Business
NAFDAC And Dignity For Herbal Products
Notaby, just as the glo
bally detested fake, substandard and counterfeited pharmaceutical products are very harmful and highly destructive to human health, so also are traditional /herbal products of similar status. Indeed, the Nigeria alternative medicine market is in dire need of modern sophistications, dynamic development and critical overhaul for global competitive practice in the sector.
Historically, the use of medicinal herbal products in the curing and prevention of numerous diseases and ailments is ancient in practice. However, the emergence of western civilisation brought in its wake, orthodox or modern medical practice.
Despite the various enormous technological and scientific sophistications that have characterized this mode of medication, it could be simply considered as an improvement on the aged traditional and ancient approach to medicine practice.
Such is its dependability and effectiveness in both curative and preventive medicine practice that the usage of herbs for medication purpose is maximally acknowledged and embraced globally particularly in Britain, United States of America, Germany, India, China etc.
It is in this regard that Nigeria, a highly revered Giant in the Africa continent has expressed outright unwillingness to be shoved aside as the world progressively tilts towards blending modern with traditional /herbal cum alternative medicine in an attempt to proffer varieties of suitable medications for the avalanche of deadly diseases which abounds in all the nooks and crannies of the world.
Apparently, this explains the current posture of Government in this regard through the Dr Paul B.Orhii led National Agency for Food, Drug Administration and Control (NAFDAC) .
Undoubtedly, Indeginous herbal preparations or mixtures emanates from the blending of plants medicinal properties such as flowers, bark, leaves ,roots, berries, seeds, fruits etc .
The end products which could be in form of dry extracts {ie capsules or pills},tinctures ,liquid extracts, oil, syrups, teas etc are used for the treatment of various ailments and diseases.
They are equally termed as alternative ,complimentary or supplementary in medicine practice and therefore not alien.
In Nigeria, for instance, the ancient/traditional and seeming hereditary nature of its practice over the years seems to have encouraged its massive infiltration by quacks, illiterates and saboteurs who are merely masquerading as herbal experts.
More embarrassing is the unsubstantiated and non-verified effectiveness , efficacy and potency claims ascribed to herbal products by marketers such that users are misled to believe that a single product can cure a retinue of diseases including AIDS,HIV while at the same time boost sexual libido etc
Some herbal practitioners and marketers have resorted to unauthorised, desperate and highly insincere means of advertisement in a deliberately calculated attempt to fraudulently garner mass patronage from unsuspecting buyers including using NAFDAC numbers as a guarantee for their claimed herbal products efficacy and reliability.
These obnoxious practices has in turn made herbal medicine practice an all comer affair with an attendant negative consequence on the innocent consumers.
As a legally authorised healthcare regulator, the onus of sieving the grains from the shafts rest on NAFDAC which is determined to bring to bear on the sector outright sanity through thorough examination and standardization of the various processes, preparations and products culminating into effective and efficient herbal medicine practice.
It is in this regard that the agency has evolved modernised scientific techniques to adequately regulate and promote herbal products manufacturing and marketing with a view to according it due relevance through proper repositioning for outright acceptability both locally and internationally.
NAFDAC is indeed determined to ensure that herbal medical products being put across to the public for use or consumption as a reliable means of medication are non poisonous{non-toxic},safe, non –complicative ,efficacious and are in accordance with globally acceptable /specified good manufacturing practice standards.
It is in an attempt to maximally guarantee safety for the human life ,that NAFDAC has urged all herbal medicine practitioners nationwide to henceforth forward mandatorily to it ,herbal preparations and products for a proper cum professionalised scientific and medical examination before being accorded a partial approval status known as NAFDAC Listing status which is not a guarantee on herbal products curative and preventive capacity or effectiveness efficacy which constitutes the first approval stage.
In the same vein permission/authorisation is to be compulsorily obtained from the agency by practitioners for their herbal products before being advertised for public acceptance and patronage in the mass media-Radio,T elevision, Newspapers, Magazines,Bill boards,Electronic boards, etc.This is believed will entrench sanity in herbal products advertisement.
Similarly ,the agency is putting in place a dynamic second and final herbal products approval phase which comprise scientific based herbal products efficacy/effectiveness verification mechanism which will involve series of clinical trials.
To this end, a high powered committee comprising seasoned intellectuals and scientific egg heads duly sourced from both the academia universities and research agencies eg NIBRID has been constituted .
These medical and scientific Think-Tanks are to among other things, thoroughly examine, assess and consider herbal composition , preparations and products to ascertain efficacy status or where necessary ,recommend appropriate rectification measures.
They are also to unfold the nature of government support or assistance required to upgrade herbal medicine practice through herbal products development and standardisation to compete with international quality efficacy and safety output standards.
Furthermore, the agency has resolved not to rest on its oars as it has restrenthened its public enlightenment approaches and measures aimed at ensuring that herbal medicals are effectively and efficiently regulated thereby ensuring that they are safe for use.
Interestingly, the agency has remained consistent in the hosting and co-ordination of enlightenment and interactive workshops for herbal practitioners and other stakeholders in the sector in an attempt to adequately equip and update them with modern requirements/international best practices as well as standards and knowledge in the development and upliftment of the sector.
Obviously, the social, political and economic benefits accruable to a nation from the production and marketing of herbal products are indeed enormous.
Apart from boosting foreign exchange earnings, creating employment opportunities, dignifying our nation and herbal products,it will further empower government to provide social amenities,avail the citizenry a reliable alternative source of health care while helping to ensure that our pride as a progressively focused nation is maximally sustained through the production of standardised life saving herbal medical commodities to mention but a few of its advantages.
Ideally, herbal products ability and competence must be thoroughly substantiated through necessary laboratory analysis and other relevant medical experimentations for curative and preventive assurance before favourable public pronouncement can be made on such products capacity .
It is only by so doing that herbal medicine can be maximally and relevantly integrated into the Nation’s healthcare delivery system to provide the required complementary, supplementary or alternative role.
In all, the various numerous and scintillating advantages ascribable to embracing of herbal products could become outrightly elusive if adequate urgent measures are not adopted to regulate, control and standardise its production and administration such that only very competent persons who are knowledgeable in herbal medicine composition, preparation and use are allowed access to its practice which invariably, is the position of NAFDAC as it relates to herbal medicine practice.
Martins Ikhilae
Business
Wigwe’s Luxury Yacht Goes For N8.74 Billion After Legal Proceedings
The daughter of late Nigerian banking executive, Herbert Wigwe has sold her father’s luxury yacht for $6.5 million which is the equivalent of N8.74 Billion following legal proceedings involving her, Otutochi Wigwe, and the company holding the vessel, Grosvenor Marine Ventures Limited.
This was contained in an online report obtained by The Tide Source in Port Harcourt recently.
The Source further clarified that $6. 5 Million dollars or N8.74 Billion was the asking price as at March this year but was unable to prove, if the said amount was exactly what the vessel went for.
The yacht, known as Chitochi, is a 2016 Custom Line 108 superyacht measuring approximately 33 metres (108 feet) in length. The transaction was handled by international yacht brokerage firm IYC, with its sales and charter consultant, Mark Elliott, overseeing the sale.
The disposal of the high-value vessel followed legal steps taken to address the corporate status of Grosvenor Marine Ventures Ltd., the company through which the yacht was held.
Otutochi Wigwe reportedly approached a court in the British Virgin Islands (BVI) to secure the restoration of the company to the corporate register, a move that enabled the necessary legal steps towards the sale of the vessel.
The proceedings were central to resolving the corporate issues affecting the company and facilitating the transaction, underscoring the legal complexities that may arise when valuable assets are held through corporate entities in foreign jurisdictions.
The sale is also significant in the context of estate administration, as luxury yachts require substantial financial commitments to maintain, even when they are no longer actively used by their owners or beneficiaries.
Such vessels typically attract considerable expenses, including crew salaries, insurance premiums, berthing charges, routine servicing and other maintenance costs, making their continued ownership a major financial responsibility.
Beyond the recurring expenses, luxury yachts are depreciating assets that may lose value over time. Their disposal can therefore form part of a strategy to preserve estate value, reduce liabilities and convert an expensive asset into liquid funds.
Wigwe, who was the former Group Chief Executive Officer of Access Holdings, died on February 9, 2024, in a helicopter crash in California, United States, alongside his wife, Chizoba; their son, Chizi; and former Nigerian Exchange Group chairman, Abimbola Ogunbanjo.
His death was widely mourned across Nigeria’s banking and business communities, where he was recognised for his contributions to the financial services industry, entrepreneurship and philanthropy.
Wigwe’s passing left behind an estate whose administration involves the management of assets and other financial interests, a process that can require legal and financial decisions to protect the interests of the estate and its beneficiaries.
The sale of Chitochi highlights the challenges associated with managing high-value assets held through corporate structures, particularly where the relevant companies and legal proceedings fall under different jurisdictions.
The $6.5 million transaction brings the yacht’s ownership chapter to a close while illustrating how legal procedures, financial considerations and estate management can intersect in the administration of the assets of a prominent business figure.
‘’We determined to get all our equipments and machinery functioning as we progress. For now we’ve about 105 workers, comprising daily paid harvesters and regular staffs. But aside these 105 staffs we also employ daily slashers who for now are about 100.
“During peak periods, hopefully on or before January 2026 we hope to increase our work force for maximum production”, the firm’s management Stated.
King Onunwor
Business
Firm Mulls Crash Down On Vegetable Oil Price …Targets Revenue Boost, Job Creation
Ariwera Ibibo-Howells, Yenagoa
Business
Traders Decry Continuous Increase In Prices Of Foodstuffs
Some traders at the Rumuwoji Market popularly known as Mile 1 Market have decried the continuous increase in the prices of food stuffs and other items in the ember season.
This was made known by the traders when The Tide visited the market recently.
The traders revealed varying changes in the prices of foodstuffs, with some commodities recording higher increase than others .
A trader Mrs Charity Obinna, at the market, said the price of yam remained the same last week and this week compared to the prices from last month to this month, adding that only a difference of about N100 to N200 was seen.
Another trader, Chukwuebuka Livinus who deals on garri, reported that the prices of some food commodities had been changing frequently.
According to him, the price of a bag of garri increased from N45,000 last week to N58,000 this week, representing an increase of N13,000.
Livinus described the increase as scary and called on the government to do something about it, especially as we get closer to the festive period.
A trader that deals on vegetables, Mrs Joy reported that a significant increase in the prices of pepper rose from N20,000 last week to N40,000 this week.
Similarly, the price of a bag of melon (egusi) increased from N420,000 toN490,000 this week.
In a separate report, Mrs Charity Obinna said that foodstuffs were generally cheaper last month than this month, with price differences ranging from N150 to N200 for some items.
Meanwhile, Giff Okoro reported a decrease in the price of tomatoes. According to her, a quantity of tomatoes that cost N45,000 last month now sells for N25,000, indicating a reduction of N20,000.
Another trader, Usman Ibrahim said the cost of transporting goods from the communities to urban areas where they are sold is one of the major reasons for high cost of goods.
He said transport cost has doubled due to the cost of petroleum products in Nigeria, adding the whole cost is part of the goods because “entrepreneurs must cover their cost and make their gains .
Ibrahim called on the government to help farmers and traders even with little capitals to expand and sustain their business.
Another trader, Mrs Choice Promise a fish retailer said a cartoon which sold at #35,000 last week now sells at #50,000 .
Promise complained that there is no gain or profit because the price has drastically increase and most people cannot afford to buy fish again.
“Mr. President’s Renewed Hope Agenda recognizes that economic ambition requires dependable infrastructure,” Tegbe said.
He added that investments in electricity infrastructure would strengthen the foundations for business expansion, employment and economic growth.
The Kankia substations comprise two 60 MVA, 132/33 kilovolt (kV) facilities designed to strengthen the transmission network serving Katsina State and neighbouring areas.
Tegbe said the infrastructure would improve the network’s ability to distribute available electricity, supporting commercial activities and household welfare.
He also urged residents to protect the facilities against vandalism and other activities that could disrupt electricity infrastructure, asking them to report suspicious activities to TCN or security agencies.
Katsina State Governor, Dikko Umaru Radda, described the project as a significant investment in the state’s electricity infrastructure.
Radda stated that improved electricity supply could support industrial development, economic growth and public service delivery.
He further commended the President, the Federal Ministry of Power and TCN for completing the project.
It would be noted that the latest projects come amid a broader government’s drive to address bottlenecks in Nigeria’s electricity transmission network, which has constrained the amount of electricity that can be delivered to distribution companies and end users.
Wali Chioma, Obasi Chidinma & Amarachi Uche
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