Business
May & Baker Urges Government Action On Impact Of Power, Forex On Drug Prices.
The Managing Director and CEO of May and Baker Nigeria Plc, Mr. Patrick Ajah, has warned that the cost of medicines in Nigeria will remain high until the power and forex situations in the country improve.
He also disclosed that an executive order signed by President Bola Ahmed Tinubu on June 28, 2024, exempting essential medical imports from duties and VAT, has yet to be implemented, despite being over two months old.
Ajah made this statement at a press conference in Lagos, commemorating May and Baker’s 80th anniversary in Nigeria.
He attributed the high cost of medicines to local manufacturers’ reliance on imported Active Pharmaceutical Ingredients (APIs) and packaging materials, which are affected by the high and fluctuating exchange rate.
According to him, the pharma industry has done a lot to reduce the cost of medicines, including depriving themselves of profits, despite paying high forex, and tariffs to import APIs and packaging materials.
His words: “When GSK left, prices of things like Ventolin Inhaler, which we know many asthmatic patients need, skyrocketed.
“Any asthma patient that goes into crisis and doesn’t have inhalers is going to die. There’s nothing you’re going to do about it, and the doses are very technical, there is no company in Nigeria that can make them because they don’t have the machine to make those inhalers.
“It used to cost about N1,800 when GSK was fully on the ground. The month they announced they were leaving. It was not available anywhere. It’s not just Ventolin, there’s Seretide and the others, also inhalers. The cost of Ventolin went as high as N25,000 and Seretide as high as N50,000.
“And some of the key reasons are because we’re still importing. Most of the APIs that we use are imported. I just came back from India. Most, if not all the APIs are imported including packaging materials and so many other things that we use to produce these medicines, they are imported.
“The difference you’re going to have is if that product can be made by a local company like us, the cost will be less than if you were importing the finished product because you’ll be importing everything.
“When Nigeria floated Naira, the exchange rate went from N461 to a dollar, to N1,600 to a dollar. We’ve been struggling for some months now to buy dollars. The least we can get is N1,509. Multiply that increase by how much we buy active ingredients, like paracetamol.
“So, if you multiply it, you find out that most companies are not making a profit. And that’s why companies are collapsing. If the government doesn’t do anything about the exchange rate, I’m sorry to say the price of drugs will not come down.
“We have on several occasions held ourselves from doing price increases. The other time, it started coming down, it came down to N1,300, and we were rejoicing that it is coming down, but we know where it is now, over N1,500 to a dollar.
“Some months back, the government made an announcement and said effective immediately there are goods they are removing tariffs from. We all heard it, you know these things are said in the newspapers and on television and people are going to be expecting that, the price is going to go down tomorrow.
“As we speak, I’m in the committee that was set up to help the government on implementation. Since that time, it’s more than two months old. Nothing has been done.
“So yeah, we can make this announcement, but if it’s not implemented, nothing is going to happen; but having said that, even implementing that is not going to change much, because you’re just dealing with maybe 5 per cent of the problem.
“If the forex situation is not addressed, we’ll have a long way to go. Take customs in Nigeria for instance. They are in Nigeria and operate in Nigeria, but the moment the forex situation changed, customs changed tariffs based on the exchange rate, and so many other things.
“So that is what’s going on. But as local companies, it will still be much better than if you were importing the drug, because our own cost of operation, once we have covered that, we try as much as possible not to do an increase beyond what we think people can afford.
“We also need people to be able to afford our products. As we speak, and I’ll just say this and leave it at that – the cost of power has increased by over 300 per cent. So, as we speak, every month, like I said, I’m not going to put numbers.
“But I know that a friend of mine who has a company told me that his cost for power is between N250 million to N300 million in a month.
“This man is also going to need to recover the cost of producing the medicine. So, it is a whole lot. And I know it’s all driven by the forex situation. But we’ll keep doing our best in the areas where we can reduce prices to hold it on.”
The National Drug Law Enforcement Agency has dismantled a transnational methamphetamine production syndicate jointly operated by a Nigerian drug cartel and Mexican collaborators, leading to the arrest of 10 suspects.
Also, illicit drugs and chemicals valued at over N480bn were recovered during the operation.
The Chairman and Chief Executive Officer of the NDLEA, Brig. Gen. Buba Marwa (retd.), disclosed this on Wednesday during a media briefing at the agency’s headquarters in Abuja.
Marwa said the operation, carried out by operatives of the agency’s Special Operations Unit, led to the discovery and shutdown of what he described as the biggest clandestine methamphetamine laboratory ever uncovered in Nigeria.
According to him, the laboratory was hidden in Abidagba forest in Ijebu East Local Government Area of Ogun State and was being operated by the Anochili Innocent Drug Trafficking Organisation.
He said the coordinated operation was conducted simultaneously in Ogun and Lagos states on Saturday, May 16, 2026, following months of intelligence gathering.
Marwa said, “Through a clinical, simultaneous operation executed by the elite operatives of our Special Operations Unit, we have successfully dismantled a sophisticated, transnational methamphetamine production syndicate run jointly by a Nigerian drug cartel and their Mexican counterparts.
“This network did not just traffic drugs; they were actively manufacturing industrial-scale quantities of highly lethal illicit substances right on our soil.”
He disclosed that seven members of the cartel were arrested at the forest laboratory, including three Mexican nationals allegedly brought into Nigeria to produce methamphetamine.
Marwa said the arrested Mexicans were identified as Martinez Felix Nemecto, 46; Jesus López Valles, 40; and Torrero Juan Carlos, 51.
According to him, Nigerian suspects apprehended at the site included Nwankwo Sunday Christian, 41; Igwe Abuchi Remijus, 42; Ifeanyichukwu Chibuike Joshua, 23; and Egwuonwu Uchenna Victor, 38.
Marwa added that another tactical team arrested the alleged kingpin of the cartel, Anochili Innocent, at his residence located at No. 8 Tafawa Balewa Street, Golf Estate, Lakowe, Lekki, Lagos.
According to him, a search of the residence led to the recovery of the passports and mobile phones of the arrested Mexican nationals, linking the suspect directly to their importation and activities in Nigeria.
He further revealed that follow-up operations on May 18 led to the arrest of another suspect, Kingsley Orike Omonughwa, 44, at another property linked to the cartel in Mayfair Estate, Lakowe, Lekki.
The NDLEA boss said operatives also raided the residence of another syndicate member, Emeka Nwobum, which allegedly served as the cartel’s stash house.
He said the total number of suspects arrested in connection with the syndicate had risen to 10, comprising the alleged baron, three Mexican nationals, and six Nigerian collaborators.
Marwa stated that the operation led to the recovery of 2,419.48 kilograms of methamphetamine and precursor chemicals.
“The operation yielded a massive 2,419.48 kilograms of chemical materials, including highly toxic, volatile, and crystallised methamphetamine worth $362,922,000 in the international market. This translates to over N480bn,” he said.
“Also recovered from the cartel include: a Toyota Tacoma vehicle used for operations at the clandestine meth laboratory, and a Toyota Highlander seized from the kingpin’s residence.
“To put this in perspective, the 2,419.48 kilograms of finished and liquid methamphetamine seized represents millions of street doses that would have flooded our local communities and international markets, causing untold destruction, psychosis, and violence,” he said.
Marwa warned that the NDLEA would continue to target drug cartels and their collaborators across the country.
“We are fully aware of the shifting tactics of these cartels, including the disturbing trend of hiring South American cartel specialists to set up production factories in our rural communities,” he said.
He urged Nigerians to remain vigilant and report suspicious activities in their communities, noting that the clandestine laboratory in Ogun operated under the cover of a regular farm.
This is came days after the operatives of the NNDLEA, Edo State Command, destroyed two cannabis farms in Ago Forest, Orhionmwon Local Government Area of the state.
The state commander, Mitchell Ofoyeju, in a statement on Monday, said the cannabis plantations had a yield of 1,388.42kg.
He added that four suspected drug traffickers were also arrested in the past one week.
The government of Togo has announced the removal of visa requirements for citizens of all African countries visiting the country for short stays of up to 30 days.
The announcement was made on Tuesday in a statement issued by Togo’s Ministry of Security through its official X (formerly Twitter) handle.
According to the ministry, the policy is aimed at strengthening African integration and promoting the free movement of people across the continent.
Under the new arrangement, African nationals holding valid passports will be permitted to enter Togo without a visa for visits not exceeding 30 days.
“Togo takes a historic step in strengthening African integration. Henceforth, all nationals of African states holding a valid national passport may enter Togolese territory without a visa, for a stay of up to 30 days,” the statement said.
It added that the reform reflects the commitment of the country’s leadership to making Togo a hub of openness, mobility and cooperation within Africa.
“Through this major reform, the President of the Council reaffirms his commitment to making Togo a space of openness, mobility, opportunities, and cooperation at the heart of the African continent,” it added.
However, travellers will still be required to complete an online travel declaration on the official government platform at least 24 hours before arrival to obtain a travel clearance slip.
The ministry said the policy reinforces Togo’s dedication to regional integration and stronger diplomatic and economic ties among African nations.
The decision follows similar visa-free initiatives adopted by countries such as Rwanda.
In a related development, the Nigeria government has also begun implementing a 30-day visa exemption policy for Rwandan nationals entering the country.
As the deadline of May 20, 2026, fast approaches, Wema Bank has announced the last call for submissions for children and teens interested in participating in becoming MD/CEO of Wema Bank for one day.
Launched in May 2025 as part of Wema Bank’s 80th anniversary celebration, the One-Day MD/CEO initiative was introduced by Wema Bank to commemorate Children’s Day in a uniquely unprecedented manner. Inspired by the Bank’s 80th anniversary theme “80 Years of Impact, A Future of Possibilities”, the Wema Bank One-Day MD/CEO initiative served as a bridge between past and future, giving children across Nigeria the once-in-a-lifetime opportunity to become the MD/CEO of Wema Bank for one day—Children’s Day.
As 12-year-old Chiderije Mbah emerged winner, the Wema Bank One-Day MD/CEO initiative dominated the conversation on May 27, 2025, with children across Nigeria inspired to put in the work towards a successful future and parents commending the Bank’s consistent commitment to empowering children and helping them build the right future. This year, 2026, the Wema Bank One-Day MD/CEO initiative has returned on a larger scale.
For the 2026 Children’s Day celebration, Wema Bank will give another child or teenager [ages 0-16] a chance to step into the shoes of Managing Director/CEO of Wema Bank, for a day. The child will get to oversee board meetings, make tactical decisions, and experience firsthand the demands and responsibilities that come with the office of MD/CEO, especially for an institution like Wema Bank, Nigeria’s oldest indigenous national bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT.
To participate, children/teens are expected to record a 60-second video detailing what their ideal role in banking would be and what they hope to achieve. This video is to be posted on any social media platform using #EvolutionOfPossibilities and tagging @wemabank on the post. The post with the highest number of likes emerges winner and the winner gets to become MD/CEO of Wema Bank on Monday, May 25, 2026, in celebration of Children’s Day.
Both parents and teens are encouraged to hurry and make their submissions now as entry closes in less than two days, specifically on Wednesday, May 20, 2026.
More details on the Bank’s social media platforms @wemabank
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