchange.
That block represents 17.31% of the company’s issued shares, and the filing disclosed on May 18, 2026, turned heads across African financial markets. You might know Ajibade as Mr Eazi, but you likely don’t know the deeply personal reason behind his decision to invest millions in a pharmaceutical manufacturer in Ghana’s Eastern Region.
Zagadat Capital’s stake, now worth $2.7 million, shook the Ghana exchange
Zagadat Capital executed the purchase through trades brokered by Laurus Africa Securities, and the Ghana Stock Exchange published the notification four days after filing, Billionaires.Africa reported.
Intravenous Infusions traded at 8 pesewas on May 19, against a 52-week low of 4 pesewas. By late July, the stock surged to 86 pesewas before settling around 65, valuing Zagadat’s block at roughly 30.9 million Ghanaian cedi, approximately $2.7 million. Zagadat told the market the purchase is not a takeover bid, and the firm intends to work alongside management to expand production and grow exports across ECOWAS, Graphic Online confirmed.
What Mr Eazi witnessed inside hospitals shaped his investment thesis
The 35-year-old investor laid out his reasoning in an interview with Brut, tracing the decision to three years spent watching his mother’s health decline and the systemic failures he observed in hospitals across the region.
“A lot of people don’t have access to basic everyday drugs that they need to live. Lives are being cut short because people buy substandard or fake medication, or simply can’t afford basic treatments.” — Mr Eazi, speaking on the Brut Podcast
Ajibade said he initially responded through corporate social responsibility, partnering with hospitals in Nigeria to support patient care. He concluded philanthropy alone was insufficient and reframed the problem as an investment opportunity, with the core objective of driving down the unit cost of essential medicines.
Intravenous Infusions holds half the Ghanaian IV market but faces steep losses
Intravenous Infusions was incorporated in 1969 and began production in 1974 as Ghana’s first local manufacturer of IV fluids. The company’s plant in Koforidua manufactures saline solutions, dextrose solutions, Ringer’s lactate, and injectable antimalarial drugs, Billionaires.Africa reported.
Key financial data for Intravenous Infusions Plc
- Revenue: 9.3 million cedi, down 62.7% year over year (Stock Analysis)
- Net loss: approximately 4.6 million cedi (Billionaires.Africa)
- Market share: approximately 50% of Ghanaian IV fluid supply (AFX Kwayisi)
- Export markets: Ivory Coast, Burkina Faso, and Togo (Ghana Stock Exchange)
The financial picture presents a core tension for anyone tracking this deal. Revenue has collapsed, losses are mounting, and the company needs fresh capital through a proposed 50-million-cedi rights issue. Because Zagadat purchased shares on the open market, none of the capital behind the block, now valued at approximately $2.7 million, reached the company’s balance sheet directly.
Africa’s 70% pharmaceutical import gap frames the opportunity
More than 70% of all pharmaceuticals consumed in Africa are still imported, primarily from India and China, and local vaccine production covers less than 1% of domestic demand, a 2025 UN Trade and Development report found.
“Local pharmaceutical production can save lives and strengthen economies, but only if the right conditions are in place,” said Nan Li Collins, director of investment and enterprise at UN Trade and Development.
A UNCTAD study also found that locally produced tablets and capsules in Ethiopia and Nigeria could cost 5% to 15% less than identical drugs imported from India.
What this deal signals for pharmaceutical investment in West Africa
Zagadat Capital’s 17.31% stake carries more symbolic weight than immediate financial logic, given the company’s 62.7% revenue decline and mounting losses. The real signal is directional: private African capital is beginning to flow toward pharmaceutical manufacturing, a sector UNCTAD identifies as critically underfunded. Nan Li Collins’s assessment that local production requires the right investment conditions underscores the gap between ambition and execution. If Zagadat can help Intravenous Infusions expand capacity and lower unit costs through the proposed rights issue, the deal could become a template for how investor influence reshapes essential-drug supply chains across ECOWAS.
