Connect with us

Business

Nigeria Cannot Continue to be Dumping Ground, Says Anyakora As FG, World Bank Train Pharma Manufacturers

Published

on

Nigeria Cannot Continue to be Dumping Ground, Says Anyakora As FG, World Bank Train Pharma Manufacturers

Nigeria Cannot Continue to be Dumping Ground, Says Anyakora As FG, World Bank Train Pharma Manufacturers

By Johnson Fadipe

 

 

 

Nigeria will soon become the hub of pharmaceutical manufacturing in Africa and beyond, if the pharmaceutical manufacturing sector in the country lives up to its full potentials. CEO, Bloom Public Health, Professor Chimezie Anyakora, made this declaration on Tuesday in Lagos at the commencement of the second phase of the capacity-building workshop for local pharma manufacturers organized by the Federal Government and the World Bank.
Anyakora added that the reason for the program is to support drug manufacturers in Nigeria to produce quality medicines so that the nation’s pharmaceutical industry will stand strong.

 

 

 

 

 

 

“We can’t continue to be a dumping ground as a country and this is the reason this massive effort is being put together and I am happy that the federal government is supporting it. It is a journey to make Nigeria a big leader in drug manufacturing.
“The intention is to make Nigeria the India of Africa in drug manufacturing. This is why we are training the manufacturers so that they will be well-grounded to produce drugs that can compete globally”, he said.
Speaking further, Anyakora observed that that excellence in pharmaceutical manufacturing can be attained in Nigeria if the relevant industry players can scale up their games with passion and the right energy. He added that the Nigeria pharma industry is ‘falling our hands’ because all stakeholders have not done enough to compete at the global level, despite their capabilities.

 

 

Nigeria Cannot Continue to be Dumping Ground, Says Anyakora
As FG, World Bank Train Pharma Manufacturers

 

 

 

 

On his part, the Honourbale Commissioner for Health, Lagos State, Professor Akin Abayomi, stated that the essence of the event is to equip the pharmaceutical manufacturers in Nigeria with what it takes not only to produce drugs that will meet local needs but also export and compete globally.

 

 

 

 

 

“The essence of this program is to see how we can increase the production of drugs that will meet local consumption and also produce drugs that meet the World Health Organisation’s GMP. It is also important for us to ensure that products that are produced in Nigeria have bioequivalence because it is not good to have a product that carries 500mg and what the patient gets after using the product is just 30%. We are ready to patronise local drug manufacturers as long as their products are standard”, he said.

 

 

 

 

 

Meanwhile, the Federal Government, through the Director, Chemical and Non-Petrochemical Industrial Development Department, Federal Ministry of Industry, Trade and Investment, Onuorah Francis expressed its commitment towards working with relevant stakeholders in Nigeria to build a vibrant and formidable pharmaceutical industry that will not only meet local consumption but also play at the global level.

 

 

 

 

 

 

 

Onuorah further said that the Federal Government is ready to develop and make the industries in Nigeria work, adding that the ministry has met with stakeholders in the pharma industry and is ready to work with them to produce Active Pharmaceutical Ingredients (API).
Also speaking at the event, the Director, Foods and Drug, Federal Ministry of Health, Pharm. (Mrs) Bunmi Aribeana stated that Nigeria has about 169 pharma manufacturers, producing different ranges of drugs in different areas, but bio equivalent remains a critical factor that needs to be addressed. She urged all stakeholders to join hands together to build a vibrant and strong pharmaceutical industry that will compete globally.
In his remarks, the Director General and Chief Executive Officer of the Nigeria Natural Medicine Development Agency (NNMDA), Professor Martins Emeje also charged stakeholders in Nigeria to work hard to build the pharmaceutical in Nigeria.

Continue Reading
Advertisement

Business

Fidelity Bank Plc Promotes 11% of Staff Following Record Financial Performance

Published

on

Fidelity Bank to boost Schools’ Profitability with Value-adding Products

Fidelity Bank Plc Promotes 11% of Staff Following Record Financial Performance

Leading financial institution, Fidelity Bank Plc has announced the promotion of 11% of its workforce, a testament to the exceptional performance and dedication of its employees. This significant move follows the release of the bank’s 2023 full year Audited Financial Statements, which reported an impressive 131.5 percent growth in Profit Before Tax (PBT) to N124.26 billion.
The recent promotions span every level within the bank, reflecting Fidelity Bank Plc’s commitment to recognizing and rewarding excellence across its entire organization. This strategic initiative has garnered positive reactions from staff members, who see it as a validation of their hard work and contribution to the bank’s remarkable financial achievements.
In addition to the promotions, Fidelity Bank Plc has also concluded arrangements to raise a total of N127.1 billion through a Rights Issue to existing shareholders and a Public Offer. This move is part of the bank’s broader strategy to strengthen its capital base, support future growth, and enhance shareholder value.
Fidelity Bank Plc’s impressive financial performance and the subsequent employee promotions highlight the bank’s robust operational strategy and its commitment to fostering a rewarding work environment. By investing in its people and ensuring their career growth, the bank continues to build a motivated and high-performing workforce.
Ranked as one of the best banks in Nigeria, Fidelity Bank Plc is a full-fledged customer commercial bank with over 8.5 million customers serviced across its 251 business offices in Nigeria and the United  Kingdom as well as on digital banking channels.
The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

Continue Reading

Business

WEMA BANK concludes 1st tranche of Capital Raise Programme

Published

on

Wema Bank PLC (Bloomberg: WemaBank: NL) (“Wema” or “the Bank”) announces the allotment of its N40billion Rights issue programme.

 

 

 

-Raises N40billion through a Rights Issuance process.
-Part of its larger 2-year; N150billion Capital programme.
Rights fully subscribed.
-Expected to Commence concluding tranche of additional Capital in Q4, 2024.
-Corporate Ratings affirmed by Fitch at BBB & Upgraded by Agusto to BBB+

Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has successfully concluded the first tranche of its recapitalisation exercise having secured all relevant regulatory approvals for the allotment of its N40bn Rights Issue which was initiated in December 2023.

In view of macroeconomic conditions, the Central Bank of Nigeria (CBN) in March 2024, launched a recapitalisation programme requiring commercial banks to raise fresh capital in alignment with the minimum requirement for their respective banking licenses, within a 24-month timeline spanning April 1, 2024, to March 31, 2026. The goal of this recapitalisation programme is to simultaneously boost the Nigerian economy and strengthen the Nigerian financial services industry.

As a forward-thinking and pioneering bank, Wema Bank in December 2023 launched a N40bn Rights issue which has now been approved by the Central Bank of Nigeria and the Securities and Exchange Commission (SEC). With this remarkable development, Wema Bank has now successfully raised the 1st tranche of its plan in the minimum requirement laid down by the CBN.

In a statement made to the public by the Bank, Moruf Oseni, Wema Bank’s Managing Director and CEO, iterated the Bank’s resolve in retaining its Commercial Banking license with National Authorisation, adding that the N40bn Rights Issue is a step in that direction. “We are delighted to announce the conclusion of the 1st tranche of our Capital Raise Programme, after obtaining the relevant approvals of all regulatory authorities. Our move to commence our Capital Raise Programme very early demonstrates our push for excellence and with a strong emphasis on our digital play, we are set to amass more successes in the coming months.”

“We were impressed by the vote of confidence given by our shareholders during the 1st Rights Issue exercise as our shares were fully subscribed. In addition, we obtained the approval of shareholders at our 2023 Annual General Meeting (AGM) to raise an additional N150billion to meet the capitalisation threshold set by the CBN. The process is expected to be completed within 12-18 months. We are committed to providing optimum returns for every stakeholder and the successful conclusion of this N40bn Rights Issue is a bold step in the right direction.”

In addition to the upward trend in the Bank’s financial performance and the success recorded so far in its recapitalisation exercise, Wema Bank’s corporate rating was recently upgraded to BBB+ by Pan African credit rating agency, Agusto and Co, and retained at BBB by international rating agency, Fitch. Over the medium to long term, Wema Bank is positioned to not only dominate the digital Banking space but also the Nigerian financial services industry at large as it translates its industry leadership to significant market share.

Wema Bank is a leading financial services entity with banking operations across Nigeria, its leadership position in the digital banking space speaks to its aspirations to liberate Nigerian businesses and entrepreneurs by making digital platforms widely available.

Continue Reading

Business

Nkiru Olumide-Ojo’s New Book ‘Marketplace Readiness’ to Equip Young Nigerians for Marketplace Success

Published

on

Nkiru Olumide-Ojo's New Book ‘Marketplace Readiness’ to Equip Young Nigerians for Marketplace Success

Nkiru Olumide-Ojo’s New Book ‘Marketplace Readiness’ to Equip Young Nigerians for Marketplace Success

 

 

In a bold step to enforce and ensure inclusive and equitable quality education, and to promote lifelong learning opportunities for everyone under the Sustainable Development Goal (SDG4) in Nigeria, Corporate Executive and Founder of the LightHouse Network, Nkiru Olumide-Ojo, launched her new book titled “Step Forward: Market Place Readiness.”

The book launch took place at the Alliance Française, Mike Adenuga Event Center, Osborne Road, Ikoyi, on Thursday, June 6, 2024.

According to the National Planning Commission, Nigeria faces a significant challenge with approximately 53% of its youth currently unemployed. To address this pressing issue, Nkiru Olumide-Ojo dedicated her efforts to preparing young people for the job market, equipping them with the necessary skills to seize available opportunities or even create new ones.

In her opening remarks, Mrs. Yetunde Baderinwa, National Youth Service Corps (NYSC) Lagos State Coordinator, stated that “the marketplace today is dynamic, competitive, and full of opportunities; however, it also provides numerous challenges that businesses must be ready to face. Market readiness involves understanding these challenges, adapting to changes, and strategically positioning oneself to capitalize on opportunities as they arise.” She further noted that “in the last 13 years, NYSC has sensitized three million, three hundred six thousand, six hundred and forty-six corps members, opening their eyes to entrepreneurship development.

Also speaking at the event, Mrs. Adenike Ogunlesi, Founder of Ruff and Tumble, addressed both the corps members present and guests who are already in the workplace. She emphasized, “Be intentional about building your mindset. Stand your ground based on three things: building your character, understanding what you value, and what your values are as a human being, and building your competence.”

The event was remarkable, featuring discussions on marketplace readiness across two generations, including thought leaders, educators, and advocates for sustainable development. Attendees benefited from insightful panel sessions featuring distinguished speakers, engaging conversations, and networking opportunities with individuals passionate about education and sustainable growth.

Leading the panel session were Mrs. Adenike Ogunlesi, Founder of Ruff and Tumble; Mrs. Yetunde Baderinwa, National Youth Service Corps (NYSC); Mr. Victor Banjo, Director of Executive Education at Lagos Business School; Joseph Onaolapo (Jay On Air), a renowned radio and TV broadcaster, content creator, actor, and event host; and Tobiloba Aboaba, a dynamic young professional at Stanbic IBTC, among others.

The book, “Step Forward: Market Place Readiness,” is a product of Nkiru and her team’s extensive work in underserved tertiary institutions, providing essential market readiness skills to students. This book aims to broaden their reach and impact, offering valuable insights and practical advice to a wider audience. It delves into situations and issues that undergraduates face in their everyday lives, preparing them for the challenges of the marketplace.

 

Nkiru Olumide-Ojo's New Book ‘Marketplace Readiness’ to Equip Young Nigerians for Marketplace Success

Continue Reading

Cover Of The Week

Trending