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GSK Shareholders Approve Divestment From Drink Business

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9 years ago

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The shareholders of
GlaxoSmithKline Consumer Nigeria Plc, have approved the company’s plan to sell its drinks business to Suntory Beverage and Foods Ltd for 79.2 million dollars (N15.7 billion) to concentrate on its core business of healthcare.
The Tide reports that the shareholders gave the approval recently at the company’s 2015 Annual General Meeting (AGM) and EGM in Lagos.
The Tide reports that the transaction included the sale of the company’s Agbara manufacturing facility for drinks business and a 6.45 hectares of land.
The Tide also reports that the company would retain 3.45 hectares of the land to enable it invest and grow the retained GSK consumer business.
The company’s Chairman, Mr Edmund Onuzo, while addressing the shareholders,, said that a special dividend of N716 million, translating to 60k per share would be paid to shareholders upon completion of the transaction.
Onuzo said that the company would retain the production equipment used in the GSK consumer business and would lease from Suntory those areas of the Agbara facility which were used in the production of products for the GSK business.
According to him, the company will provide IT and ‘certain other transitional services’ to Suntory for a short period for smooth transition.
He explained that the transaction would enable the company to focus more on growing the GSK consumer business.
“Our parent company decided not to get involved in drink business but to focus on healthcare and we see it that it is easy for us to align on their strategy.
“Suntory is a Japanese company and the third largest drink company in the world.
“We believe they have come to stay in Nigeria and the desire to quickly bring in their own brand underscores that fact,” he stated.
Onuzo said that the proceeds would be invested in the construction of a multi purpose facility to support the business and help maintain low cost but quality supply base.
He added that part of the fund would be used to reduce the firm’s foreign currency denominated indebted and to provide optimal returns to shareholders.
While reacting to shareholders demand to increase their 60k special dividend, Onuzo said that the company needed to invest in the facility.
“We needed to invest on facility installation to quickly recover lost ground and grow faster than expected so that our turnover will grow while profit will be much better.
“There is a huge debt to be paid, aside costs arising from business. Bearing in mind also on the uncertainty of the future, there is no way we will increase the dividend.
“We have arrived at what we consider to be fair and equity to enable us preserve the business for tomorrow. The board considers the future before going into this arrangement,” he explained.

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NPA Assures On Staff Welfare 

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2 weeks ago

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June 27, 2025

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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2 weeks ago

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June 27, 2025

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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2 weeks ago

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June 27, 2025

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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