Business

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

Published

3 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

JUST IN: CBN Removes Cash Deposit Limits, Raises Weekly Withdrawal To N500,000

Published

3 days ago

December 3, 2025

Editor

The Central Bank of Nigeria (CBN) has removed cash deposit limits and also increased the weekly cash withdrawal limit from N100,000 to N500,000.

The CBN made this known in a circular to all banks and other financial institutions, signed by Dr Rita Sike, Director, Financial Policy and Regulation Department.

Sike said that the revisions formed part of ongoing efforts to moderate the rising cost of cash management and address security concerns.

According to her, it will also curb money laundering risks associated with heavy reliance on cash.

She said that the cash-related policies previously issued in response to evolving circumstances were aimed at reducing cash usage and promoting the adoption of electronic payment channels.

“However, with time, the need to streamline and update these provisions to reflect present-day realities became necessary,” she said.

She said that with effect from Jan. 1, 2026, the cumulative deposit limit would be removed and the fee previously charged on excess deposits would no longer apply.

The director said that the cumulative weekly withdrawal limit across all channels has been reviewed to N500,000 for individuals and five million Naira for corporates.

“Withdrawals above these thresholds will attract excess withdrawal charges as specified,” she said. “The special monthly authorisation that allowed individuals to withdraw five million Naira and corporates N10 million once a month has been abolished.”

She said that for Automated Teller Machines (ATMs), daily withdrawal remains capped at N100,000 per customer, with a maximum of N500,000 weekly.

She said that this formed part of the overall weekly withdrawal limit applicable to all channels, including point-of-sale (POS) transactions.

Sike said that excess withdrawals above the stipulated limits would attract three per cent for individuals and five per cent for corporate customers.

According to her, this will be shared in the ratio of 40 per cent to the CBN and 60 per cent to the operating bank or financial institution.

She directed banks to load all currency denominations in ATMs, while the existing limit on over-the-counter encashment of third-party cheques remains pegged at N100,000.

Sike said that such withdrawals would be counted as part of the cumulative weekly limit.

The director said that banks were also required to render monthly returns to the relevant supervisory departments.

She listed the departments to include the Banking Supervision Department, Other Financial Institutions Supervision Department, and the Payments System Supervision Department.

Sike said that revenue-generating accounts of federal, state, and local governments were exempted from the new withdrawal rules.

She said that accounts of microfinance banks and primary mortgage banks held with commercial and non-interest banks are also exempted from the new rules.

She, however, said that the long-standing exemption previously enjoyed by embassies, diplomatic missions, and aid-donor agencies had been removed.

Business

Naira Records Depreciation Against US Dollar Across Official, Black Markets

Published

4 days ago

December 2, 2025

Editor

The naira depreciated against the dollar at the official and parallel foreign exchange markets on Monday to begin the new month on a bearish note.

Central Bank of Nigeria’s data showed that the Naira weakened to N1,448.44 on Monday, down from N1,446.74 traded on Friday last week.

This means that the naira dropped by N1.7 against the dollar on Monday when compared to Friday.

Similarly, at the black market, the Naira declined by N5 to N1,475 on Monday from N1,470 at the close of work last week.

The development comes as Nigeria’s foreign reserves stood at $44.61 billion as of November 27th, 2025.

Business

NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

Published

1 week ago

November 29, 2025

Editor

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.