Business

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

Published

2 years ago

May 16, 2023

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.

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.

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.

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.

“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.

“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 “

“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.

Business

NNPCL Raises Fuel Price

Published

2 weeks ago

October 13, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .

As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.

During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.

At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.

However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.

Most of the NNPC stations were not dispensing fuel.

Business

CBN Directs Banks To Refund Failed ATM Transactions Within 48hrs

Published

2 weeks ago

October 11, 2025

Editor

The Central Bank of Nigeria has directed Deposit Money Banks and other financial institutions to refund customers for failed Automated Teller Machine transactions within 48 hours, in a sweeping reform aimed at protecting consumers and restoring confidence in the banking system.

The directive is contained in a draft guideline released by the apex bank on Saturday, titled “Exposure of the Draft Guidelines on the Operations of Automated Teller Machines in Nigeria.”

The document, signed by Musa I. Jimoh, Director of Payments System Policy Department, was circulated to banks, payment service providers, card schemes, and independent ATM deployers, with a call for stakeholder feedback by October 31, 2025.

Under the draft, failed “on-us” transactions, where customers use their own bank’s ATM, must be reversed instantly. If technical glitches prevent immediate reversal, the bank is required to manually refund the customer within 24 hours.

For “not-on-us” transactions, involving other banks’ ATMs, refunds must be processed within 48 hours.

“Customers must not be made to suffer for failed transactions caused by system errors or network failures,” the circular stressed.

In a significant shift, the CBN mandated banks and ATM acquirers to deploy technology that automatically reverses failed or partial transactions, removing the need for customers to lodge complaints.

Institutions holding customer funds due to failed disbursements must reconcile and return balances immediately.

According to the apex bank, these measures respond to widespread frustration over delayed refunds and poor customer service and form part of a broader effort to enhance consumer protection, improve reliability, and modernise Nigeria’s payment infrastructure in line with global standards.

The guidelines will also overhaul ATM operations nationwide. Banks and card issuers are now required to deploy at least one ATM for every 5,000 active cards, with phased targets of 30% compliance in 2026, 60% in 2027, and full compliance by 2028. Any future deployment, relocation, or decommissioning of ATMs must receive prior approval from the CBN.

To ensure safety, ATMs must be fitted with anti-skimming devices, CCTV cameras, and placed in enclosed or well-lit areas.

Machines are expected to comply with Payment Card Industry Data Security Standards, maintain audit logs, and display functional helpdesk contacts. At least 2% of all ATMs must feature tactile symbols for visually impaired customers.

ATMs are also required to dispense cash before returning cards, allow free PIN changes, issue receipts for all transactions except balance inquiries, display clear transaction fees, dispense only clean banknotes, and provide backup power to reduce downtime.

Downtime must not exceed 72 consecutive hours, after which operators must inform the public of the cause and expected restoration time.

The CBN will enforce compliance through regular audits, on-site inspections, and monthly reports from ATM operators detailing deployments and locations. Defaulting institutions risk sanctions, though fines were not specified.

The apex bank explained that the overhaul was necessary due to rising complaints about failed transactions, cyber fraud, and declining service quality, noting that “the goal is to build a payments system that works seamlessly for everyone, urban and rural users alike.”

Nigeria’s electronic payments landscape has grown rapidly in recent years, with 200 million cardholders and rising reliance on digital banking, but network failures, poor infrastructure, and delayed reversals have continued to undermine confidence.

The fresh guidelines, coming eight months after a revision of ATM fees, are expected to streamline service delivery, enhance transaction security, and hold banks accountable. Stakeholders are invited to submit feedback ahead of the final policy adoption, which could take effect before the end of the year.

Business

Nigerian Stock Market Hits 10th Consecutive Uptrend As investors Gain N308bn

Published

2 weeks ago

October 10, 2025

Editor

The Nigerian Stock Market recorded its 10th consecutive uptrend as investors raked in N308 billion gain on Thursday.

This comes as the Nigerian Exchange Limited, NGX, market capitalisation, which opened at N92.490 trillion, appreciated by 0.33 per cent to close at N92.798 trillion on Thursday.

Also, the All-Share Index added 0.33 per cent, or 485.25 points, to close at 146,204.34, compared with 145,719.09 recorded on Wednesday.

Increased trading in Eunisell Interlinked, Caverton Offshore Support Group, Sunu Assurances, Industrial and Medical Gases, Mecure, and 27 other advancing stocks boosted market performance on Thursday.

To this end, the market breadth also closed positive with 32 gainers and 21 losers.

Further analysis showed that Eunisell Interlinked and Caverton Offshore Support Group led the gainers’ chart by 10 per cent each, closing at N44 and N6.93 per share, respectively, while FTN Cocoa Processors led the losers’ table by 6.67 per cent, closing at N5.60 per share.

Market activity showed a decline in the number of deals and volume traded but an improvement in trade value.

Accordingly, a total of 346.99 million shares worth N27.43 billion were traded in 24,691 deals, compared with 525.72 million shares worth N13.61 billion exchanged in 25,597 deals on Wednesday.

Fidelity Bank topped the activity chart with 42.01 million shares valued at N861.54 million.

According to DAILY POST, NGX has continued its bullish run from last month’s end to date.