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ROUNDUP: GSK Nigeria laments negative effects of forex scarcity on drug production

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  • Hello and welcome to TheTimes’ Corporate News Roundup for the week that ended June 3rd, 2023. 
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  • Let’s now get to the news recap.

More Nigerian manufacturers have continued to lament the challenges they are facing amid Nigeria’s worsening forex crisis. The latest to complain is GSK Nigeria Plc which highlighted some of the ways the forex crisis is affecting drug production/availability in the country.

Let us begin today’s TheTimes Corporate News Roundup with that story.

GSK laments over Forex crisis

Pharmaceutical company, GSK Nigeria, released a statement highlighting the adverse impact of forex challenges on drug availability in Nigeria. The company noted that the scarcity and high cost of foreign exchange are causing disruptions in the procurement of raw materials needed for drug manufacturing. 

The company, therefore, urged the government to take immediate steps to address these challenges and ensure the continuous availability of vital medications for the Nigerian people.

Nigerian Breweries Eyes Distell Wines

Nigeria’s number one brewer, Nigerian Breweries Plc, said it is considering acquiring an 80% stake in Distell Wines & Spirits Nigeria Limited. This potential acquisition is part of Nigerian Breweries’ strategy to diversify its product portfolio and expand its presence in the alcoholic beverages market. 

Distell Wines & Spirits Nigeria Limited is a subsidiary of Distell Group, a South African company, and holds a significant market share in the Nigerian spirits industry. If the deal goes through, it would provide Nigerian Breweries with a strong foothold in the spirits sector and help them tap into new consumer segments.

FBN Holdings’ impressive Q1 2023 financials

FBN Holdings Plc reported a significant 53.64% growth in profit before tax (PBT) for the first quarter of 2023. The company’s strong financial performance was due to increased revenue and improved cost management strategies. 

This positive result is also reflective of FBN Holdings’ successful execution of its business strategy and positions it for further growth in the financial services sector.

NASCON Allied released its FY 2022 financials

NASCON Allied Industries reported an impressive 84% increase in profit for FY 2022. The significant growth was attributed to improved revenue and effective cost-management strategies. NASCON’s strong financial performance was also reflective of its ability to capitalize on market opportunities and deliver value to its stakeholders.

It should be noted that this accomplishment highlights NASCON’s capacity to leverage market dynamics and prioritize value creation for its stakeholders.

VFD Group announces dividend payout

VFD Group announced a dividend payment of ₦7.89k per share for the 2022 financial year. A statement by the financial services group said the proposed dividend payout reflects the company’s strong financial performance and commitment to delivering value to its investors. 

The dividend payment also demonstrates VFD Group’s focus on rewarding shareholders and fostering investor confidence in the company’s growth prospects. By prioritizing shareholder rewards, VFD Group aims to enhance trust and showcase its potential for future growth.

Bolt and Uber’s drivers hike fares amid Nigeria’s fuel crisis

TheTimes reported that drivers of ride-hailing platforms, specifically Bolt and Uber, have begun demanding a significant increase in fares from riders. The price increase can be as high as 200%, as the drivers seek to compensate for rising fuel and maintenance costs. 

They argued that the current fares are no longer sustainable, and the increased rates would help them maintain their livelihoods amidst economic challenges. While this is understandable, the ride-hailing platforms may need to find a balance between meeting the drivers’ demands and keeping the service affordable for passengers.

Thabo Mabe becomes NASCON’s, Managing Director

NASCON Allied Industries Plc has confirmed the appointment of Thabo Mabe as its new Managing Director. A statement seen by TheTimes also named Fatima Aliko Dangote, daughter of Africa’s richest man Aliko Dangote, as a Non-Executive Director of NASCON.

Note that Thabo Mabe’s confirmation as Managing Director solidifies his position within NASCON Allied Industries Plc. He had previously served as the Acting Managing Director before the confirmation. 

Wema Bank’s New Chairman

Wema Bank announced the appointment of Oluwayemisi Olorunshola as its new Board Chairman. Olorunshola, who has served as a Non-Executive Director on the bank’s board since 2018, brings a wealth of experience and expertise to the position. 

A statement seen by TheTimes said Olorunshola’s appointment reflects Wema Bank’s commitment to effective corporate governance and strategic leadership.

Bidemi Ademola resigns from Unilever Nigeria

Bidemi Ademola, an Executive Director of Unilever Nigeria, resigned from the company last week. A statement announcing her resignation noted that her departure from the board represented a notable shift in the leadership dynamics of Unilever Nigeria. 

The reasons behind her resignation and any potential implications for the company’s operations were not made public.

Abbey Mortgage Bank’s new strategy

Abbey Mortgage Bank has revealed its strategy to increase market penetration by developing retail and wholesale products. The bank said it aims to reach a broader customer base by offering a range of financial products tailored to the needs of both retail and wholesale customers. 

This approach is intended to enhance Abbey Mortgage Bank’s competitive edge and expand its market share in the banking industry. By focusing on the development of retail and wholesale products, Abbey Mortgage Bank aims to cater to the diverse financial needs of different customer segments. 

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