Health
Fidson in Capital Market to Borrow Fresh N3bn from CP Sales
By Aduragbemi Omiyale
One of the leading drug manufacturers in Nigeria, Fidson Healthcare Plc, has gone to the capital market to source about N3 billion through the sale of commercial papers.
Business Post reports that it is Series 11 of the company’s N25 billion commercial paper programme aimed to diversify funding sources for its business operations.
The capital market offers business owners an avenue to get money to run their operations at lower interest rates compared with funds from commercial banks.
Fidson has previously accessed funding through the capital markets, having issued a N5 billion 210-day and 270-day commercial paper in December 2023.
A month earlier, it issued N5 billion 181-day and 269-day commercial paper to investors in the Nigerian capital market.
In March 2023, it was at the market to raise N5 billion from the same avenue through 269-day commercial paper, and in June 2022, it sold N3 billion 270-day commercial paper after it sold N2.15 billion 90-day commercial Paper in December 2021, and N4.5 billion 270-day commercial Paper in March 2021, a N2.3 billion rights issue in July 2019, and a N2.0 billion five-year secured fixed rate corporate bond in November 2014.
This time, it wants the N3 billion commercial paper through a 265-day tenor at a discount rate of 22.58 per cent. Subscription for the exercise opened on Wednesday, July 17, 2024, and will close on Tuesday, July 23, 2024.
The minimum subscription is N5 million and multiples of N1,000 thereafter, with proceeds to be used for short-term working capital requirements.
Fidson is engaged in the manufacturing, marketing, and sales of pharmaceutical and healthcare products in Nigeria and West Africa.
It currently has over 250 duly registered pharmaceutical brands, across different therapeutic areas, in the Nigerian market.
For the year ended 2023, the company recorded N53.1 billion in sales, 31 per cent higher than the N40.6 billion recorded in the previous year.
The firm boasts a wide range of over 150 high-quality, unique and innovative products that cover therapeutic areas ranging from infectious diseases, cardiovascular diseases, antimalarials, antiretrovirals, psychiatry, nutrition, nutraceuticals, antitussives etc.
About 60 per cent of these are made locally and the balance is imported.
Health
NARD Suspends Indefinite Strike, Gives FG Fresh Two-Week Ultimatum
By Adedapo Adesanya
The Nigerian Association of Resident Doctors (NARD) has suspended its planned nationwide indefinite strike, granting the federal government a two-week ultimatum to address lingering welfare issues affecting resident doctors across the country.
The decision was taken after an emergency meeting of the association’s National Executive Council on Tuesday, where members reviewed assurances from government representatives and resolved to give dialogue another chance.
NARD said the suspension was informed by “progress made” in negotiations, particularly commitments on the prompt payment of salary arrears, hazard allowances, and steps toward resolving issues surrounding the Medical Residency Training Fund.
The association did not declare a full resolution of the dispute. It noted that the government had shown “renewed willingness” to address the concerns that triggered the strike threat.
The association noted that while these engagements signalled a willingness by the government to resolve the dispute, several critical issues remain outstanding, particularly the delayed payment of promotion arrears, salary arrears, the 2026 Medical Residency Training Fund (MRTF), and the backlog of 19 months’ professional allowance arrears owed to resident doctors.
It also expressed concern over the Federal Government’s decision to halt the implementation of the reviewed PAT, which had earlier triggered widespread dissatisfaction among its members and raised fears of disruption to healthcare services nationwide.
Despite these unresolved issues, NARD said it opted to suspend the strike as a demonstration of goodwill and commitment to ongoing dialogue, while giving the government a two-week window to take concrete, measurable and verifiable steps to meet its demands.
The association insisted on the immediate reversal of the decision affecting the PAT, payment of all outstanding arrears, prompt disbursement of the MRTF, and full settlement of the accumulated professional allowance backlog.
It warned that it would reconvene at the expiration of the ultimatum to assess the level of compliance and determine its next course of action, adding that failure by the government to meet its demands within the stipulated timeframe would result in the resumption of the suspended strike without further notice.
NARD also called on its members nationwide to remain calm, united and resolute, while urging the Federal Government to act swiftly to prevent a potential crisis in the health sector.
The association further appreciated the interventions of the Vice President and other stakeholders, expressing hope that their involvement would lead to the timely resolution of the dispute and help sustain healthcare delivery across the country.
Health
Jacaranda Gets Funds to Expand Affordable Maternal Healthcare in Kenya
By Modupe Gbadeyanka
To expand affordable healthcare in Kenya, Swedfund has invested about $600,000 into Jacaranda Health Limited (Jacaranda Maternity) to support innovations in neonatal intensive care and strengthen Jacaranda’s ability to provide life-saving services to underserved populations.
Jacaranda Maternity provides high-quality maternal health care at more affordable pricing than typical private providers, focusing on women in Nairobi’s low- and middle-income communities.
The new funding will support the opening of new hospitals, upgrading of neonatal care, and improvements to existing facilities.
Maternal and newborn health outcomes in Kenya remain a challenge, with maternal mortality still high despite improvements in skilled birth attendance.
Public health facilities play a central role but face capacity constraints, while access to reliable, quality care varies across regions and income groups.
Private healthcare providers offering essential maternity services at accessible price points can complement public provision.
Jacaranda Maternity aims to expand its network to six hospitals to achieve financial sustainability while scaling its impact. The healthcare provider is a recognised leader in promoting women’s health, with 71 percent of its staff being women, and a track record of effective environmental and social management.
“This investment will help Jacaranda Maternity provide life-saving care to more women and families while furthering Swedfund’s mission to promote inclusive and sustainable healthcare,” a Senior Investment Manager at Swedfund, Audrey Obara, said.
Health
Nigeria Secures $350,000 FAO Support to Tackle Rising Bird Flu
By Adedapo Adesanya
Nigeria will get a $350,000 intervention from the Food and Agriculture Organisation of the United Nations (FAO) to support its response to the ongoing outbreak of Highly Pathogenic Avian Influenza (bird flu) and strengthen the country’s animal health systems.
An agreement was reached on Wednesday during a strategic meeting between the Minister of Livestock Development, Mr Idi Mukhtar Maiha, and the FAO Representative to Nigeria and the Economic Community of West African States, Mr Hussein Gadain, in Abuja.
The intervention, approved under FAO’s Technical Cooperation Programme, will support disease containment efforts in 11 affected states and enhance surveillance, coordination and response mechanisms to prevent further spread of the disease.
Speaking during the meeting, Maiha said effective disease control remains critical to improving livestock productivity and protecting the livelihoods of farmers across the country.
He explained that factors such as drought, scarcity of feed, interaction between livestock and wildlife, as well as cross-border movement of animals have contributed to the spread of diseases in some areas.
“We must continue to strengthen our animal health systems and build the capacity required to respond effectively to disease outbreaks. Our collaboration with FAO will help protect livestock assets, improve productivity and support the broader transformation of the sector,” the minister said.
Mr Gadain commended the federal government’s commitment to the development of the livestock sector and assured that FAO would continue to provide technical support to Nigeria.
He stressed the need to strengthen veterinary services at the state and community levels, improve early detection of diseases and promote biosecurity practices among livestock farmers.
The meeting also reviewed progress on the global campaign to eradicate Peste des Petits Ruminants, a highly contagious disease that affects sheep and goats.
To advance the initiative, the ministry plans to convene a national technical meeting involving veterinary institutions, researchers and practitioners to review Nigeria’s eradication strategy and address gaps in vaccine supply.
As part of preparations, the ministry will engage the National Veterinary Research Institute to assess its vaccine production capacity while exploring other options for vaccine procurement to meet national demand.
Both parties also agreed to accelerate Nigeria’s access to financing under the Pandemic Fund through the One Health approach in collaboration with the Nigeria Centre for Disease Control and the Federal Ministry of Health to strengthen preparedness and response to zoonotic diseases.
Plans are also underway for the Director-General of FAO to participate in the Antimicrobial Resistance Conference scheduled for June 2026 in Abuja, where President Bola Tinubu is expected to be recognised as the African Champion for the eradication of Peste des Petits Ruminants.
The meeting further agreed to inaugurate a Livestock Donor Working Group to coordinate development partner support and advance key initiatives, including the development of a national feed and fodder strategy aimed at improving productivity and sustainability in the livestock sector.
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