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GSK Ends Nigeria Commercialization Amid Forex Challenges

GSK Group
GSK Group

GSK UK Group to Cease Commercialization of Prescription Medicines and Vaccines in Nigeria.

In a strategic move, GSK UK Group has informed GlaxoSmithKline Consumer Nigeria PLC of its decision to halt the commercialization of its prescription medicines and vaccines in Nigeria. The company released an official statement, signed by Company Secretary Frederick Ichekwai, to the Nigeria Exchange Limited (NGX) regarding this development.

As per its unaudited HY 2023 financial statement, GSK UK Group intends to appoint a local third-party distributor in Nigeria to supply its consumer healthcare products. This decision comes amidst forex challenges that have been affecting the availability of drugs in Nigeria.

Acknowledging the disruption caused by forex challenges, GSK stated its commitment to limiting the period of time its products would be out of stock in Nigeria. Ensuring patient access to their medicines and vaccines remains a top priority for the company, and they are actively engaging with stakeholders to find sustainable solutions.

Earlier, concerns were raised by shareholders of GlaxoSmithKline Consumer Nigeria PLC, urging both the company’s board and the federal government to prevent the company from facing further distress. The fear arose after rumors suggested that GSK would close down its production manufacturing in Nigeria and rely solely on imports.

In response to these developments, the company assured that it would adhere to all necessary legal proceedings concerning its employees and shareholders. GSK UK Group emphasized its commitment to treating employees fairly and respectfully while complying with all applicable legal and consultation requirements.

Regarding shareholders, the company is working with professional advisors to determine the next steps, intending to submit a draft Scheme of Arrangement to the Securities and Exchange Commission (SEC). If approved, this scheme could potentially lead to an accelerated cash distribution and return of capital for shareholders other than GSK UK.

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