Oando Plc Favour Ifeoluwa & Akinola Ajibade Oando Plc says it has completed and won the bid for the operatorship of oil block KON 13 in Angola. The firm which recently acquired Eni of Italy’s oil assets in Nigeria, said that the award of the oil block located in Angola’s onshore Kwanza Basin followed a competitive bidding process by the country’s oil and gas sector regulator. It further said hat the asset in which it owns 45 per cent participating interest, has estimated prospective resources of 770 to 1,100 million barrels of oil. Oando is handling its operations relating to the asset through its upstream subsidiary, Oando Energy Resources (OER). “Oando Plc, Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a...
By Favour & Akinola Ajibade
The planned exit of the British Pharmaceutical giant, GlaxoSmithkline(GSK) from Nigeria after spending fifty one year(51) shows that the company does not perceive growth prospect in the country, the presidential candidate of the Labour Party in the 2023 election, Peter Obi, has said.
This follows the company’s announcement of plans to end its prescription medicines and vaccine production in the country.
The firm produces products like lucozade, Ribena, Panadol, Macleans, Andrew Liver Salt among others.
In a statement sent to the Nigerian Exchange Limited, the multinational pharmaceutical company said it would transform to a third-party direct distribution model for its pharmaceutical products.
In a tweet sent on Friday night, Obi said that the decision by the firm to leave Nigeria is disheartening, as well as showing the fact that the country's environment is no longer safe for investments.
He describes the development as part of the poor management of our economy.
“As a result, millions are losing their jobs and our poverty index is worsening, even though we’re already being perceived as the world’s poverty capital,” the post read in part.
Reporting Obi’s reaction to the development, Channels Television stated that he said: “The multinationals that are leaving our country have not only created jobs but have created immeasurable training that contributed immensely to our human capital development over the years.
“Now they are leaving our shores one after the other. GSK which has a manufacturing facility in Agbara, Ogun State on over 25 hectares of land had directly employed over 400 highly technical workers like pharmacists, microbiologists, biochemists, chemists, dentists, doctors etc, and also employed over 1000 other staff.
“It indirectly provided jobs and business opportunities for thousands of Nigerians across the nation. They are now leaving all these behind, and pushing more people back into unemployment.
“I have consistently maintained that in turning our nation around, we must move the economy from consumption to production, part of which included encouraging and supporting local and foreign investments, like GSK, in the country.
“The creation of an environment that creates and sustains multinationals to invest in our country is key to our dream of greatness. In the new Nigeria that we seek to create, the emphasis on production will encourage investors to stay and expand on our shores.”
GlaxoSmithKline was incorporated in Nigeria in June 1971 and commenced business the following year.
The multinational pharmaceutical company, initially known as Beecham at its incorporation, is well-known for products like Panadol, Ribena, Lucozade, Macleans, and Andrews Liver Salt, among other products.
After 51 years of operation in Nigeria, British pharmaceutical giant GlaxoSmithKline (GSK) has announced plans to end its prescription medicines and vaccines in the country.
In a statement sent to the Nigerian Exchange Limited, the multinational pharmaceutical company said it would transition to a third-party direct distribution model for its pharmaceutical products.
At the same time, the company said it is now working with its advisers to agree on the next steps, while it plans to submit a scheme of arrangements to the Securities and Exchange Commission for the possible return of cash to its local shareholders.
GlaxoSmithKiline was incorporated in Nigeria in June 1971 and commenced business the following year.
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