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.”
Kingdom Men Global Network aka KMEN has formally announced the programmes of the 13th edition of its flagship annual gathering for men, Mega Summit.
This year’s event will open on Thursday May 14 and end on Sunday May 17 with an all-men musical concert.
The 2026 edition of Mega Summit which will hold at the Presken Hotels on Alade Avenue opposite Airport Hotel, Ikeja Lagos has as theme: Legacy…Faith. Family. Community. And for the first time Mega Summit will host an award on the opening day in memory of foremost Nigerian diplomat and integrity personified and pioneer Chairman of the Board of Trustee of KMEN, late Dr Christopher Kolade who died last year at the age of 92.
The KMEN-Christopher Kolade – Men in Leadership Award for Courageous Manhood will be heralded by the Men in Leadership Summit (MiLEADS) with the sub-theme – Building a Culture of Leadership with Integrity. And will have as speakers Archbishop John Osa-Oni of Vineyard Christian Ministries., Pastor Tunde Bakare of The Citadel Global Community Church, and renowned Pharmacist, entrepreneur and politician Mazi Sam Ohuabunwa, OFR.
Pastor Tunde Bakare
Day two will feature another special session for Men in Church Leadership (MiCLEADS) with the sub-theme: Leaving a Legacy of Faith/Discipling for the Next Generation, and will have as speakers Bishop Sunday Onadipe, Bishop, Methodist Church of Nigeria, Diocese of Badagry, Apostle Eyinnaya Okwuonu, former Chairman of Pentecostal Fellowship of Nigeria (PFN), Lagos Chapter., Pastor Dominion Roberts from Liberia, and Rev Fr Matthew Ogunyase of the Catholic Mission, Lagos.
While day three will open with a Special Town Hall discussion on Family with the sub-theme – The Father’s Role in Shaping Legacy and is the only mixed gender panel for Mega Summit 2026 featuring foremost life change coach, Mrs. Yemisi Lagunju and Rev David Abraham, who is the managing director of Managing Business for Christ (MBFC).
On Saturday is a Special Town Hall on Resisting an Emerging Legacy of Addictions. This segment will feature a presentation by Dr Dokun Adedeji on the ravage of Drug Addictions, alongside Abiose Akolade Ladipo, Co-Founder of GamblePause, a Lagos-based NGO in the fight against Gambling Addictions.
Later in the afternoon on Saturday is a second Town Hall session on Business and Economy with the sub-theme: Building Sustainable/Generational Businesses, and will feature notable panelists like Rev Professor Biodun Adedipe Founder of BA and Associates, and Rev Dr Abba Peter, Managing Director of Best Practices Limited, among others.Other Town Hall segments at Mega Summit 2026 include that on Politics/Governance with the sub-theme: Swimming Against the Tide – National Transformation through Service, and another Town Hall on Media featuring Mr. Mustapha Isah Osikhekha, former President of the Nigerian Guild of Editors (NGE), Omoba Deji Irawo and others as they navigate best way to Reclaim the Narrative: Legacy in Digital Spaces.
An extra-ordinary edition, the 13th edition of Mega Summit will also have segments designed to equip leaders in men’s ministry through the instrument of KMEN’s School of Men’s Ministry/ISI Training. Each day of Mega Summit 2026 is divided into three segments – morning starting at 9 am, afternoon session and evening climaxing with an impartation service.KMEN is an uncompromisingly Bible-based, independent ministry to men. Established nearly two decades ago, the ministry’s objective is to assist men, irrespective of their church affiliations, in their Christian Walk, that they may become better sons, brothers, husbands, fathers and leaders.
The Ikeja Electric Plc has given reasons for the ongoing power outages experienced by cudtomers, attributing the situation to reduced electricity allocation from the national grid.
In a statement posted on its X handle at , the company apologized for the disruption, noting that some parts of its network were experiencing supply constraints due to reduced power allocation from the grid.
It added that, to manage the shortfall and maintain grid stability, it had introduced temporary load shedding across affected feeders.
The Ikeja Electricity company said as part of efforts to maintain grid stability and ensure equitable distribution of available power, temporary load shedding is being implemented across affected feeders and locations. The company said it was working with relevant stakeholders to improve supply and minimise the impact on customers.
The latest notice follows months of unstable electricity supply in Lagos and other parts of Nigeria, driven largely by a drop in generation linked to gas shortages.
Wema Bank Plc is celebrating the 9th anniversary of ALAT by Wema, Africa’s first fully digital bank, marking nine years of transforming how Nigerians experience banking.
Launched in 2017, ALAT by Wema was introduced as a bold response to the limitations of traditional banking, long queues, physical barriers, and slow processes. By eliminating these constraints, Wema Bank redefined banking as a fully digital, instant, and accessible experience, enabling customers to open accounts, transact, and manage their finances seamlessly from anywhere.
Over the past nine years, ALAT has evolved beyond convenience into a comprehensive digital ecosystem designed to meet the changing needs of individuals, businesses, and a new generation of financially aware users. From enabling structured savings through features like ALAT Goals to simplifying payments and expanding access to financial services, the platform has consistently delivered solutions that empower users and drive financial inclusion at scale.
This journey of continuous innovation has positioned ALAT not just as a digital banking product, but as a platform that adapts, grows, and evolves alongside its users.
To commemorate this milestone, Wema Bank has launched the ALAT at 9 campaign, a series of customer-focused activities, rewards, and interactive experiences designed to celebrate users while deepening engagement.
As part of the anniversary celebration, customers can access their personalized ALAT Wrapped, offering a simple, visual summary of their journey on the platform, which can be downloaded and shared across social media.
Customers can also participate in the 9 Features in 9 Days experience by engaging with a designated feature each day. Completing all nine activities unlocks rewards, encouraging consistent and active use of the platform.
In addition, customers who complete their 9th transaction at exactly 9:00am or 9:00pm will receive instant rewards.
The celebration also features the ALAT Evolution Jingle Challenge, inviting customers to create and submit the second verse of the ALAT jingle for a chance to win rewards.
Speaking on the milestone celebration, Managing Director and Chief Executive Officer of Wema Bank, Moruf Oseni, said;
“ALAT at 9 is not just a celebration of time. It is a reflection of how far we have come and a clear indication of where we are going. Over the years, we have continued to evolve with our customers, building a platform that is not only functional but also engaging and rewarding. This campaign is designed to give back to our users while reinforcing our commitment to innovation and customer experience.”
Also commenting, Chief Digital Officer of Wema Bank, Olusegun Adeniyi, noted that the anniversary campaign was designed to merge everyday banking with meaningful engagement.
“With ALAT at 9, we are transforming routine banking into an interactive experience. By combining personalized insights, gamified missions, and real rewards, we are creating a platform that responds to users in a more dynamic and rewarding way. This reflects our vision to build a digital bank that is intuitive, adaptive, and centered around the customer,” he said.
The anniversary activities will run from May 2 to May 31stwith customers encouraged to log into the ALAT app to participate, complete tasks, and unlock rewards.
Existing customers can access the experience by updating the ALAT app via the Google Play Store or Apple App Store and signing in with their existing details. New customers can download the app and get started in minutes to enjoy the full range of features and anniversary benefits.
With ALAT at 9, Wema Bank continues to reinforce its leadership in digital banking, delivering not just financial services, but a platform that continue to evolve with its users and rewards them at every stage of their journey.
-
Health & Wellness9 months agoPresident Tinubu Directs Cut in Dialysis Cost from ₦50,000 to ₦12,000
-
News9 months agoPICTURE: In Lagos Couple Sentenced to 22½ Years for Cannabis Trafficking
-
Trending News9 months agoNELFUND Disburses ₦86bn To 449,000 Beneficiaries
-
Business1 month agoDangote Refinery Reduces Petrol Gantry Price To ₦1,200 Per Litre
-
Business1 month agoAfter Plea Bargain, Court Discharges Stella Oduah of ₦2.5bn Fraud
-
International News1 month agoIndian Police Arrest Nigerian Over ₦290m Drug Haul
-
News3 years ago2023 Elections: Outgoing Rwandan High Commissioner say s Nigeria, ‘ handle their destiny’ in a peaceful way.
-
Business2 years agoHeritage Bank Customers’ Path to Securing ₦5m Insured Funds: A Step-By-Step Guide by NDIC”