Connect with us

BIG STORY

GSK, Producer Of Panadol, Shuts Down Operations In Nigeria

Published

on

GlaxoSmithKline (GSK) Consumer Nigeria Plc has announced that it will suspend operations after assessing the options for transitioning its pharmaceutical products to a third-party distribution strategy.

Augmentin, Neosporin, Panadol, Sensodyne, Advair, Ventolin, and Theraflu are among the company’s well-known products.

GSK Nigeria revealed the news in a statement delivered to the Nigeria Exchange Limited (NGX) on Thursday and signed by the company secretary, Frederick Ichekwai.

The firm stated that it is working with its counsel to agree on next actions and intends to file a scheme of arrangement with the Securities and Exchange Commission (SEC) that, if accepted, will result in the return of cash to all shareholders except its parent company, GSK UK.

The company, which employs over 290 people, assured that all necessary legal proceedings would be met as regards employees and shareholders.

‘In our published Q2 results we disclosed that the GSK UK Group has informed GlaxoSmithKline Consumer Nigeria PLC of its strategic intent to cease commercialization of its prescription medicines and vaccines in Nigeria through the GSK local operating companies and transition to a third-party direct distribution model for its pharmaceutical products,” the statement reads.

“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.

“For the above reasons, and having, together with GSK UK, evaluated various other options, the Board of GlaxoSmithKline Consumer Nigeria Plc has concluded that there is no alternative but to cease operations.

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

“The Board is conscious that shareholders will have many questions; we have been working assiduously with our professional advisors to agree on next steps and we will be shortly submitting to the Securities and Exchange Commission (“SEC”) a draft Scheme of Arrangement which may, if approved, see shareholders other than GSK UK, receive an accelerated cash distribution and return of capital.

“The Board acknowledges the support of the GSK Group in its intentions to make this possible, full details of which we hope to publish shortly. In the meantime, however, we cannot give you assurance of the final terms of any scheme, or that any scheme will be approved by the SEC or by shareholders.

“Shareholders are advised to seek professional advice and continue to exercise caution when dealing in the company’s shares until a further announcement is made.”

BIG STORY

JUST IN: Labour Declares Indefinite Strike Over Failure To Agree On New Minimum Wage

Published

on

The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), which represent organised labour, have announced an indefinite strike that would start on June 3, 2024.

The Federal Government appears stubborn in its refusal to enhance the N60,000 it gave at the reopening of the tripartite committee meeting in Abuja on Friday, according to organised labour, which is why the strike has become essential.

Festus Osifo, the president of the TUC, and Joe Ajaero, the president of the NLC, jointly announced the strike.

Osifo stated, “As you are aware, we had the last meeting preceding today, which was on Tuesday. In that meeting, they (the government) offered N60,000. They invited us for a meeting today (Friday), and we deliberated on it, thinking they were showing the necessary commitment.

“To our surprise, there was no serious representation from either the Federal Government or the state governors who are supposed to be part of the negotiations.

“So, technically, we felt they have abandoned us because they remained adamant about the N60,000 offer. Not even a kobo was added to what we rightfully rejected.”

 

More to come…

Continue Reading

BIG STORY

Minimum Wage: Federal Government Fails To Shift Grounds As Meeting Ends In Deadlock

Published

on

Friday’s talks on minimum wage between the Federal Government and Organised Labour hit a brick wall when the government failed to shift grounds on the N60,000 it proposed during the last meeting.

With this latest move, the organised labour comprising of the Nigeria Labour Congress and Trade Union Congress may embark on a nationwide strike.

Recall that the NLC and TUC had given a May 31, 2024 ultimatum on the new minimum wage.

As of the time of filing this report, an emergency press briefing has been called by labour.

On Tuesday, talks between the Federal Government and organised Labour broke down after the government and organised private sector raised their offers to N60,000.

The government added N3,000 to its initial offer of N57,000 proposed last week, taking the total figure to N60,000.

It was dismissed by labour at the meeting.

At the meeting, labour again lowered its demand by removing N3,000 from the N497,000 it proposed last week, pegging the new proposal at N494,000.

To fast-track the negotiation process, the Nigeria Labour Congress and Trade Union Congress of Nigeria on May Day gave the committee till the end of the month to wrap up talks on a new national minimum wage.

That ultimatum will expire on Friday night.

The President of the TUC, Festus Osifo said the ultimatum issued by labour remained following the breakdown of talks on Tuesday.

“We have an ultimatum on May Day that if by May end, we don’t have a new minimum wage that will take a worker home, we will not be able to guarantee industrial peace.

“We are sticking to that ultimatum,” the president of the TUC, Osifo said.

President Tinubu, through vice president, Kashim Shettima, on January 30, 2024, inaugurated the 37-member tripartite committee to come up with a new minimum wage.

With its membership cutting across federal and state governments, the private sector, and organised labour, the panel is to recommend a new national minimum wage for the country.

Shettima, during the committee’s inauguration, urged the members to “speedily” arrive at a resolution and submit their reports early.

“This timely submission is crucial to ensure the emergence of a new minimum wage,” Shettima said.

He also urged collective bargaining in good faith, emphasising contract adherence and encouraging consultations outside the committee.

The 37-man committee is chaired by the former Head of the Civil Service of the Federation, Goni Aji.

Continue Reading

BIG STORY

JUST IN: 40 Out Of 92 Federal Directors Fail Permanent Secretary Qualifying Exam

Published

on

No lesser than 40 directors failed the qualifying examination for appointment to the position of permanent secretaries.

According to The Nation, result shows that out of 92 directors who took the examination on May 27, 2024, 40 scored below 50 percent, indicating failure.

It was also gathered that three directors were absent, while one was unable to complete the exam.

A memorandum dated May 28, 2024, originating from the Office of the Head of Service, designated as “HCSF/ CMO/ AOD/012/IX/59,” disclosed that the subsequent phase of the selection procedure will involve an ICT-based assessment.

This setback occurs amidst the federal government’s efforts, channelled through the Office of the Head of Civil Service, to address prevailing and forthcoming vacancies by appointing new permanent secretaries.

The vacancies in question span various states, including Akwa Ibom, Anambra, Bauchi, Ebonyi, Jigawa, Ondo, Zamfara, and regions within the South-East and South-South.

Folashade Yemi-Esan, the Head of Civil Service of the Federation, relayed pertinent details in a circular addressed to key government figures such as the Chief of Staff to the President, Femi Gbajabiamila, and the Secretary to the Government of the Federation, George Akume.

Yemi-Esan’s circular, dated April 19, 2024, and personally signed, outlined eligibility criteria, stressing that only directors who attained substantive director status by January 1, 2022, qualify for consideration.

The circular specified the initiation of the process for appointing Permanent Secretaries, emphasizing the importance of adhering to eligibility criteria, updating records on the IPPIS Verification Portal, and maintaining a clean disciplinary record.

The circular, referenced as “HCSF/CMO/AOD/012/IX/24,” stated: “Following the approval of Mr. President, the Office of the Head of the Civil Service of the Federation is initiating the process for appointing Permanent Secretaries in the Federal Civil Service for current and anticipated vacancies in Akwa-Ibom, Anambra, Bauchi, Ebonyi, Jigawa, Ondo, Zamfara states, South-East, and South-South geo-political zones, where current Permanent Secretaries have retired or will retire between April and September 2024.”

Eligibility criteria outlined in the memo include having reached the position of substantive Director on Salary Grade Level 17 by January 1, 2022, updating records on the IPPIS Verification Portal, being from the specified states or geopolitical zones, and not retiring before December 31, 2025.

Additionally, officers currently undergoing disciplinary procedures are excluded from the selection process.

Continue Reading

Most Popular