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Fidson Gets GCR Ratings Affirmation on Solid Earnings Growth

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Fidson Healthcare

By Aduragbemi Omiyale

The favourable competitive position and solid earnings growth of Fidson Healthcare Plc have earned the company the affirmation of its A(NG)/A1(NG) ratings by GCR Rating.

In a statement from GCR obtained by Business Post, it was disclosed that drug manufacturing firm also has a stable outlook because of the expectations that its enlarged business profile will continue to underpin strong earnings growth, while the relatively moderate gearing metrics will provide the necessary headroom for the restructuring of its balance sheet.

Fidson is a leading player in the Nigerian pharmaceutical industry. Its large scale, multiple product offerings and ongoing capacity expansion have been leveraged to drive robust earnings growth. However, persistent working capital pressure has resulted in significant strain on gearing metrics and liquidity, thereby constraining the rating.

GCR stated that the ratings of the company are sustained by robust revenue growth and strong earnings over the review period, with revenue increasing by 58.7 per cent to N84.1 billion in the 2024 financial year and by 66 per cent in the first quarter of 2025 due to higher traded volumes and upward price adjustments.

Additionally, the EBITDA margin improved to 24 per cent in 2024, supported by improved operating efficiencies and product mix optimisation.

The rating agency said it expects Fidson to sustain this strong momentum with 40 per cent topline growth on the back of continued capacity expansion and further price adjustments. “This, combined with stringent cost control, could sustain the EBITDA margin within the 22 per cent-24 per cent range over the outlook period,” a part of the statement said.

Fidson offers over 150 products across 10 therapeutic categories and its ongoing capacity expansion and a growing product portfolio further supports this position, with its network of more than 120 distributors nationwide ensuring strong retail visibility.

To further enhance its competitive position, the company plans to broaden its product range to cater to affordable market segment and anticipates ramping up export sales into other West African markets in the short to medium term.

However, the significant reliance on short term debt facilities to fund working capital indicates liquidity stress, despite strong earnings moderating gearing metrics.

Its rapid business expansion has materially elevated the working capital requirements relating to inventory procurement and prepayments for imports, necessitating substantial use of short-term debt, resulting in a steep negative net operating flow of N5.4 billion last year and N3.8 billion in Q1 of 2025 versus the moderately negative OCF in 2023.

The widening funding gap resulted in an increase in gross debt to N32.9 billion in 2024 from N28.5 billion in 2023 and N14.9 billion in 2022, with over 75 per cent of total debt being short term.

But, GCR noted it has taken cognisance of a proposed equity raise where some of the proceeds to be applied to reduce short term debt, and further equity to support working capital requirements.

“This, in addition to expected robust earnings growth would ease gearing pressure and allow a greater proportion of working capital requirements to be funded internally,” it stated.

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Adichie Demands Documentation of Late Son’s Treatment as Euracare Suspends Doctor

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ngozi adichie propofol

By Adedapo Adesanya

Nigerian author, Ms Chimamanda Ngozi Adichie, via her solicitors, has written to Euracare Multi-Specialist Hospital, Lagos, over the death of her 21-month-old son, Nkanu Nnamdi, seeking documentation of treatment before his untimely demise.

In a legal notice dated January 10, 2026, solicitors acting for the renowned author and her partner, Dr Ivara Esege, alleged that the hospital, its anaesthesiologist, and attending medical personnel breached the duty of care owed to their son, who died in the early hours of Wednesday, January 7, 2026.

The notice was issued on behalf of the parents by Pinheiro LP and signed by the founding partner, Prof Kemi Pinheiro (SAN).

According to the notice, the child was referred to the hospital on January 6, 2026, from Atlantis Pediatric Hospital for a series of diagnostic and preparatory procedures. These included an echocardiogram, a brain MRI, the insertion of a peripherally inserted central catheter (PICC line), and a lumbar puncture.

The procedures were reportedly part of preparations for an imminent medical evacuation to the United States, where a specialist medical team was said to be on standby to receive him.

The solicitors stated that intravenous sedation was administered using propofol.

However, it was alleged that during transportation to the cardiac catheterisation laboratory following the MRI procedure, the child allegedly developed sudden and severe complications.

Despite being under sedation, he was said to have been transferred between clinical areas under conditions that raised “serious and substantive concerns” about compliance with patient-safety protocols.

He was later pronounced dead in the early hours of January 7, 2026.

The legal notice outlines multiple alleged lapses in paediatric anaesthetic and procedural care.

These include concerns about the appropriateness and cumulative dosing of propofol in a critically ill child, inadequate airway protection during deep sedation, and an alleged failure to ensure continuous physiological monitoring.

The parents further alleged that their son was transferred without supplemental oxygen, without adequate monitoring, and without sufficient accompanying medical personnel.

They also raised concerns over the availability of basic resuscitation equipment, delayed recognition and management of respiratory or cardiovascular compromise, and an overall failure to comply with established paediatric anaesthesia, patient-transfer, and safety protocols.

Another major grievance cited was the alleged failure of the hospital to adequately disclose the risks and potential side effects of propofol and other anaesthetic agents, thereby undermining the legal requirement for informed consent.

According to the solicitors, these alleged lapses amount to prima facie breaches of the duty of care and render the hospital and all medical personnel involved liable for medical negligence resulting in the child’s death.

As part of their next legal steps, the parents demanded certified copies of all medical records relating to their son’s treatment within seven days of receipt of the notice.

The requested documents include admission notes, consent forms, pre-anaesthetic assessments, anaesthetic charts, drug administration records, monitoring logs, procedural notes, nursing observations, ICU records, incident reports, and the identities of all medical staff involved.

The demand also covers internal reviews, safety logs from the MRI suite, and any other documentation connected to the child’s care.

The hospital was also formally placed on notice to preserve all relevant evidence, whether physical or electronic.

This includes CCTV footage from procedure rooms and corridors, electronic monitoring data, pharmacy and drug inventory records, crash-cart and emergency equipment logs, as well as internal communications and any morbidity and mortality reviews.

The solicitors warned that “any destruction, alteration, or loss of such evidence after receipt of this letter shall be regarded as suppression or concealment of evidence and obstruction of the course of justice, and will be relied upon accordingly, with attendant legal consequences.”

The letter concluded with a warning that failure or refusal by the hospital to comply with the demands within the stipulated timeframe would leave the parents with no option but to pursue all available legal, regulatory, and judicial remedies against the hospital and all medical personnel involved.

Euracare Hospital had noted in a Saturday statement that it had commenced “a detailed investigation” into the incident in line with its clinical governance standards and best practices, while pledging to engage transparently and responsibly with all relevant clinical and regulatory processes.

Also, the Lagos State Government on Saturday said it began an investigation into the incident, vowing to ensure the full weight of the law is applied.

Speaking yesterday, the Special Adviser to the Lagos State Governor on Health, Dr Kemi Ogunyemi, said the doctor involved in the child’s procedure had been suspended by the hospital’s management, noting that the hospital was cooperating with the government in the investigation.

“The hospital itself is also doing its own internal investigation, and as far as we know, the anaesthesiologist involved has been suspended by the hospital,” she revealed.

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Chinamanda Ngozi Adichie Blames Medical Negligence for Son’s Death

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Chimamanda Ngozi Adichie

By Adedapo Adesanya

Renowned Nigerian author, Ms Chinamanda Ngozi Adichie, has alleged that medical negligence was responsible for the death of her 21-month-old child.

The child, Nkanu, reportedly passed away on Wednesday, January 7, 2026, after a brief illness.

More details have emerged detailing the circumstances surrounding his death.

According to a leaked internal message sent privately to family members and close friends, Ms Adichie blamed a staff of Euracare Multi-Specialist Hospital, located in Victoria Island, Lagos, for causing the demise of the lad.

“My son would be alive today if not for an incident at Euracare Hospital on January 6th.

“We were in Lagos for Christmas. Nkanu had what we first thought was just a cold, but soon turned into a very serious infection and he was admitted to Atlantis hospital.

“He was to travel to the US the next day, January 7th, accompanied by Travelling Doctors. A team at Johns Hopkins was waiting to receive him in Baltimore. The Hopkins team had asked for a lumbar puncture test and an MRI. The Nigerian team had also decided to put in a ‘central line’ (used to administer iv medications) in preparation for Nkanu’s flight. Atlantis hospital referred us to Euracare Hospital, which was said to be the best place to have the procedures done.

“The morning of the 6th, we left Atlantis hospital for Euracare, Nkanu carried in his father’s arms. We were told he would need to be sedated to prevent him from moving during the MRI and the ‘central line’ procedure.

“I was waiting just outside the theater. I saw people, including Dr M, rushing into the theater and immediately knew something had happened.

“A short time later, Dr M came out and told me Nkanu had been given too much propofol by the anesthesiologist, had become unresponsive and was quickly resuscitated. But suddenly Nkanu was on a ventilator, he was intubated and placed in the ICU. The next thing I heard was that he had seizures. Cardiac arrest. All these had never happened before. Some hours later, Nkanu was gone

“It turns out that Nkanu was NEVER monitored after being given too much propofol. The anesthesiologist had just casually carried Nkanu on his shoulder to the theater, so nobody knows when exactly Nkanu became unresponsive.

“How can you sedate a sick child and neglect to monitor him? Later, after the ‘central line’ procedure, the anesthesiologist casually switched off Nkanu’s oxygen and again decided to carry him on his shoulder to the ICU!

“The anesthesiologist was CRIMINALLY negligent. He was fatally casual and careless with the precious life of a child. No proper protocol was followed.

“We brought in a child who was unwell but stable and scheduled to travel the next day. We came to conduct basic procedures. And suddenly, our beautiful little boy was gone forever. It is like living your worst nightmare. I will never survive the loss of my child.

“We have now heard about two previous cases of this same anesthesiologist overdosing children. Why did Euracare allow him to keep working? This must never happen to another child,” she wrote.

As of press time, it is not clear what the next line of action will be with the revelation.

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SUNU Health Named Most Customer Focused HMO of the Year

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SUNU Health --logo

By Modupe Gbadeyanka

The decision of the management of SUNU Health Nigeria Limited to adopt the strategy of placing the enrollee and customer at the heart of its operations has started to pay off.

The company was recently announced as Most Customer-Focused Health Insurance Company of the Year at the Customer Service Standard Magazine Awards 2025.

The recognition underscored the company’s success in translating its dedication into tangible enrollee satisfaction and superior market service at the Nigerian Health Maintenance Organisation (HMO) landscape.

It also highlights the organisation’s dedicated efforts in streamlining claims processing, enhancing access to quality healthcare providers, and maintaining transparent, responsive communication channels with its diverse client base across Nigeria.

The accolade further serves as a powerful testament to the successful integration of digital solutions and human-centric service models at SUNU Health.

It positions the firm as a leader not only in providing robust health plans but also in delivering the supportive, personalized care that enrollees truly value.

“Clinching the Most Customer-Focused Health Insurance Company of the Year award is not just an honour; it is a validation of the core philosophy that drives every member of the SUNU Health team.

“We believe that healthcare is fundamentally a service industry, and our success is measured by the well-being and satisfaction of our enrollees,” the chief executive of SUNU Health, Mr Patrick Korie, commented.

“This award reinforces our resolve to continuously innovate and set new benchmarks for customer experience in the Nigerian health insurance sector.

“Our commitment to providing accessible, high-quality, and seamless healthcare solutions remains our top priority as we move into the new year (2026),” he added.

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