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Nigeria spends N8 billion annually to import vaccines 

No less than N8 billion could be saved annually from production of local vaccine as FG plans to go into a joint venture with Biovaccines.

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May & Baker's margins improve despite revenue contraction, May & Baker Nigeria signs agreement with Sanofi Nigeria, Nigeria spends N8 billion annually to import vaccines 

No less than N8 billion could be saved annually from production of local vaccines as the Federal Government plans to go into a joint venture with Biovaccines Nigeria Limited.

When the Federal Government embarks on the production of life-saving vaccines locally by 2024, the N8 billion being spent on vaccine importation would be saved.

Biovaccines Nigeria Limited

Speaking on the local production of vaccines, the Group Managing Director/Chief Executive Officer, May & Baker Nigeria Plc, Nnamdi Okafor said that the vaccine company is currently finalizing the procedures on how to produce vaccines effectively in the country.

He made known that the work being put into the vaccine production by BVNL would take about three to four years before the output can be seen clearly by Nigerians.

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According to Okafor, Nigeria spent about N8 billion to import vaccines, which constitutes a burden on the country’s foreign exchange (forex). He said the debut of the local vaccines in Nigeria will enable the government to save this N8 billion for national development.

[READ MORE: Nigeria spends $270 million on cyber attacks)

Okafor’s words: “But there are some other services around the current procurement process or logistics for bringing in the vaccine. For instance, the government pays about 6% as administrative charges to UNICEF that currently brings in vaccine into Nigeria.

 “Government spends a lot of money bringing in the vaccines, planning them into boxes and all of that. That would be substantial savings of forex with the debut of the local vaccine. Of course, there are some other technical things around vaccine experts that come in to do certain things, especially with the handling of the vaccine here in Nigeria. There are times to come when Nigeria will have the capacity to handle all those functions so that the cost of hiring those services will be saved.

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 “Above all, Nigeria is going to save lives because sometimes when you have an epidemic in the country, the reaction time is low or very slow if you have to bring vaccine from outside,” Okafor added.

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

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Appointments

Buhari names Dr. Uzoma Emenike as Ambassador-designate to the USA

President Buhari has named Nigeria’s Ambassador-designate to the USA.

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President Muhammadu Buhari has announced Dr. Uzoma Emenike as Nigeria’s Ambassador-designate to the USA.

This was disclosed by the Special Assistant to the President on Digital and New Media, Tolu Ogunlesi in a social media post on Tuesday evening.

Dr. Uzoma Emenike is currently  Nigeria’s Ambassador to Ireland, with concurrent accreditation to Iceland.

She hails from Abia State, with a BSc in Sociology and Anthropology from the University of Maiduguri, Masters in International Law and Diplomacy from the University of Lagos LL.B from the University of Reading in the UK.

Other academic achievements include a Master’s in International Management from the University of Reading and a Doctorate in International Relations also from the University of Reading.

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She is married to Chief Ikechi Emenike and has four children.

What you should know 

  • Nairametrics reported last month, the death of the outgoing Nigerian Ambassador to the United States of America, Justice Sylvanus Adiewere Nsofor.
  • He served as a justice of the Court of Appeal for 13 years until his mandatory retirement in 2005.
  • Nsofor, who assumed office as the ambassador to the US on November 13, 2017, succeeded Professor Adebowale Adefuye who also died towards the end of his tenure.

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Corporate deals

DEAL: uLesson raises $7.5 million Series A round

uLesson has announced that it has closed a $7.5M Series A round.

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Sim Shagaya, uLesson

uLesson, a Nigerian educational learning platform that leverages best in class teachers, media, and technology solutions to create high-quality, affordable and accessible education for African students, announced that it has closed a $7.5M Series A round.

This funding round was led by US-based Owl Ventures, which is focused on education as an investment. It was also backed by existing investors — Founder Collective and TLcom .

READ: Flutterwave, One pipe, and funding raised by Nigerian Tech startups

Founded by Sim Shagaya, uLesson curates personalised, curriculum-relevant content via mobile and PC devices for students in the K-7 to K-12 segment across the continent. Students can access the lessons via streaming and SD cards, where they can download and store the content, allowing them to study remotely, removing challenges around internet access limitations and costs.

READ: Griezmann severs ties with Huawei over Uighurs Muslims identification report

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According to Sim Shagaya,

  • The uLesson app has now been downloaded a million times with paying users from at least 7 countries (including countries we don’t formally serve). On average, learners spend around 77 minutes on the app daily — a figure that exceeds the engagement levels on most social networking apps.
  • “Our goal is that ten years from now, K-12 education on the continent will bear little semblance to what you see today. But it won’t just be different, it will be better on most dimensions and much more affordable.
  • “We also believe that the impact borne of the marriage of education and technology will be greater on the African continent than any other place in the world.”

This funding will be deployed to power uLesson’s expansion into Eastern & Southern Africa, as well as secure new talent and build its product development and production infrastructure.

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Corporate deals

CAP and Portland Paints obtain Federal High Court approval on proposed scheme merger

A Federal High Court approved the proposed scheme merger between Chemical Allied Products Plc and Portland Paints Plc.

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CAP Plc

The Judicial Divison of the Federal High Court has approved the proposed scheme merger between Chemical Allied Products Plc and Portland Paints Plc, and other matters connected therewith.

In line with this, the Federal High Court ordered that a meeting of the holders of the fully paid ordinary shares of Portland Paints and Products Nigeria be convened and held for the purpose of considering and approving a Scheme of Merger between the concerned entities.

Portland Paints disclosed this on the NSE before the open of trade today.

The statement said upon approval by the shareholders at the court-ordered meeting, which will be held at 12:00 pm on Thursday, 18 February 2021 at Radisson Blu Hotel, the subjoined resolutions of the Scheme Merger shall be effected.

Overview of the Scheme Merger and options offered to shareholders

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For the purpose of giving effect to the Merger as would be agreed between the Company and the Holders of the Fully Paid Ordinary Shares of Portland Paint Plc and Chemical and Allied Products PLC at the court-ordered meeting, shareholders of Portland Paint Plc at the close of business on the Terminal Date shall be offered the option:

  • To receive a Cash Consideration of N2.90 for each ordinary share of N0.50 held in Portland Paints as at close of business on the Terminal Date.
  • Or be allotted 1 ordinary share of N0.50 each in the share capital of CAP (credited as fully paid) in exchange for every 8 ordinary shares of N0.50 each held in Portland Paints.

Implied impact of the Scheme Merger between CAP and Portland Paints

Upon the Scheme becoming effective, the following modification shall be made:

  • All assets and liabilities of Portland Paints including but not limited to real property, intellectual property rights, permits, credits, allowances, equipment and machinery, plant, fixtures and fittings, motor vehicles and businesses, shall be transferred to CAP.
  • All employees and undertakings rights, powers and duties of a personal character, which could not generally be assigned or performed vicariously, of the Company shall be transferred to CAP.
  • All legal proceedings, claims and litigations pending or contemplated by or against the Company be continued by or against CAP.
  • The entire share capital of the Company shall be cancelled, and the Company shall be dissolved without being wound up.
  • All contracts of the Company shall continue to be in force and effect in accordance with their respective terms and conditions, and CAP shall assume all rights and obligations of the Company under all such contracts.
  • All monies standing to the credit of the Company at banks and with other debtors within and outside Nigeria be held to the credit of CAP.

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