Skip to main content

Pharmaceutical Giant GSK Announces Its Intention To Cease Operation In Nigeria

British multinational drugmaker and biotechnology company GlaxoSmithKline Plc (GSK) said Thursday it is closing the curtains on its Nigerian subsidiary after a “strategic intent” to consider other favourable business options.

The Company made this announcement via an official statement signed by Company Secretary, Frederick Ichekwai which was sent to the Nigeria Exchange Limited (NGX). 

According to its unaudited HY 2023 financial statement, the company noted that it would appoint a local third-party distributor in Nigeria for the supply of its consumer healthcare products. 

GSK’s operations in Nigeria will no longer involve commercialising its prescription drugs and vaccines, meaning its activities in the country now entail the distribution of its pharmaceutical products through a third party only.

“The Haleon Group has also separately informed the Board of its intent to terminate its distribution agreement in the coming months and to appoint a third-party distributor in Nigeria for the supply of its consumer healthcare products,” the company said in a note to the Nigerian Exchange.

The decision cuts GSK’s ties of more than half a century with Africa’s largest economy, where it commenced business in 1972 through its precursor, Beecham Limited.

That partnership has birthed a broad range of top-of-mind products from consumer brands like Ribena, Lucozade Macleans and Sensodyne to popular medicines like Panadol and Andrews Liver Salt, which many Nigerians have developed an affinity for.

“Today we are briefing our employees whom we will treat fairly, respectfully and with care, meeting all applicable legal and consultation requirements,” the company assured.

This March, Unilever, another British consumer product powerhouse Unilever announced an end to the production of its homecare and skin-cleansing products, notably Lux, Sunlight and Omo, saying “These categories are margin dilutive and the exit is part of the company’s aim to make its operation in Nigeria competitive and profitable.”

Comments

Post a Comment

Type your comments here

Popular posts from this blog

Tony Elumelu Hosts Davido, For His Daughter’s 21st Birthday

                              Father And Daughter Share Cute Moments  Businessman and Group Chairman of United Bank for Africa Plc, Tony Elumelu, on Wednesday, hosted popular singer, David Adedeji Adeleke AKA Davido at his house in celebration of his daughter, Oge’s 21st birthday celebration.                              Tony Elumelu, Davido and Oge Wizkid performed at the billionaire’s 60th birthday party a few days back.                                       The celebrant. Mr Anthony Onyemaechi Elumelu CFR, age 60, is a Nigerian economist, banker, businessman and philanthropist.                                       Tony Elumelu He chairs Heirs H...
Post a Comment
Read more

Jonathan Majors: Creed III Actor Arrested For Domestic Violence

Jonathan Majors, 33, who stars alongside Michael B Jordan in the recently released film, Creed III, is involved in a controversy with a 30-years old woman, over an alleged case of assault, and domestic violence charge on Saturday. Jonathan Majors, pictured at the European premiere of Creed III in London on February 15, 2023. Jeff Spicer/Getty Images for Warner Bros The actor who attended the Oscars and made an award presentation, a few weeks ago, was charged with three counts of attempted assault in the third degree and harassment in the second degree after he was arrested. Documents show that the victim told police that Majors allegedly "[struck] her about the face with an open hand, causing substantial pain and a laceration behind her ear," as well as allegedly grabbed her hand and neck, "causing bruising and substantial pain." The NYPD said that they received a 911 call from an apartment in Manhattan's Chelsea district, around 11:14 local time. They added, th...
Post a Comment
Read more

Christmas Is Here!

This article is written by 8 years old Princess Jasmin O. Obuotor. Preparing Sharwama for Christmas.  Merry Christmas! I want to tell you how to spice up your Christmas menu by adding sharwama. : Ingredients and procedures for a delicious sharwarma; So what you do first is you get your sharwarma bread and start mixing ketchup and mayonnaise together in a cup or bowl or anywhere you want to mix it. So when you are done mixing the ketchup and mayonnaise together, get your sharwarma bread and rub the mixture on the sharwarma bread. Next you get carrot and cabbage. Then you get your meat, you can either buy beef or chicken. If you like pepper, you can add hot sauce or pepper to the mix of ingredients for the sharwama and then you grate the carrot and cabbage then put it on the sharwarma bread. Next, you get out your sausage and fry it along with your chicken or beef. You can choose to either fry your beef or fry your chicken. Or boil the chicken or the beef instead of frying. ...
4 comments
Read more