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

NEWSBREAKING: Nigerian Government Lifts Twitter Ban

Twitter. On Wednesday, Mr. Kashifu Inuwa Abdullahi, the head of the Nigerian team negotiating with Twitter has said that the social media giant Twitter has agreed to pay “applicable tax” and establish a legal entity in Nigeria in the first quarter of 2022. Kashifu Inuwa Abdullahi is the director-general of the National Information Technology Development Agency,  said this in a statement while announcing the lifting of the more than six-month-long suspension of the social media platform in the country. “Twitter has agreed to act with a respectful acknowledgement of Nigerian laws and the national culture and history on which such legislation has been built and work with the FGN and the broader industry to develop a Code of Conduct in line with global best practices, applicable in almost all developed countries,” Abdullahi said. Twitter was suspended in Nigeria in June 2021, a few days after the platform deleted a remark from Buhari’s account. The led to an outcry over freedom of expr...
1 comment
Read more

In A Random Attack, A Woman Is Lit On Fire On A Toronto bus; Man Apprehended, Police Say

Dundas, Kipling Centre. A woman lays in the hospital with critical injuries, she was set ablaze on a Toronto bus in what police say was a "random" attack.  The woman in her 20's was attacked by a 35-year-old man. The woman remains in hospital with life-altering injuries, most of which are second and third-degree burns, media relations officer Toronto police Const. Alex Li told reporters outside Kipling station, where the incident took place. The suspect has been arrested with charges pending, police say. Toronto police were called to the Kipling Avenue and Dundas Street West area around 12:30 p.m. for reports of a woman being assaulted. Police say a man poured a liquid substance on the woman and ignited it, causing a fire. The woman was rushed to Sunnybrook Hospital. There's no word on her current condition. It's unknown what motivated the attack, but Li says there was some sort of interaction between the man and woman before it happened. Police continue to invest...
2 comments
Read more

Everyday People

About two years ago, one Nigerian government official whom I know visited the United Kingdom.                                    Trees Beautifully Grown In Nigeria  It was that peak period of covid crisis, where many countries had various Covid containment regulations to help reduce the spread.  On the day he was to return to Nigeria, I was one of those who escorted him to the Airport.  When we got to the Airport, we realised that he was supposed to have a Covid test done, and the result uploaded to Nigerian Govt Portal. Also, he was meant to have a day three test in Nigeria booked and have the printed copy of the confirmation of the booking with him as a condition to fly with British Airways to Nigeria.  We arrived at the Airport about 3hrs before his flight departure. This white lady, who was a supervisor with British Airways approached us and requested to see his day three bo...
4 comments
Read more