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Do Not Allow GSK International Cripple Nigeria’s Business, Group Tells Concerned Authorities, FG

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The Consumer Rights Project has asked the Federal Government of Nigeria to stop GlaxoSmikline – GSK’s insider’s dealings that may endanger the lives of Nigerians and rob Nigerian shareholders of their investments.

The group also called on the current Chairman of GSK – Chief E. Onuzo who is an ex-employee of GSK Nigeria to ensure that local shareholders are properly informed of all plans of GSK especially as it impacts the overall health of the business.

The Consumer Rights Project, a Nigerian Think Tank on consumer rights and local content development has decried attempt by the promoters of GSK International, operating in Nigeria, to cripple its Nigerian Business at the detriment of Nigerian shareholders.

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They noted that a seemingly calculated attempt by GSK Nigeria’s leading trading partner – GSK International to shrink its Nigeria business is being carried out.

READ ALSO: Fayemi Declines EFCC Invitation, Gives Reason

The group added that this is done through stoppage in supply of its drugs and vaccines to the Nigeria market, adding that this has also endangered the lives of Nigerians who depend on their flagship medicines – Antibiotics, Asthma medication and vaccines.

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A statement in Lagos Nigeria by the Project Director of the Consumer Rights Project, Gabriel Ehigiator Esq., indicates that: “The Consumer Rights Project is not unaware of the attempt by some forces within the GSK Group in the UK to create a facade that will force Nigerian shareholders to sell off their shareholdings to them for their selfish aim and profit.

“We wish to remind these persons that the activities of a pharmaceutical company does not just border on business, but life, good health of citizens and overall wellbeing. Some critically ill Nigerians are already dying of avoidable deaths, like the unwarranted death of a female of asthma in a private hospital in the South West, due to the scarcity of GSK’s Asthma drugs.

“We call on the Federal Government of Nigeria, through the Federal Ministry of Health, the Federal Ministry of Trade and Investment, the office of the Secretary to the Government of the Federation, NAFDAC, Consumer Protection Commission and other apposite authorities in this regard, to conduct a corporate governance audit on GSK Nigeria to ensure the protection of the interest of the Nigerian shareholders and the equitable supply of its medicines and vaccines in Nigeria.

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“We call on the Federal Government of Nigeria, to enforce the rights of local shareholders as it relates to GSK, and protect them from the annexation of their shares, through unfair and discriminatory policies, that are geared at undermining the economic sovereignty of Nigeria.

“As can be seen from the recently released quarterly business results, GSK has stopped supply of its medicines to Nigeria which led to massive shortages of its critical medicines and vaccines. With this action, it renders the GSK Nigeria business unviable and unable to operate.

READ ALSO: Senate Approves N451m For Aides Of 12 NDDC Board Members

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“We state that our objective is to protect Nigerian consumers and local xontent, local investments against unfair trade practices and manipulative subterfuge.

“We also believe equitable medicine access should be top priority for a company like GSK and its spin off company Haleon which claims to have the patient at the centre of their operations.

“A Company registered to do business in Nigeria, must conform to Nigerian Laws and must protect the interest of the Nigerian people, which in this case of GSK Nigeria, is above business, but the good health and wellbeing of our people “

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“It is important to note that GSK has in the past tried to forcibly take over GSK Nigeria business in 2013 but this action was rejected by the local shareholders. Since then, the company has consistently reduced its investment in the country and sold it manufacturing operations recently without reinvesting the proceed from the sale in Nigeria.

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Fixed Income: CBN Announces Fresh Regulations To Control Nigerian Market

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The Central Bank of Nigeria has announced sweeping regulations to take control of the Nigerian fixed income market.

The regulations expected to begin in November are aimed at boosting transparency across Nigeria’s financial sector.
The apex bank disclosed this in a recent statement.

CBN noted that the intervention is a key part of broader financial market reforms.

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READ ALSO:CBN Establishes New Unit To Tackle Financial Crime

Accordingly, it said its core objective is to enhance regulatory oversight and strengthen the market’s ability to effectively support the transmission of monetary policy and, ultimately, foster economic growth.

This transition will enable the CBN to assume direct responsibility for the management of the trading platform and handle end-to-end settlement activities under the bank’s established settlement system for financial market transactions,” the statement read.

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According to DAILY POST, Fixed income securities refer to investments which provide a return in the form of fixed periodic interest payments and the eventual return of the principal at maturity.

 

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Confusion Over Euro-Africa CCI’s $250m Investment In Edo

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The $250m investment deal Governor Monday Okpebholo claimed to have secured during his recent trip to Scotland is generating ripples over capacity of the European African Chamber of Commerce and Industry (EACCI) to make such a huge investment.

The EACCI, headed by a Drector General, Dr. Kingsley Obasohan, is not known to have made any prior investment in Edo State or any part of the country.

Obasohan, who attended the Edo State Global Investment Summit virtually, announced the $250m investment.

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He said the investment would be made for a period of three years.

An online search was launched to unravel the EACCI as well as the man Obasohan.

READ ALSO:Okpebholo Warns Companies Against Fuelling Edo–Delta Boundary Dispute

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A number on the site was answered by a lady who claimed not to understand English language.

Several foreign partners were listed on the site as board members and advisory council.

Some closed associates of Obasohan said he would have to get clearance from the Board members before talking to journalists on the issue.

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Spokesman for the Edo Peoples Democratic Party, Daniel Noah Osa-Ogbegi, said the party would hold Governor Okpebholo accountable to Edo people and demanded clarity on the $250m investment from Glasgow.

Osa-Ogbegi said the proposed investment has become a source of embarrassment to Edo people because of unfolding information about EACCI.

READ ALSO:JUST IN: Okpebholo Nominates Another 5 Persons As Commissioner-designates

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He said the party would shine light on fiscal management practices that appeared to ignore transparency and responsibility.

Secretary to the State Government (SSG), Umar Musa Ikhilo, had earlier said those that attended the Glasgow summit were interested in keying into the SHINE agenda of Governor Okpebholo.

One of the chambers of commerce that attended, the European African Chamber of Commerce and Industry signed an MoU with the Edo State Government to invest a sum of $250 million over the next three to five years.

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“Last year, diaspora remittances were the second-highest source of foreign income in Nigeria after crude oil, over $20 billion, but only 2% of that went into investment. We are creating a vehicle to help convert more of that into direct investments.”

He added that a delegation from Scotland was expected to visit Edo State in the coming months to explore specific investment projects as a follow-up to the summit.

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Dangote Hits Out At PENGASSAN, Says Union ‘Serial Saboteurs, Serving Oligarchs’

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The management of Dangote Petroleum Refinery has berated the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), accusing the union of decades-long sabotage of Nigeria’s oil and gas sector and serving the interests of its leaders rather than ordinary Nigerians.

In a statement issued at the weekend, the refinery described PENGASSAN’s latest directive to cut crude oil and gas supplies to the facility as another act of economic sabotage designed to inflict untold hardship on Nigerians.

“Indeed, over time, the Association has consistently proved itself as serving interests other than those of Nigerians and Nigerian workers,” the statement declared.

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Dangote recalled that in 2007, when the Federal Government sold its moribund Port Harcourt and Kaduna refineries to Blue Star Consortium, led by the Dangote Group, for $750 million, it was PENGASSAN and its ally, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), that sabotaged the deal. “It is now obvious to everyone that the FGN’s decision at the time was the right one and that PENGASSAN and NUPENG ignominiously wrote their names on the wrong pages of history,” the company said.

READ ALSO:Dangote Fuel Sells Cheaper In Togo Than In Nigeria – Falana Laments

The refinery also faulted the union’s role in the much-publicised rehabilitation of the Port Harcourt Refinery, describing it as a “ruse” which PENGASSAN “knowingly celebrated despite being a scam on Nigerians.” The statement further accused the union of opposing amendments to the Petroleum Industry Act (PIA) that would have freed up federal liquidity and attracted private-sector funding into Nigeria’s upstream oil ventures.

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Beyond policy obstruction, Dangote Refinery accused the association of mismanaging billions of naira in annual check-off dues to allegedly bankroll the “lavish lifestyles” of its leaders, without accountability to members. By contrast, the refinery highlighted its own record of economic contributions within a short period, citing road construction, worker training, the creation of thousands of Nigerian jobs, and a compensation structure that “outdistances the best in the Nigerian oil and gas industry.”

“The Dangote Group is the highest employer of labor in Nigeria and the highest contributor to the tax revenues of Nigeria and its sub-nationals. What comparable social responsibility has PENGASSAN, with its billions of Naira in annual check-off dues and subscriptions, lived up to?” the statement queried, challenging the union to publish its audited accounts for the past ten years. “Can it publish publicly its account for the last 10 years and list out its corporate responsibility activities within that timeframe?”

READ ALSO:Dangote Refinery Reduces Fuel Price Nationwide, Provides Update On Petrol Distribution

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The refinery insisted that PENGASSAN’s recent directive to withdraw services and cut off essential fuel supplies, including but not limited to petrol, diesel, kerosene, cooking gas and aviation fuel was reckless, lawless and dangerous. It said the order is not about protecting Nigerian workers, but it is about a cabal of oligarchs weaponising hardship against over 230 million Nigerians.

In the process, it (PENGASSAN) cares little if at all about the unbearable hardship and terror it would thereby inflict on all Nigerians, including but not limited to the provision of essential services in our hospitals and medical facilities, schools (nursery and right up to tertiary and research institutions), emergency services, communications facilities, transportation systems, etc,” it said.

Dangote Refinery called on the Federal Government and security agencies to step in immediately to protect the facility and the nation’s energy security, stressing that the union must not be allowed to “bully Nigerians into chaos and economic sabotage.”

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According to Tribune Online, the federal government has announced readiness to broker peace between Dangote Refinery and PENGASSAN, inviting both to a meeting scheduled for Monday.

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