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Business News

May & Baker signs deal to produce, sell Sanofi’s products in Nigeria, others

Pharmaceutical company, May & Baker Nigeria, has signed a partnership agreement with French pharmaceutical giant, Sanofi. #MAY&BAKER #SANOFI

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May & Baker Nigeria, has signed a partnership agreement with French pharmaceutical giant, Sanofi.

Pharmaceutical company, May & Baker Nigeria, has signed a partnership agreement with French pharmaceutical giant, Sanofi to produce four brands of the latter.

The four Sanofi products, which would be manufactured by May & Baker Nigeria, will be sold in Nigeria and West African markets, a statement obtained by Nairametrics disclosed.

The tablets include Flagyl tablets and Suspension and Tarivid tablets, anti-infective medicines and Malareich tablets, an anti-malaria drug.

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Why this matters: The National Agency for Foods and Drugs Administrations and Control (NAFDAC) had been calling for the production of imported drugs in Nigeria. This partnership between the duo is a step in that direction.

This positions Nigeria as an exporter of the drugs that have interested markets in West Africa. Apart from expanding the portfolio and services of May & Baker, Nigeria’s economy will also benefit in the trade partnership as it opens a new pharmaceutical market for both Nigeria and the company.

May & Baker signs deal to produce, sell Sanofi’s products in Nigeria, West Africa 

May & Baker is taking on the challenge of localising foreign brand products through its facility which it said can “produce six billion tablets and 37.5 million 60ml liquid medicines annually.”

The partnership is coming two months after May & Baker’s Director and Chairman of Board of Directors, Theophilus Danjuma, stepped down from his position in the company. Danjuma’s retirement was made known during May & Baker’s Board meeting. He was replaced by Senator Daisy Danjuma, who was first appointed to the May & Baker Board of Directors in 1999.

[READ MORE: Oando signs 2 gas supply agreement with NLNG)

What you need to know: May & Baker reported a decline in its top-line of 9.57% to N5.92 billion as against the N6.54 billion in nine months of 2018. The pharmaceutical unit recorded revenue of N5.86 billion in nine months of 2019, 6.95% lower than the corresponding period of 2018.

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

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    Business News

    SpaceX says it’s pursuing necessary licenses to bring Starlink to Nigeria

    Broadband penetration of 70% which covers 90% of the population is the FG’s target in its National Broadband Plan (NNBP), 2020-2025.

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    Telecoms sector remains resilient as broadband subscriptions climb

    American private space exploration company founded by Elon Musk, SpaceX says it is working to pursue all necessary licenses needed to bring the Starlink Satellite internet services to Nigeria.

    This was disclosed by Mr Ryan Goodnight, SpaceX’s Starlink Market Access Director for Africa in a meeting with NCC’s Executive Vice-Chairman (EVC), Prof. Umar Danbatta on Friday in Abuja.

    What SpaceX is saying about Starlink in Nigeria

    “SpaceX has been in discussion with NCC virtually over the past several months to begin the process of pursuing all necessary licences to bring Starlink, its satellite-based broadband services, to Nigeria.

    Having made substantial progress in the discussion, the commission granted SpaceX’s request for a face-to-face discussion to gain better insights on the prospects,” they said.

    The NCC stated that it has listened to SpaceX’s presentation and will review it vis-à-vis its regulatory direction of ensuring an effective and sustainable telecoms ecosystem where a licensee’s operational model does not dampen healthy competition among other licensees.

    “As the regulator of a highly dynamic sector in Nigeria, the commission is conscious of the need to ensure that our regulatory actions are anchored on national interest,” they said.

    NCC added that broadband penetration of 70% which covers 90% of the population is the FG’s target in its National Broadband Plan (NNBP), 2020-2025. This is also in line with its National Digital Economy Policy and Strategy (NDEPS), 2010-2030.

    What you should know

    Starlink is an internet service launched by SpaceX to improve internet coverage in rural and underserved areas globally. Starlink satellites are over 60 times closer to Earth than traditional satellites, resulting in lower latency and the ability to support services typically not possible with traditional satellite internet.

    Nairametrics also reported this month that the  Federal Government announced a deal with Microsoft through the Federal Ministry of Communications and Digital Economy for the development of high-speed internet infrastructure across the six regions in the country.

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    Columnists

    What FGN Free Meter Program means for the power sector

    Without effective penalties for erring DisCos and consumers, progress may still remain very slow.

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    Electricity, Buhari moves against Discos and agents that collect money for prepaid meters

    According to news reports, the Minister of Power, Mamman Saleh on Wednesday said the distribution of the four million free electricity prepaid meters pledged by the Central Bank of Nigeria would soon begin across the country.

    According to him, the government is wrapping up the distribution of its initial one million meters, which he labelled phase zero, and would soon begin the distribution of the four million sponsored by CBN, which he tagged phase two. He also noted that the Federal Executive Council approved N3bn for the execution of six major electricity projects in the country to upgrade Nigeria’s electricity facilities and improve power supply across the country.

    Ineffective metering remains a major drawback to the success of power sector reforms in Nigeria. While some consumers avoid paying for power consumed through meter bypass, some other consumers are made to pay for what they have not consumed through estimated billing by DisCos.

    DisCos have been largely unsuccessful with metering their customers.

    As far as inadequate metering is concerned, DisCos over time, have used this situation to their advantage via estimated billings. It appears that fully metering customers are currently being viewed as a disincentive, given that estimated bills can easily be manipulated.

    According to a report by the Nigerian Electricity Regulatory Commission (NERC), only 4,234,759 (40.27%) of the total customer population of 10,516,090 were metered as of 30 June 2020. Clearly, this validates the widely held view that there are a wide number of customers on estimated billing which gives room for illegal connection to the networks and in turn corrupt practices. NERC further revealed that only three out of 11 Electricity Distribution Companies in the country had metered more than 50% of electricity customers under their coverage areas as of June 2020.

    Effective metering in our view is one step ahead in solving the myriad of problems embattling the Nigerian power sector. Though supposed to be unpaid for, many customers in a bid to avoid the bureaucracy associated with getting meters have paid to get their own meters. We believe the provision of meters to all end-use customers will go a long way in ameliorating the liquidity squeeze in the power sector whilst also providing cashflow to the DisCos for investment in equipment needed to evacuate unused electricity to consumers nationwide.

    We laud the FG’s efforts at distributing meters freely to end-users, but we note that without effective penalties for erring DisCos and consumers, progress may still remain very slow.

    Hotflex

    CSL Stockbrokers Limited, Lagos (CSLS) is a wholly owned subsidiary of FCMB Group Plc and is regulated by the Securities and Exchange Commission, Nigeria. CSLS is a member of the Nigerian Stock Exchange.

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