From its 1974 founding as Ghana‘s first indigenous IV fluids manufacturer to its 2015 GAX listing, and now to the stunning 2026 announcement that Zagadat Capital—the $20 million VC firm headed by Afrobeats superstar Mr Eazi—has acquired a 17.31% stake, Intravenous Infusions PLC has been a quiet giant in the nation’s healthcare supply chain for over half a century. Supplying 50-60% of Ghana‘s IV fluids and exporting 10% of its output to Côte d‘Ivoire, Burkina Faso, and Togo, the Koforidua-based manufacturer is the lifeblood of the nation’s hospitals. But with ageing machinery, a 2015 expansion plan still partially unrealised, and now a celebrity-backed investor demanding growth, the company is at a critical juncture: can it transform from a reliable state supplier into a dynamic regional pharmaceutical powerhouse?
Executive Introduction
In the hierarchy of Ghanaian healthcare, there are doctors who diagnose, nurses who care, and pharmacists who dispense. But before any of them can act, there is a product that must be hanging from a pole beside every hospital bed, flowing through a tube into a patient‘s vein: intravenous fluids. And for over 50 years, the company behind the majority of those IV bags in Ghana has been Intravenous Infusions PLC (IIL).
Incorporated in 1969 and commencing operations in 1974, IIL was founded to break Ghana‘s total dependence on imported IV fluids . It was a pioneering industrial venture, establishing the country’s capacity to manufacture its own life-saving saline, dextrose, and other therapeutic solutions . Today, the Koforidua-based manufacturer is the single largest producer and supplier of IV fluids to hospitals and pharmacies across Ghana, commanding an estimated 50-60% market share .
📢 GET A DETAILED ARTICLES + JOBS
Join ASJ's WhatsApp Channel and never miss a post or opportunity.
The company‘s products are not discretionary. They are essential. IV fluids are used in virtually every surgical procedure, every emergency room, and every maternity ward. As the company’s 2015 IPO prospectus noted, “IV fluids are considered life-saving drugs and, as such, fall into a niche area of the pharmaceutical industry. That means that our success does not depend on how the economy is performing” . This defensive positioning makes IIL a uniquely resilient investment—a fact that has not gone unnoticed.
The company‘s history has been one of steady, if understated, service. It listed on the Ghana Alternative Exchange (GAX) in December 2015, raising GH¢12 million to expand its production capacity from 4.5 million bags to 15 million bags per year . That expansion, while partially implemented, has not been fully realised. Ageing machinery and manual processes have, at times, constrained output.
Then came the announcement that shook the GAX. In May 2026, Zagadat Capital GH. Ltd—the investment vehicle founded by Nigerian Afrobeats superstar Oluwatosin “Mr Eazi” Ajibade—acquired a 17.31% stake in Intravenous Infusions PLC . The transaction, valued in the open market, saw Zagadat acquire 47,514,775 shares through Laurus Africa Securities, making Mr Eazi one of the largest shareholders in a Ghanaian pharmaceutical manufacturer .
Zagadat, which has raised over $20 million and built a portfolio of 20+ tech and entertainment startups, described the acquisition as a “long-term strategic investment” aimed at supporting Ghana‘s healthcare supply chain . The firm explicitly stated that it is not seeking a takeover but rather intends to “build a solid, supportive partnership capable of sustaining the manufacturer’s long-term growth” .
For policymakers, investors, and healthcare analysts, Intravenous Infusions PLC represents a case study in essential manufacturing, patient capital, and the convergence of celebrity influence with industrial policy. It is a company with a 50-year track record, a dominant market position, and a critical role in the nation‘s health system. But it is also a company that has struggled to modernise, that operates in a capital-intensive industry with thin margins, and that now faces the pressure of a high-profile, growth-oriented shareholder.
This profile examines the company’s 1974 founding, its 2015 GAX listing and expansion plans, its 50-60% market share, its product portfolio (including its role as the sole West African producer of the narcotic analgesic Pethidine), the 2026 Zagadat Capital investment, the leadership of CEO Moukhtar Soalihu and CFO Eugenia Bulley, and the critical question: Can a 50-year-old IV fluids manufacturer, with a new celebrity-backed investor, finally modernise its plant and capture the West African market—or will it remain a reliable but underperforming state supplier?
Company Overview: The 1969 Incorporation and the 1974 Launch
The Genesis: Breaking Dependence on Imports
Intravenous Infusions PLC was incorporated in 1969 and began operations in 1974 . The company was established as the first pharmaceutical company in Ghana producing intravenous infusions, with a clear mission: to end the country‘s total dependence on imported IV fluids .
At independence, Ghana’s healthcare system relied almost entirely on imported pharmaceutical products. IV fluids—sterile solutions of saline, dextrose, and other electrolytes—are bulky, heavy, and expensive to transport. Their importation created supply chain vulnerabilities and added significant costs to the public health system.
IIL was the solution. The company set up its manufacturing facility in Koforidua, the capital of the Eastern Region, strategically located to serve the entire country. For over five decades, it has been the backbone of Ghana‘s IV fluid supply.
Operations and Footprint
Headquarters and Factory:
IIL is headquartered in Koforidua, with its factory located at Plot 4/7 Blk L, Effiduase-Koforidua . The facility is one of the largest private sector employers in the Eastern Region, with a staff strength of over 150 employees .
Key Operational Metrics:
| Metric | Value |
|---|---|
| Incorporated | 1969 |
| Operations Commenced | 1974 |
| Headquarters | Koforidua, Eastern Region, Ghana |
| Employees | 150+ |
| Industry | Pharmaceutical Manufacturing |
| Primary Products | IV fluids (saline, dextrose, lactate solutions), Small Volume Injectables (SVIs), Pethidine |
| Market Share (Ghana) | 50-60% |
| Export Markets | Côte d‘Ivoire, Burkina Faso, Togo (10% of output) |
| Stock Exchange | Ghana Alternative Exchange (GAX) |
| Ticker Symbol | IIL |
| Listing Date | December 15, 2015 |
| Fiscal Year | January – December |
| CEO | Moukhtar Soalihu |
| CFO | Eugenia Bulley |
| COO | Kenneth Awude |
| Auditor | Intellisys Chartered Accountants |
| Registrar | GCB Bank Limited Share Registry |
| Website | iil.com.gh |
Contact Information:
| Detail | Information |
|---|---|
| Address | Kofidua Appenteng Street – Effiduase, Block ‘L‘, Plot 7, Koforidua, Ghana |
| Phone | 233 342 020151 |
The Product Portfolio: The Fluids That Save Lives
IIL‘s products fall into two main categories: intravenous infusions (IV fluids) and small volume injectables (SVIs).
Intravenous Infusions (IV Fluids)
IV fluids are the company‘s core business. These sterile solutions are administered directly into patients’ veins to restore fluid balance, deliver medications, or provide nutrition. IIL produces a comprehensive range of IV fluids :
| Category | Examples |
|---|---|
| Sodium Chloride Solutions | 0.9% Normal Saline (various volumes) |
| Dextrose Solutions | 5%, 10%, 50% Dextrose |
| Dextrose-Saline Solutions | Combined electrolyte and energy solutions |
| Poly-Saline Lactate Solutions | Ringer‘s Lactate (used in surgery and trauma) |
| Special Solutions | Mannitol (used to reduce brain swelling) |
| Administration Sets | Giving sets for IV administration |
A recent contract award from the Akuse Government Hospital (March 2025) provides a concrete view of the product range demanded by public health facilities :
-
Dextrose 10% 250ML and 500ML
-
Dextrose 4.3% in 0.18% Sodium Chloride 500ML
-
Dextrose 5% 500ML and 1000ML
-
Dextrose 50% 250ML
-
Dextrose Saline 500ML and 1000ML
-
Mannitol 10% and 20% 500ML
-
Ringer‘s Lactate 500ML and 1000ML
-
Sodium Chloride 0.9% 500ML and 1000ML
-
Giving Sets (administration sets)
Small Volume Injectables (SVIs) and the Pethidine Monopoly
Beyond IV fluids, IIL manufactures a range of small volume injectables. The company pioneered the local production of the narcotic analgesic Pethidine and remains the sole producer of this drug within the West African sub-region .
Other SVIs in the IIL portfolio include :
-
Quinine Dihydrochloride Injection: Used to treat severe malaria
-
Chloroquine Phosphate Injection: Anti-malarial
-
Magnesium Sulphate Injection: Used in pre-eclampsia and eclampsia
The significance of the Pethidine monopoly cannot be overstated. Pethidine is a controlled substance, essential for pain management in surgical and emergency settings. By being the only West African producer, IIL holds a strategic position that provides supply security to the region‘s health systems.
Pharmaceutical Industry Insulation
As the 2015 IPO prospectus noted, IIL occupies a “niche area of the pharmaceutical industry” . IV fluids are not discretionary consumer goods; they are essential medical supplies. Demand is driven by hospital admissions, surgical procedures, and emergency care—factors that are relatively insensitive to economic cycles.
This defensive positioning makes IIL‘s revenue stream more predictable than most manufacturing companies. As the prospectus stated, “our success does not depend on how the economy is performing” .
The 2015 GAX Listing: A GH¢12 Million Bet on Expansion
The IPO
On December 15, 2015, Intravenous Infusions Limited listed on the Ghana Alternative Exchange (GAX), becoming the 4th equity to do so . The company raised GH¢12 million through an Initial Public Offering (IPO) of 153,307,500 ordinary shares at Gp8 per share .
IPO Statistics :
| Metric | Value |
|---|---|
| Offer Price | GHS 0.08 |
| New Shares Offered | 153,307,500 |
| Existing Shares Listed | 132,322,149 |
| Total Issued Shares Post-Offer | 285,629,649 |
| Proceeds to Company | GH¢12,264,600 |
| Market Capitalisation at Offer | GHS22,850,372 |
The Expansion Plan: From 4.5 Million to 15 Million Bags
At the time of the IPO, IIL had the capacity to produce 4.5 million bags of IV fluids per year, but “ageing machines and manual processes have seen production fall over the last few years” . The company‘s stated goal was to increase capacity to 15 million bags per year .
The Market Context:
In 2014, approximately 6.7 million bags of IV fluids were used in Ghana, a figure expected to grow by 50% in the following five years . The IPO was designed to position IIL to meet this growing demand.
Installation Status (as of December 2015):
The new production plant was reported to be “90% complete” . However, a decade later, the full expansion to 15 million bags has not been publicly confirmed, and the company continues to rely on a combination of modernised and legacy equipment.
The GAX Advantage
The Ghana Alternative Exchange is designed specifically for Small and Medium Enterprises (SMEs), with “listing rules have been made flexible to accommodate companies desirous to list” . For IIL, the GAX listing provided:
-
Access to public equity capital without the full compliance burden of the main GSE
-
A platform for future capital raises
-
Enhanced corporate governance standards
-
Liquidity for existing shareholders
At the listing ceremony, Mr. Richard Okrah, then Managing Director, stated that the listing would “give intravenous infusion the opportunity to consolidate its market leadership position in Ghana and further increase its footprint in the ECOWAS region” .
Financial Performance and Market Position
Market Share and Export Reach
| Market | Share |
|---|---|
| Ghana (domestic market) | 50-60% |
| Exports (Côte d‘Ivoire, Burkina Faso, Togo) | ~10% of output |
IIL supplies not only the Ministry of Health‘s public hospitals but also private hospitals, the Ghana Armed Forces, the Police Service, and Mission Hospitals .
Capitalisation and Valuation
| Metric | Value |
|---|---|
| Shares Outstanding | 274,410,000 (as of 2026) |
| Market Capitalisation | GH¢21.953 million (per Simply Wall St) |
The 2015 market capitalisation at IPO was GH¢22.85 million , meaning the company‘s market value has remained relatively flat over a decade—a reflection of the challenges in fully executing the expansion plan and the illiquid nature of the GAX.
2025 Annual Report Context
The Zagadat Capital acquisition announcement referenced the “publication of Intravenous Infusions PLC‘s 2025 annual report, which highlighted its operational resilience as a wholly Ghanaian-incorporated entity dedicated to the mass manufacture of vital intravenous fluids” . While the full 2025 report is not publicly available in the search results, the reference indicates that the company remains profitable and operationally sound, even if growth has been constrained.
Recent Contract Activity (2025)
A March 2025 contract award from the Akuse Government Hospital confirms that IIL remains the supplier of choice for public health facilities . The contract, approved by the Entity Tender Committee, awarded IIL a comprehensive range of IV fluids and administration sets, including:
-
Dextrose solutions (5%, 10%, 50%)
-
Dextrose saline solutions
-
Mannitol (10%, 20%)
-
Ringer‘s Lactate
-
Sodium Chloride 0.9%
-
Giving sets
The ongoing relationship with the Ghana Health Service is the company‘s financial bedrock.
Leadership and Governance
Board and Management
Moukhtar Soalihu – Chief Executive Officer
Mr. Soalihu serves as the Chief Executive Officer of Intravenous Infusions PLC . His tenure has seen the company navigate the post-IPO period and the ongoing modernisation of its production facility.
Eugenia Bulley – Chief Financial Officer
Ms. Bulley serves as the Chief Financial Officer, responsible for the company‘s financial reporting, capital management, and investor relations .
Kenneth Awude – Chief Operating Officer
Mr. Awude serves as the Chief Operating Officer, overseeing the manufacturing operations, supply chain, and quality control .
Key Operational Metrics:
| Metric | Value |
|---|---|
| Employees | 150+ |
| Auditors | Intellisys Chartered Accountants |
| Registrar | GCB Bank Limited Share Registry |
| Solicitors | Not specified |
| Secretary | Dehands Services Limited |
Corporate Governance
As a publicly listed company on the GAX, IIL is subject to the listing rules of the Ghana Stock Exchange and the oversight of the Securities and Exchange Commission (SEC) . The company‘s 2015 IPO prospectus emphasised the importance of “good and sound corporate governance” .
Registered Office
The company‘s registered office is located at:
-
Plot 4/7 Blk L, Effiduase-Koforidua
-
P.O. Box KF 63, Koforidua, Ghana
-
Tel: +233-342-20204/20141/20440
The Zagadat Capital Investment: A $20 Million Bet on Pharma (May 2026)
The most significant development in IIL‘s recent history is the acquisition of a 17.31% stake by Zagadat Capital GH. Ltd in May 2026 .
The Transaction
| Detail | Information |
|---|---|
| Acquiring Entity | Zagadat Capital GH. Ltd |
| Shares Acquired | 47,514,775 |
| Percentage Stake | 17.31% |
| Total Issued Shares | 274,410,000 |
| Broker | Laurus Africa Securities |
| Method | Open-market purchases on GAX |
| Date Announced | 18 May 2026 (notification) |
| Regulatory Compliance | Securities Industry Act, 2016 (Act 929); GSE Listing Rules |
Source: The High Street Business
Who Is Zagadat Capital?
Zagadat Capital is an investment firm founded by Nigerian Afrobeats superstar Oluwatosin “Mr Eazi” Ajibade, who serves as its Chief Investment Officer . The firm has raised over $20 million and built a portfolio of 20+ companies across fintech, music, sports, and technology, including:
-
pawaPay (cross-border payments)
-
betPawa (sports betting)
-
emPawa Africa (artist incubation)
-
Decagon (software engineering training)
-
Cape Town Tigers (basketball team)
The Intravenous Infusions acquisition is Zagadat‘s first major foray into pharmaceutical manufacturing and its first public market investment on the GAX .
Strategic Rationale
Zagadat Capital‘s management described the acquisition as a “deliberate, long-term investment strategy geared toward expanding the domestic healthcare supply chain” .
Key excerpts from the announcement :
“The capital injection reflects its firm belief in the commercial viability of local medicine production, adding that it views Intravenous Infusions PLC as an enterprise of immense structural importance to the West African healthcare ecosystem.”
“The firm stated that the equity purchase is not intended to trigger a corporate takeover or destabilise the current administrative control of the company.”
“Instead, the firm emphasized that its entry into the share registry is intended to build a solid, supportive partnership capable of sustaining the manufacturer‘s long-term growth and maximizing value for all existing stakeholders.”
Implications for IIL
For Intravenous Infusions, the Zagadat investment brings:
1. Patient Capital: Zagadat is a long-term investor, not a short-term trader. The firm has stated its intention to support growth, not demand immediate dividends.
2. Strategic Connectivity: Zagadat‘s portfolio includes tech and fintech companies that could support IIL‘s distribution, supply chain management, or sales tracking.
3. Profile Boost: The involvement of Mr Eazi, a global music star, brings unprecedented media attention to a previously low-profile GAX-listed company.
4. Governance Expectations: Zagadat‘s 17.31% stake gives it the right to board representation (though not automatically) and a voice in strategic decisions.
5. Capital Access: While Zagadat has not committed additional capital beyond the share purchase, its involvement may make it easier for IIL to raise debt or attract other investors.
The Mr Eazi Factor
Zagadat Capital‘s Chief Investment Officer is Oluwatosin “Mr Eazi” Ajibade, a Nigerian Afrobeats superstar with a global following . His involvement has brought IIL into the international spotlight.
Zagadat‘s portfolio has focused on tech and entertainment; the IIL acquisition marks a significant pivot into industrial manufacturing and healthcare. This suggests that Zagadat sees pharmaceutical manufacturing as a growth sector aligned with its thesis of investing in “enterprises of immense structural importance” .
Market Position and Competition
Industry Standing: The Essential Supplier
IIL is the single largest producer and supplier of IV fluids in Ghana, with an estimated 50-60% market share . It is also the oldest indigenous IV fluids producer in West Africa .
Competitive Advantages:
-
First-Mover Advantage: IIL has been in operation since 1974, giving it decades of relationships with the Ministry of Health, the Ghana Health Service, and major hospitals .
-
Regulated Market Entry: Pharmaceutical manufacturing is heavily regulated. IIL‘s FDA certification and Pharmacy Council oversight create barriers to entry .
-
Pethidine Monopoly: IIL is the sole West African producer of Pethidine, a controlled narcotic analgesic .
-
Defensive Positioning: Demand for IV fluids is driven by hospital admissions, not consumer discretionary spending .
-
Government Supplier Status: IIL‘s contracts with public hospitals provide a reliable revenue base.
Competitive Disadvantages
-
Ageing Infrastructure: At the time of the 2015 IPO, the company acknowledged “ageing machines and manual processes” . The full modernisation to 15 million bags capacity has not been publicly confirmed.
-
Capital Intensity: Pharmaceutical manufacturing requires continuous capital investment. IIL has not raised additional capital since the 2015 IPO.
-
Thin Margins: Public hospital contracts are often subject to competitive bidding, potentially compressing margins.
-
Illiquid Stock: The GAX is less liquid than the main GSE, making it harder for large investors to enter or exit.
The Zagadat Catalyst
The entry of Zagadat Capital could address several of these disadvantages:
-
Patient capital for plant modernisation
-
Strategic guidance on scaling production
-
Potential board representation to strengthen governance
-
Increased visibility attracting institutional investors
Challenges and Risks
No analysis of Intravenous Infusions PLC is complete without acknowledging the headwinds it faces.
Risk 1: The Unfinished Expansion
The 2015 IPO raised GH¢12 million specifically to increase capacity from 4.5 million bags to 15 million bags per year . The new plant was reported “90% complete” in December 2015 . However, the full expansion to 15 million bags has not been publicly confirmed, and the company continues to operate at a lower capacity. Investors must question: where did the GH¢12 million go, and why has the expansion not been completed?
Mitigation: Zagadat‘s entry may bring the capital and oversight needed to complete the expansion.
Risk 2: Currency Volatility
IIL imports raw materials (plastic granules, chemical inputs) and may source some finished goods internationally. The cedi‘s volatility affects input costs.
Mitigation: The company‘s sales are in cedis, but its pricing power is somewhat constrained by public hospital contracts. However, the essential nature of the product gives it some ability to pass on costs.
Risk 3: Public Sector Payment Delays
Government hospitals are a primary customer. The public health sector is known for slow payment cycles, which can strain the company‘s working capital.
Mitigation: IIL‘s 50-year relationship with the Ministry of Health provides some predictability, but delays are a persistent risk.
Risk 4: Regulatory Compliance
Pharmaceutical manufacturing is subject to stringent regulations from the Food and Drugs Authority (FDA), the Pharmacy Council, and the Factory Inspectorate Division . Non-compliance could lead to production stoppages.
Mitigation: IIL has maintained its licenses and certifications for decades, indicating a strong compliance culture.
Risk 5: Competition from Imports
While IIL supplies 50-60% of the market, the remaining 40-50% is supplied by imports. If importers undercut IIL‘s prices, the company could lose market share.
Mitigation: The government‘s local content policies favour indigenous manufacturers, and the sheer bulk of IV fluids makes imports less competitive on logistics.
Risk 6: Shareholder Activism
Zagadat Capital holds 17.31% and has not ruled out board representation. If the new shareholder becomes dissatisfied with management‘s performance, it could push for strategic changes—including a potential takeover.
Mitigation: Zagadat has stated it is “not intended to trigger a corporate takeover,” but shareholder activism is a legitimate risk.
Risk 7: Illiquidity of GAX Shares
The GAX is a small market. Exiting a 17.31% stake would be difficult without depressing the share price.
Mitigation: Zagadat has stated it is a long-term investor, but illiquidity remains a constraint for all IIL shareholders.
Risk 8: Limited Financial Transparency
The company‘s full 2025 annual report is not publicly available in the search results. Without access to audited financial statements, it is difficult to assess the company‘s profitability, debt levels, or cash flow.
Mitigation: As a publicly listed company, IIL is required to file annual reports. Investors should seek these directly from the company or the GSE.
Future Outlook
As of June 2026, Intravenous Infusions PLC is at a pivotal moment. The entry of Zagadat Capital represents the most significant development since the 2015 IPO. The question is whether this new partnership can finally unlock the company‘s growth potential.
The Immediate Agenda (2026-2027)
-
Complete Plant Modernisation: With Zagadat‘s support, IIL must finally execute the capacity expansion to 15 million bags per year.
-
Strengthen the Board: Zagadat may seek board representation, bringing fresh strategic perspective.
-
Expand Export Markets: Increase the 10% export share to 20-30% of output, targeting additional ECOWAS countries.
-
Improve Financial Reporting: Enhanced transparency will build investor confidence and potentially attract institutional capital.
-
Explore Additional Financing: The company may require additional capital for further expansion. Zagadat could lead a follow-on offering.
The Bull Case (Optimistic)
-
Zagadat Partnership Accelerates Modernisation: The 17.31% stake brings patient capital and strategic oversight. The company completes the 15 million bag expansion within 18 months.
-
Pethidine Monopoly Monetised: IIL expands production of Pethidine, supplying the entire ECOWAS region. The high-margin product becomes a significant profit driver.
-
Export Share Doubles: With increased capacity, IIL captures 20%+ of the West African IV fluids market. Revenue grows 50% over three years.
-
Board Refresh: Zagadat‘s appointees bring fintech and tech experience, modernising the company‘s distribution and supply chain.
-
Share Price Appreciation: The market re-rates IIL as a growth story. The stock moves towards fair value.
The Bear Case (Pessimistic)
-
Expansion Stalls Again: The GH¢12 million from 2015 did not complete the expansion. Zagadat‘s investment may not be sufficient, or management may fail to execute.
-
Pethidine Monopoly Eroded: Regulatory changes or new entrants could end the sole-producer status.
-
Competition Intensifies: Importers undercut IIL‘s prices. Government hospitals switch to cheaper alternatives.
-
Public Sector Payment Delays Worsen: The government‘s fiscal position deteriorates. Payment cycles stretch, straining working capital.
-
Zagadat Exits: If the partnership sours, Zagadat could sell its stake, depressing the share price.
The Verdict
Intravenous Infusions PLC is a company that has been taken for granted for too long. For 50 years, it has quietly supplied the fluids that keep Ghana‘s hospitals running. It is a strategic asset—a domestic manufacturer of essential medical supplies in a region that remains dangerously dependent on imports.
The company‘s 50-60% market share is a fortress. Its Pethidine monopoly is a strategic advantage. Its 150+ employees in Koforidua represent a significant industrial anchor in the Eastern Region .
Yet, the company has underperformed its potential. The 2015 IPO raised GH¢12 million to expand capacity from 4.5 million to 15 million bags per year. That expansion remains incomplete. The company‘s market capitalisation is roughly the same today as it was a decade ago. The stock is illiquid, and the company is largely invisible to the investing public.
The entry of Zagadat Capital changes the equation. For the first time, IIL has a major shareholder with deep pockets, a long-term horizon, and a track record of scaling businesses. Mr Eazi‘s involvement brings media attention that money cannot buy . And the firm‘s stated commitment to “building a solid, supportive partnership” is exactly what IIL needs .
For the Ghanaian healthcare system, a stronger IIL means supply security, lower costs, and reduced dependence on imports. For the Ghanaian economy, a modernised IIL means jobs, exports, and retained value. For investors, IIL offers exposure to an essential, defensive business with a new catalyst for growth.
Intravenous Infusions PLC is not trying to be a flashy tech startup. It is trying to be the most reliable supplier of life-saving fluids in West Africa. With a 50-year track record, a 50-60% market share, and now a celebrity-backed investor, it has the pieces in place.
The next three years will determine whether the Zagadat partnership delivers the long-promised modernisation—or whether IIL remains a quiet, underperforming, essential supplier.
FAQ SECTION
1. Is Intravenous Infusions PLC a Ghanaian-owned company?
Yes. Intravenous Infusions PLC is a wholly Ghanaian-incorporated entity, founded in Ghana in 1969 . It is listed on the Ghana Alternative Exchange (GAX), with shares held by Ghanaian and other investors.
2. Who is the CEO of Intravenous Infusions PLC?
The Chief Executive Officer is Moukhtar Soalihu . The Chief Financial Officer is Eugenia Bulley, and the Chief Operating Officer is Kenneth Awude .
3. Where is Intravenous Infusions PLC headquartered?
The company is headquartered in Koforidua, Eastern Region, Ghana, with its factory located at Plot 4/7 Blk L, Effiduase-Koforidua .
4. What products does Intravenous Infusions PLC manufacture?
The company manufactures intravenous infusions (IV fluids), including Sodium Chloride, Dextrose, Dextrose-Saline, Ringer‘s Lactate, and Mannitol solutions. It also manufactures Small Volume Injectables (SVIs), including Pethidine (the sole West African producer), Quinine Dihydrochloride, and Magnesium Sulphate .
5. What is the Pethidine monopoly?
Intravenous Infusions PLC is the sole producer of the narcotic analgesic Pethidine within the West African sub-region .
6. When did Intravenous Infusions PLC list on the stock exchange?
The company listed on the Ghana Alternative Exchange (GAX) on December 15, 2015, becoming the 4th equity to list on that market . It trades under the ticker IIL.
7. How much did the company raise in its 2015 IPO?
The company raised GH¢12 million through an IPO of 153,307,500 shares at Gp8 per share .
8. What was the expansion plan at the time of the IPO?
The company aimed to increase its production capacity from 4.5 million bags to 15 million bags of IV fluids per year. A new plant was reported “90% complete” in December 2015 .
9. Who is Zagadat Capital?
Zagadat Capital is an investment firm founded by Nigerian Afrobeats superstar Mr Eazi (Oluwatosin Ajibade), who serves as its Chief Investment Officer. The firm has raised over $20 million and invested in 20+ tech, fintech, and entertainment companies .
10. What stake did Zagadat Capital acquire in Intravenous Infusions?
In May 2026, Zagadat Capital acquired a 17.31% stake in Intravenous Infusions PLC, consisting of 47,514,775 shares purchased on the open market .
11. Is Zagadat Capital seeking a takeover?
No. Zagadat Capital has stated that its equity purchase is “not intended to trigger a corporate takeover” and that it seeks to “build a solid, supportive partnership” .
12. How can I contact Intravenous Infusions PLC?
The company can be contacted at its Kofidua Appenteng Street – Effiduase, Block ‘L‘, Plot 7 address in Koforidua, Ghana. Phone: 233 342 020151. Website: iil.com.gh .
QUICK FACTS BOX
| Item | Details |
|---|---|
| Founded | 1969 (Incorporated); 1974 (Operations) |
| Headquarters | Koforidua, Eastern Region, Ghana |
| Industry | Pharmaceutical Manufacturing |
| Primary Products | Intravenous Infusions (IV fluids), Small Volume Injectables (SVIs), Pethidine, Quinine, Magnesium Sulphate |
| Market Share (Ghana) | 50-60% |
| Export Markets | Côte d‘Ivoire, Burkina Faso, Togo (10% of output) |
| Employees | 150+ |
| Ownership | Publicly listed (GAX) |
| Major Shareholder (2026) | Zagadat Capital GH. Ltd (17.31%) |
| Stock Ticker | GHSE: IIL |
| Listing Date | December 15, 2015 |
| IPO Proceeds | GH¢12 million |
| IPO Offer Price | Gp8 per share |
| Shares Outstanding | 274,410,000 |
| Market Capitalisation | GH¢21.953 million |
| CEO | Moukhtar Soalihu |
| CFO | Eugenia Bulley |
| COO | Kenneth Awude |
| Auditors | Intellisys Chartered Accountants |
| Registrar | GCB Bank Limited Share Registry |
| Pethidine Status | Sole West African producer |
| Regulator | Food and Drugs Authority (FDA), Pharmacy Council |
| Website | iil.com.gh |
Source: Accra Street Journal
Last Updated on June 7, 2026 by Samuel Kwame Boadu
Disclaimer: Some content on Accra Street Journal may be aggregated, summarized, or edited from third-party sources for informational purposes. Images and media are used under fair use or royalty-free licenses. Accra Street Journal is a subsidiary of SamBoad Publishing Hub under SamBoad Business Group Ltd, registered in Ghana since 2014.
For concerns or inquiries, please visit our Privacy Policy or Contact Page.
Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.







