Oluwatosin “Mr Eazi” Ajibade has built a reputation for turning up where the entertainment industry least expects him; music distribution, gaming, payments. His latest move takes that pattern further than most saw coming: a 17.31 percent stake in Intravenous Infusions Plc, a Ghanaian manufacturer of IV fluids and injectables listed on the Ghana Alternative Exchange.
The purchase was executed through Zagadat Capital GH Ltd, the investment firm Mr Eazi founded in 2017, where he serves as chief investment officer. Zagadat accumulated 47,514,775 shares; out of the company’s 274,410,000 shares in issue; through a series of open-market trades on the exchange floor, brokered by Laurus Africa Securities. The firm filed its substantial shareholding notification on May 18, and the exchange published it four days later.
A personal thesis, not just a portfolio play
Mr Eazi has been unusually direct about why this particular company. Speaking to Brut, he traced the decision back to the three years he spent watching his mother’s health decline, time that put him in close, repeated contact with hospitals. What he saw there, he said, was a system where lives were cut short not by illness alone but by the unavailability of basic drugs, counterfeit medication, and the sheer cost of treatment. He had previously responded to that problem by giving money away. He has now concluded that charity wasn’t enough, and reframed the deal as an investment whose core purpose is driving down the unit cost of essential medicines.
Zagadat has been equally direct about what the stake is not. The firm told the market it intends to work with Intravenous Infusions’ existing management to expand capacity and grow exports across the ECOWAS region, and stated explicitly that the purchase is not a takeover attempt.
What the company actually does
Intravenous Infusions Plc runs its plant in Koforidua, where it manufactures intravenous fluids, saline solutions, and injectables. It holds roughly half of the Ghanaian market in that category, employs more than 300 people, and already exports to Ivory Coast, Burkina Faso, and Togo. Notably, the buying only began after the company published its 2025 annual report, suggesting the timing wasn’t incidental.
The market has reacted loudly
Ghanaian disclosure rules require a filing only once a stake crosses a set threshold, which means the actual accumulation of shares happened before May 18, over an unspecified stretch of time. Neither Zagadat nor the exchange has disclosed the individual trade dates or the price paid for each block.
What is on the public record is the stock’s trajectory since the news broke. Intravenous Infusions traded at 8 pesewas the day after the disclosure, against a 52-week low of 4 pesewas. By the end of July, it had climbed to 86 pesewas, before easing back to around 65; putting Zagadat’s block at a value of roughly 30.9 million cedi, or about $2.7 million.
That is close to an eightfold increase in a matter of weeks, driven in large part by the “Mr Eazi effect”: a signal to the market that a serious investment firm sees long-term value in a company most investors had never priced attention into. Whether that signal effect can be sustained once the initial excitement fades is the open question hanging over the stock now; a small-cap manufacturer with real but modest fundamentals has to eventually justify a valuation built partly on a celebrity’s name.
Why it matters beyond the ticker
For a market where healthcare manufacturing capacity is chronically underfunded, the deal is being read by some commentators as evidence that domestic drug production in West Africa is undervalued rather than genuinely unviable. If Zagadat follows through on its stated plan to help the company scale exports across ECOWAS, the stake could end up being less about one investor’s grief-driven conviction and more about proving a broader thesis: that essential medicine manufacturing in the region has real growth potential once serious capital pays attention to it.
For now, though, the story is still mostly about the man behind it; an entertainer whose investment decisions increasingly look less like a side hustle and more like a second career.
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