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.”
As International Women’s Day [IWD] draws near, Wema Bank, Nigeria’s oldest indigenous bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT, has announced its 2026 IWD Grand Event, scheduled to hold on March 4th, 2026.
Inspired by the global IWD 2026 theme “Give To Gain”, Wema Bank’s 2026 IWD event is centred on the topic “When Women Gain, We Grow”, spotlighting not only the importance of giving to women but also the impact of each effort towards this cause, with the ultimate goal of promoting a culture of supporting and celebrating women.
Announcing the event, Wema Bank’s MD/CEO, Moruf Oseni, reiterated the Bank’s commitment to continue pulling its weight in the promotion of women inclusion. According to him, “Wema Bank has never been one to pay lip service and when it comes to gender inclusion; we walk the talk with pride. A society where women are left out is one that is crippled, and as a Bank, we have made it a priority to never relent in providing tailored opportunities for women, celebrating their growth and supporting their journey, towards building a society where every woman can thrive. This was the idea behind the launch of our women-focused proposition, SARA by Wema, in 2019 and this is the inspiration behind all we do as a Bank towards promoting the 5th Sustainable Development Goal [SDG], gender equality”.
“This year’s IWD theme is quite personal to us because as a Bank that continues to give to women, we have seen firsthand the unique potential that lies within women both personally and professionally. As such, we have decided to dedicate this year’s celebration towards reminding the world of the countless ways we can give to women, and why it is not merely an option but a necessity. This year for us, is about impact—spotlighting, celebrating and encouraging it. Our goal is for every person that joins us for this grand event to be positively transformed in mindset and in action, in the hope that more priority will be given to supporting and giving to women both in the little things we do on a daily basis and in the large-scale efforts; as we collectively bridge the gap in gender equality”, Oseni concluded.
Wema Bank’s 2026 IWD event will convene top women across diverse industries and sectors, as well as “everyday” women still trying to navigate life in the face of prevailing realities, providing a platform for women from all walks of life to network, share valuable insights, access viable opportunities and assess shared versus contrasting realities, all towards showcasing how much impact is generated when individuals, institutions and societies give to women.
Among the highlights of Wema Bank’s upcoming IWD event are the SARA Gives to Empower Her Award which promises grants in support of women who have given and made impact on other women; the employee-focused He For She Award which recognises male employees of the Bank who have given to women beyond financial support; the Wema Knight Gives initiative through which the Bank’s staff will give back to women across Nigeria; and the launch of the Wema Bank Girl Child Journal, a reflective journal that collates real-life insights and words of advice for the girl-child from the perspectives of 80 key contributors across different spheres of life.
Anyone interested in attending the event physically or virtually is encouraged to register at wemabank.com/iwd.
Business
Wema Bank Celebrates Valentine’s Day with “Evolution of Love” Campaign for Couples, Singles, and Friends
Following the launch of “ALAT: The Evolution”, Wema Bank, Nigeria’s oldest indigenous bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT, has launched its 2026 Valentine’s campaign tagged “Evolution of Love, powered by Wema Bank”.
Inspired by the “evolution” theme of its upgraded ALAT app, Wema Bank launched the “Evolution of Love” campaign with the goal of celebrating different forms of love experienced by customers, and how they have evolved over time. From self-love to friendship, romantic love to family, this campaign introduces a fresh twist to Valentine’s, decentralising romantic love and creating a space for every Wema Bank customer this season of love.
“Evolution of Love, powered by Wema Bank” calls on new and existing Wema Bank customers across 4 categories: Singles [self-love], friends [friendship], married couples and those getting married this February [romantic love]. While the gifts vary across each category, the requirement is the same—create a Love Goal on the ALAT App and submit a 1-minute video on any social media platform sharing how your love journey has evolved over the years, for access to gifts ranging from cash to spa vouchers, vacations and expense-paid getaways, and for one couple getting married in February, a special performance at the wedding from a celebrity artiste, courtesy of Wema Bank.
Announcing the campaign, Wema Bank’s MD/CEO, Moruf Oseni, gave further insights into the Bank’s approach to celebrating Valentine’s this year. According to him, “Love is central to the delivery of true customer-centric service, and as a Bank that prides itself on being customer-centric, this is reflected in the thought, intentionality and commitment we put into all we do at Wema Bank. It has always been clear how much we care about our customers and this year, we decided to celebrate the journey of love across different categories that reflect the different experiences and realities of our customers, from friends and couples who have grown together over the years to lovers taking the bold step of marriage and even singles because self-love is crucial”.
“This Valentine’s, we chose to acknowledge the beauty of every love journey, and we are inviting all new and existing customers who have a story to share. For the friends and singles, our goal is to promote true friendship and self-love. For families and married couples, our goal is to strengthen bonds by reminding them of how far they have come. For those intending to get married, we are adding one more memorable touch to their wedding with a special artiste performance. Our ultimate goal is for every Wema Bank customer to feel loved this season and beyond,” Oseni concluded.
Anyone interested in submitting their entry is encouraged to make a 1-minute video sharing their love journey and where applicable, feature the person with whom their love has evolved. All submissions are to be posted on any social media platforms using #ALATEvolutionofLove and tagging @alat_ng and @wemabank.
To be eligible, customers are expected to activate SAW, the Voice Banking virtual assistant on the upgraded ALAT App, create a personal or group goal on the app with the name “Love Goal”, fund the goal and transact with their ALAT/Wema card between February 1st – February 10th.
More details on qualification criteria are available at wemabank.com/love
Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has launched the upgraded version of its flagship digital banking platform, ALAT by Wema. Designed as the next phase in digital banking, the upgraded version of ALAT delivers a smarter, faster, and more intuitive experience, reinforcing Wema Bank’s leadership in technology-driven financial services.
Tagged ALAT: The Evolution, the upgraded version represents a significant advancement in how customers interact with their bank. It enables seamless banking through intelligent features such as voice banking (called SAW), which allows customers to carry out banking activities using natural voice commands, reducing friction and improving accessibility. It also introduces Tap and Pay for quick, secure, and convenient contactless transactions, alongside uptime prediction that enhances transparency, reliability, and confidence around service availability. Together, these innovations are designed to simplify everyday banking while anticipating customer needs in real time, reinforcing Wema Bank’s commitment to trust, efficiency, and customer-centric digital experiences.
Announcing the upgraded version, the Managing Director and Chief Executive Officer of Wema Bank, Mr. Moruf Oseni, said, “ALAT: The Evolution is more than an upgrade. It is a clear demonstration of our commitment to redefining digital banking in Africa. By understanding the future of banking and listening closely to our customers, we have upgraded ALAT by Wema to a digital banking platform that is smart, intelligent and dependable. This evolution reinforces our promise to deliver innovation that genuinely enhances how people live, work, and transact everyday.”
He added that migrating to the upgraded app is seamless. “Existing customers can simply visit the Google Play Store or Apple App Store to update their existing ALAT app and sign-in with their existing login details (All their account information and transaction history remain intact on their profile and they will also gain access to new features that make banking faster, more intuitive, and more reliable). For new customers, all they have to do is visit the Google Play Store or Apple App Store to download ALAT by Wema app and click the Get Started icon to onboard seamlessly.
Speaking on the technology in the upgraded ALAT by Wema, Mr. Olusegun Adeniyi, Chief Digital Officer at Wema Bank, explained, “With ALAT: The Evolution, we set out to enhance not just functionality but the overall banking experience. By integrating voice banking, contactless payments, and predictive reliability, we are delivering a platform that is built on powerful technology and responds intelligently to customer needs. This upgrade reflects our long-term digital vision to create a digital bank that is adaptive, intuitive, and consistently available.”
Built on speed, intelligence, and user-centric design, ALAT: The Evolution redefines everyday banking through intuitive features such as voice-enabled transactions, contactless payments, and predictive service reliability. Designed to anticipate customer needs in real time, the platform delivers a smarter, more seamless, and dependable digital banking experience that reflects Wema Bank’s vision for the future of finance.
With the upgraded version of ALAT, Wema Bank continues to strengthen its position as a digital-first institution, delivering innovative solutions that empower individuals and businesses to bank with confidence in an increasingly digital economy.
-
News3 years agoJust In: President Tinubu returns to Nigeria
-
Entertainment3 years agoSocial media cloth Vendor Found Dead In Ibadan Hotel.
-
News3 years ago2023 Elections: Outgoing Rwandan High Commissioner say s Nigeria, ‘ handle their destiny’ in a peaceful way.
-
News3 years agoOgun HoS Solicit Affordable Housing For Civil Servants
-
Trending News3 years agoFG begins 40% pay rise for workers.
-
Entertainment3 years ago9mobile Ambassadors Begin “Meet And Greet” Session With Staffs, Customers.
-
Health & Wellness3 years agoBreastfed babies have lower risks of diabetes – Nutritionist
-
Business3 years agoJUST IN: DSS Arrests Godwin Emefiele