₦airaland Forum

All these revelation will not bring back the company to Nigeria...or will it?

dre11:
INSIDER: Not Forex, Not Gov’t Policy. Real Reason GSK Left Nigeria After 51 Years




https://fij.ng/article/insider-not-forex-not-govt-policy-real-reason-gsk-left-nigeria-after-51-years/

Ooops!

This was scripted by Bayo Onanuga to lend legitimacy toTinubu's regime that the exit of the multinational company had nothing to do with Tinubu's nebulous philosophy.

But we can't be deceived!

turmacs:
Wait OP, you really expect somebody to read all these things you wrote up there? Haaa..

Anyway, i don't know who needs to hear this but if you have a friend that loves to eat head of chicken, head of goat, fish, or head of any meat in general, run from those types of people, i repeat, run from those types of people. A lot of the signs most of us take for granted and think that it actually doesn't mean anything are actually all you need to know the type of person somebody is. Any friend of yours wey go open eye dey eat head of animal, keep that kind friend at a safe distance.

Lol I did.

[quote author=Cyril44 post=130788968]Who read am


Abeg make he summaries am for me



Na person way chop bellyful dey read long note[/quote
Will you pay?

dre11:
INSIDER: Not Forex, Not Gov’t Policy. Real Reason GSK Left Nigeria After 51 Years




https://fij.ng/article/insider-not-forex-not-govt-policy-real-reason-gsk-left-nigeria-after-51-years/

Same misconception was raised about Sanofi. Here's Sanofi:

Why Sanofi Is Not Exiting Nigeria, Changing Its Global Business Model

https://www.nairaland.com/7918252/why-sanofi-not-exiting-nigeria

This won't change the fact that Nigeria remains the biggest market in Africa .
They can leave but they would regret later .

I said it at the time but haters of Nigeria and lovers of any bad news came for me

Post from August 2023

casualobserver:
My friend you are the ignoramus. GSK globally as a company has been having problems for a long time. Their drug pipeline and drugs under patents have been shrinking. They even had to sell their Lucozade and Ribena business some years ago to help restructure their business. Like I said the problem with GSK is they don’t have enough drugs under patent. Stop viewing g everything Nigeria as bad news. You should be celebrating that Nigerian companies are effectively competing with foreign pharmaceuticals to they point where our local companies are driving them out of business and keeping the profits in Nigeria.

Name a drug/vaccine GSK sell in Nigeria and I will tell you the generic equivalent either manufactured in Nigeria or Imported from India.

This pull out is not about Nigeria but about the uncompetitiveness of GSK.

Like I said the fact that a local pharmaceutical Fidson has a staff strength of 219 compared to the 280 for a big multinational GSK with all their power and might tells you they never had or had lost market share in Nigeria.

Be it pharmaceuticals, FMCG we should all be celebrating that local manufacturers are coming of age and driving the multinationals away. Be it things like yoghurt, soft drinks, beer, medicines, soaps, edible oil, foodstuffs etc, Nigerian manufacturers are coming of age, holding their own and beating the multinationals and driving them out of the country.

Spidermon:
Tally the onset of all these movements with the onset of this new government and the recent FG's tax waiver on pharmaceutical imports.

This country is being administrated from overseas. Tinubu is just a placeholder

It's possible that:

- these exits of multinational companies are part of an agenda ( I know that repeatedly this looks like a silly conspiracy theorist) to destabilise Nigeria economically & health-wise. I won't be surprised to learn that GSK is being "advised " by their western countries to silently move away from Nigeria, before something happens.

*However, we must not forget that the report claims GSK is also leaving many African countries*

dre11:
INSIDER: Not Forex, Not Gov’t Policy. Real Reason GSK Left Nigeria After 51 Years




https://fij.ng/article/insider-not-forex-not-govt-policy-real-reason-gsk-left-nigeria-after-51-years/

Oga, leave long epistle...the question is not why they left but when they left and they left during Tinubu's Tinubulation.

This APC propaganda will not fly, sane Nigerians already know the truth.

they know nigerians are greedy:

Rather than build a factory, the company advised the shareholders to share the proceeds as dividends. In the end, they all agreed to a one-time N7-per-dividend payment.

turmacs:
Wait OP, you really expect somebody to read all these things you wrote up there? Haaa..

Anyway, i don't know who needs to hear this but if you have a friend that loves to eat head of chicken, head of goat, fish, or head of any meat in general, run from those types of people, i repeat, run from those types of people. A lot of the signs most of us take for granted and think that it actually doesn't mean anything are actually all you need to know the type of person somebody is. Any friend of yours wey go open eye dey eat head of animal, keep that kind friend at a safe distance.

Which kind small pikin post be this one again.

I am sure this is a spin.

We need local business giants in all sectors. Thank God our energy future is in the hand of a Nigerian. Foreign giants will only come when locals are doing great.

Zico5:
Nothing is truly remain in this country. Nigeria is currently not a place to be. Only politicians and few elites can cope. If u have a mean to japa, pls don't look back. Praying for this country to get better is a wasted efforts.

I swear, it's not going to get better at all

Brainlight:
DISWAN NO LEARN SUMMARY FOR SCHOOL.

At alllllll....
Na im type de write pass the stipulated 450 words in letter writing for Waec.

SmartPolician:
Coming from FIJ, I have no reason to dispute it because its a core media house focused on investigative journalism.

As many companies are leaving Nigeria, I hope Tinubu is bringing in new ones to replace them

If you don't resolve the underlining issues why those companies are leaving, don't expect to see new ones.

dre11:
INSIDER: Not Forex, Not Gov’t Policy. Real Reason GSK Left Nigeria After 51 Years




https://fij.ng/article/insider-not-forex-not-govt-policy-real-reason-gsk-left-nigeria-after-51-years/

The company itself has stated lack of forex and volatile Nigerian economy as the reason they left and you are here writing sermon to justify what exactly?

So we should stop eating the legendary Isi Ewu pepper soup just because you had a good night sleep and got up feeling like Einstein minus ability to read a brief report?

turmacs:
Anyway, i don't know who needs to hear this but if you have a friend that loves to eat head of chicken, head of goat, fish, or head of any meat in general, run from those types of people, i repeat, run from those types of people. A lot of the signs most of us take for granted and think that it actually doesn't mean anything are actually all you need to know the type of person somebody is. Any friend of yours wey go open eye dey eat head of animal, keep that kind friend at a safe distance.

That's the objective of investigative journalism.

babajero:
The company itself has stated lack of forex and volatile Nigerian economy as the reason they left and you are here writing sermon to justify what exactly?

bestman09:
Forget this your long story to defend your failed leaders. No company or business will leave an environment that's good for business.

Nigerian business environment is hostile, even to we Nigerians, not to talk about multinationals.

Ebola came to destroy and kill the remaining hope of the people.

But in the write up,they left SA and Kenya too

Can anyone just summarize the summary of this whole epistle?

The West nor be Father Christmas to Africans. They came for profit. Know this and know peace.

8081680534 palmpay. Anything to feed. Thank u

Yimmu! If the business is truly profitable and the economic condition is favorable to them, the owners will leave? Dey play....all others that left in it's wake too were taken over by hostilities ba

Them say by the time Tinubu finish with Nigeria, we no go recognize it again!

From the article, it's can be said that GSK took the divestment decision from Nigeria and other African countries for the purpose of increasing its profit margin to the detriment of Nigerian patients, especially those suffering from the Asthma ailment.
It is worrisome that over the years, our Pharmaceutical companies did not rise to the challenge to produce their own versions of Asthma reliving inhalers and antibiotics ((Augumentine is currently about N30,000 a bottle) which would have countered the excessive profit motive of the foreign pharmaceutical companies.
The Pharmaceutical Society of Nigeria (PSN), the private Nigerian Pharmaceutical firms and the Federal Government should meet and take cogent decisions that will enable the speedy production of high quality alternatives to those of foreign firms; this can be achieved through the provision of support to the local Pharmaceutical firms by the Government as this might save many lives in the end.

I read the post from beginning to the end and I came to a conclusion that they are not the cause of Africa economy crisis and the company is set out to make profit, not a charitable organization. If our government needs an ngo or charitable organization they should go ahead and aquire the company and starts giving out drugs for free or selling at a palliative price.

Wonderful, what you did here is amazing. Keep it up. Though you missed one important sub-article related to the corruption scandal involving GSK in China as alleged. But that's okay, you did a good job at the summary.
I pity for this generation, lots of lazy bones...
An article less than two pages and that is what y'all are shouting up there that it is too long.

Yet most of you will spend hours watching useless meme clips on YT, FB, TK, IG or other SM platforms...
Indeed the saying goes, if you want to hide something from a black man/woman, put it in writing.

While not totally absolving the bad government and poor grasp of the economic revival, this article puts another perspective to the story.
I will FIJ to also dig more in the exit of the like of Diageo/Guinness, etc.

earleswood:
Here are the key point/summary

- GSK UK has been systematically planning its exit from Nigeria for over a decade, with the ultimate goal of focusing on more profitable markets and implementing a distributor model.

- In 2016 they sold their drink portfolio against the wishes of local shareholders who wanted proceeds reinvested in local manufacturing.

- 2017 leadership change accelerated plans, exiting 15 African countries to boost profits 25%.

- Nigeria exit plan involved dividing the board, appointing GSK staffers, manipulating vote. Offers from buyers to keep business running were rejected.

- Exit has severely impacted patient access and care, with drug prices rising 10x+ as GSK allowed shortage of key medicines.

- Despite citing forex issues, GSK continued supplying Ukraine but rejected Nigeria deals that could have resolved forex problems.

- Overall the data shows GSK prioritized profits over patients, executing a long-term strategy to leave the Nigerian market while maximizing financial returns for shareholders. Local needs appear to have been an afterthought at best.

The key actions GSK should consider are:

1) Address why offers to solve forex issues were rejected if that was a real concern.

2) Justify how patient needs were meaningfully considered given drug access challenges post-exit.

3) Review governance process around board engagement and shareholder vote given apparent efforts to influence outcome.

4) Consider steps to improve local supply or alternatives for patients still reliant on GSK medicines.

That covers the high-level summary of the key details and issues that seem most pertinent for GSK to address based on the information provided. Let me know if any part needs more clarification or expansion.

To cut the long story short, they were enjoying too much profit, but decided to throw it away and move out? People sell scraps and move on, while the scrap buyers buy with the hope of working on the scrape to get it moving again. APC is a complete disaster.

You are right.
This is what you get when the government or selfish politician do not take the interests of their citizens serious.
Most serious economies do not allow these giant corporations with their hawking and selfish policies to override their national interest.

The Indians for example will ensure that the patents are sort of localized and the brands alternatives locally produced to greatly make the drugs affordable. The US recently did same for HBP drugs and like.

lozanni:
From the article, it's can be said that GSK took the divestment decision from Nigeria and other African countries for the purpose of increasing its profit margin to the detriment of Nigerian patients, especially those suffering from the Asthma ailment.
It is worrisome that over the years, our Pharmaceutical companies did not rise to the challenge to produce their own versions of Asthma reliving inhalers and antibiotics ((Augumentine is currently about N30,000 a bottle) which would have countered the excessive profit motive of the foreign pharmaceutical companies.
The Pharmaceutical Society of Nigeria (PSN), the private Nigerian Pharmaceutical firms and the Federal Government should meet and take cogent decisions that will enable the speedy production of high quality alternatives to those of foreign firms; this can be achieved through the provision of support to the local Pharmaceutical firms by the Government as this might save many lives in the end.

If you know truly you finish reading this post I have a gift for you, just send your account you won yourself #500, only for first five ooo , but no lie ooo

turmacs:
Wait OP, you really expect somebody to read all these things you wrote up there? Haaa..

Anyway, i don't know who needs to hear this but if you have a friend that loves to eat head of chicken, head of goat, fish, or head of any meat in general, run from those types of people, i repeat, run from those types of people. A lot of the signs most of us take for granted and think that it actually doesn't mean anything are actually all you need to know the type of person somebody is. Any friend of yours wey go open eye dey eat head of animal, keep that kind friend at a safe distance.

Please expatiate why?

Couldn't believe I read this piece from A to Z