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Fidson Grow PAT by 26% to N203m in Q1 2018

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By Dipo Olowookere

One of the leading players in the healthcare sector in Nigeria, Fidson Healthcare Plc has shown why it is a force to reckon with in the industry.

The firm, in its unaudited financial statements for the period ended March 31, 2018, recorded an increase in profit after tax (PAT), which closed at N202.8 million compared with N161 million as at March 2017.

Also, the profit before tax increased year-on-year to N298.2 million in Q1 2018 from N236.7 million in Q1 2917, when it was still struggling to get back on its feet from the recession suffered by the country in the second quarter of 2016, which affected many businesses operation in Nigeria.

According to the financial results of Fidson, the revenue generated in the period under review rose to N3.6 billion from N3.4 billion in the corresponding period of last year.

However, the gross profit in Q1 2018 dropped to N1.7 billion from N1.8 billion in Q1 2017.

The company further revealed in the unaudited statements that the operating profit increased to N538.8 million in the first three months of this year from N450.7 million in the first three months of last year.

It was also indicated in the results that the total assets of the firm as at March 31, 2018 stood at N17.8 billion against N17.5 billion as at December 31, 2017, while the total liabilities ended in Q1 2018 at N9.9 billion versus N9.8 billion in FY 2017.

Business Post, from the analysis of the financial statements, gathered from Fidson spent more on administrative expenses in Q1 2018 than in Q1 2017.

A total of N705.3 million was used to run the company in the period under review against N654.9 million in Q1 2017.

The payment of salaries of workers gulped N162.3 million in Q1 2018 versus N166.8 million in Q1 2017, N61.4 million was spent on travelling against N58.1 million last year, N33.4 million for diesel and fuel in Q1 2018 compared with N70.4 million in Q1 2017, N12.7 million on consultancy in Q1 2018 against N2 million in Q1 2017, repairs and maintenance gulped N151.6 million in Q1 2018 versus N66.2 million in Q1 2017, conferences and workshops raked N7.3 million in Q1 2018 in contrast to N1.3 million in Q1 2017, N7.3 million was spent on telephone, internet and postage in Q1 2018 against N9.4 million in Q1 2017, printing and stationary gulped N12.7 million in the period under review against N6.3 million in the corresponding period of last year, canteen exp and auxiliary material tools raked N30.4 million from the company in Q1 2018 against N10.4 million in Q1 2017, while N15.3 million was used for CSR activities in the first three months of 2018 versus N3.9 million in the first three months of 2017.

Also, during the period under review, selling and distribution expenses gulped 522.8 million against N653.5 million in the same period last year, while N250 million was used to pay interest on bank loan against N214 million used in Q1 2017.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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WHX in Lagos 2026: Nigeria Open for Healthcare Investment—FG

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WHX in Lagos 2026

By Modupe Gbadeyanka

The federal government has urged global investors and innovators to tap into the Nigerian healthcare ecosystem, which is projected to grow by 7.1 per cent, reaching a market value of $161.7 million by 2027.

This advice was given by the Minister of State for Health and Social Welfare, Mr Isiaq Salako, at the opening of the World Health Expo (WHX in Lagos 2026), formerly known as Medic West Africa, on Tuesday in Lagos.

The broader West African market is expected to reach more than $11 billion, providing investors with an opportunity to get a good return on investment.

“Nigeria is open for healthcare investment. We want platforms like WHX in Lagos to serve as a critical conduit for translating this investment ambition into tangible technology access for our hospitals and patients,” the Minister, who declared the event open on behalf of President Bola Tinubu, said.

He praised the organisers of the expo, which welcomed over 8,000 healthcare professionals and 500 exhibitors spanning 40 countries, for growing the programme into a vital catalyst for West African healthcare transformation.

Addressing the stark reality that between 85 per cent and 99 per cent of medical equipment and in vitro diagnostics in West Africa are currently imported, Mr Salako outlined aggressive federal interventions designed to dismantle supply chain vulnerabilities and skyrocket local manufacturing capabilities.

He also spotlighted key presidential directives, including the Presidential Initiative to Unlock Healthcare Value Chains (PVAC) and the Presidential Executive Order for the Pharmaceutical and Allied Sectors, both engineered to catalyse health security, drive economic growth, and generate employment through strategic private-sector collaborations and Public-Private Partnerships (PPPs).

“Our commitment to improving access to modern equipment and technologies in hospitals is backed by concrete action. The government has inaugurated the $1.2 billion Sector-Wide Approach (SWAP) initiative, a comprehensive overhaul addressing financing, workforce development, and infrastructure.

“Furthermore, for the 2025 fiscal year, the Federal Government committed N402 billion specifically for health sector infrastructure investment,” he stated, also highlighting an expansive health infrastructure upgrade program in partnership with the Nigeria Sovereign Investment Authority (NSIA).

According to him, this phased initiative is actively delivering oncology and nuclear medicine centres across six tertiary hospitals, alongside establishing 22 modern medical diagnostic centres, seven cardiac catheterisation laboratories, and expanded radiology and clinical pathology capabilities distributed across Nigeria’s six geopolitical zones.

Also speaking, the chief executive of EHA Clinics, Dr Ifunanya Ilodibe, stressed the urgent need to support and unify fragmented growth within the healthcare system, noting that WHX serves as the precise ecosystem platform required to bring together policymakers, clinicians, and investors to move actionable strategies forward.

Also, the President of the Healthcare Federation of Nigeria (HFN) and Country Director of PharmAccess, Njide Ndili, said, “HFN bridges the gaps in health financing, opening up critical connections to achieve true health sovereignty,” praising Africa CDC’s historical intervention, particularly during the Ebola crisis and urged participants to utilise the WHX exhibition floor to forge collaborations capable of scaling locally produced medical equipment.

The Lagos State Commissioner for Health, Mr Akin Abayomi, on his part, highlighted the enforcement of the National Health Insurance Authority (NHIA) Act in Lagos State as a landmark regulatory milestone. The Act mandates health insurance for all residents, structuring the financial environment to guarantee medical protection across various socioeconomic levels.

Delivering the keynote address, the Special Regional Representative of the Director General of the Africa CDC Western Regional Coordinating Centre, Prof. Aliko Ahmed, called on leaders in geopolitical positions to enact liberating trade policies aligned with the African Continental Free Trade Area (AfCFTA) to shape the continental agenda, emphasising that the Africa CDC will fiercely prioritise building trust in locally manufactured healthcare products.

WHX in Lagos 2026 runs for three days, featuring accredited forums, cutting-edge product showcases, and high-level networking tracks designed to translate billions in public and private investment into immediate technology access for hospitals and patients.

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Euracare Secures Court Order Halting Inquest into Chimamanda Son’s Death

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Euracare

By Adedapo Adesanya

The coroner’s inquest into the death of 21-month-old Nkanu Adichie-Esege, son of renowned author Chimamanda Ngozi Adichie, suffered a major setback on Wednesday after Euracare Multi-Specialist Hospital informed the coroner’s court that it had obtained an order of the Lagos State High Court staying further proceedings in the probe.

The matter came before Coroner Magistrate Atinuke Adetunji at Court 9, Igbosere Magisterial District, Yaba, Lagos, and was scheduled for the commencement of witness’ testimony.

Counsel to Euracare Multi-Specialist Hospital, Professor Taiwo Osipitan (SAN), told the court that the hospital had initiated judicial review proceedings challenging, among other issues, the jurisdiction of the Coroner’s Court to conduct the inquest in the absence of the deceased’s body.

He disclosed that the High Court had granted leave for the judicial review application and ordered that the leave operate as a stay of proceedings pending the determination of the suit.

The senior advocate also informed the court that although the Lagos State Attorney-General’s Office denied seeing the originating processes from the High Court, proof of service was available.

Responding on behalf of the family, Mr Kemi Pinheiro (SAN) confirmed receipt of both the originating processes and the High Court order.

While acknowledging the obligation of all parties to comply with court orders, he informed the coroner that the family had already filed four witness statements on oath, including that of Dr Ivara Esege, as well as statements from independent medical experts from Nigeria and the United States, who are expected to testify at the inquest.

Mr Pinheiro urged the court not to adjourn the matter indefinitely, but to a definite date after the court vacation to enable parties to report on developments in the High Court proceedings.

He also highlighted the need for transparency and public confidence in the fact-finding process, saying, “He who is innocent does not fear an open inquest.”

Counsel representing Atlantis Paediatric Hospital supported the request for a definite adjournment rather than an indefinite postponement.

Following submissions by counsel, the Coroner adjourned the matter until October 8, 2026, for a report on the status of the High Court proceedings.

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Gavi Promises $50m for Bundibugyo Ebolavirus Vaccines

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Bundibugyo Ebolavirus Vaccines

By Modupe Gbadeyanka

About $50 million has been promised by Gavi, the Vaccine Alliance, through its First Response Fund (FRF), to support the response to the ongoing Bundibugyo ebolavirus outbreak.

A statement from the organisation made available to Business Post on Monday said up to $40 million would be available to enable accelerated access to investigational doses and, eventually, approved vaccines, while a further $10 million would support outbreak response and protection of routine immunisation services in impacted countries.

“We need to act now to ensure that, once one or more vaccine candidates are ready, manufacturers are in a position to start producing doses at scale,” the chief executive of Gavi, Dr Sania Nishtar, was quoted as saying.

“Leveraging this allocation, Gavi will work closely with CEPI and partners to design the right incentives to achieve this goal, exploring all options, including potential Advance Purchase Commitments.

“This effort, alongside ensuring emergency funds are on hand to support outbreak response and protect routine immunisation services in the communities impacted, is exactly what our First Response Fund was designed for,” Dr Nishtar added.

The First Response Fund is the only globally approved mechanism that allows “at-risk” financing for scaled-up production of vaccines under development. This means Gavi is able to make vital early investments even when development outcomes are uncertain.

The $40 million in immediate surge financing that has been approved today will enable manufacturers of the leading candidates of a vaccine against the Bundibugyo virus to directly commit to high-capacity manufacturing.

This, in turn, will ensure that, as soon as clinical trials demonstrate positive outcomes, investigational vaccine doses could be deployed rapidly to support outbreak response.

Looking to the longer-term, Gavi will also provide incentives for manufacturers to adopt the fastest pathways towards WHO Emergency Use Listing (EUL) and/or WHO Prequalification (PQ), which are critical global approvals that will enable the rapid use of these vaccines in future emergencies.

In the coming weeks, Gavi will finalise the design of a financial mechanism that leverages the $40 million FRF allocation to achieve these vaccine access goals, in close partnership with the Coalition for Epidemic Preparedness Innovations (CEPI) as well as WHO, Africa Centres for Disease Control and Prevention (Africa CDC) and UNICEF.

The final design will take into account the characteristics of individual vaccine candidates and the needs of their manufacturers and may include mechanisms such as Advance Purchase Commitments. Work will also be undertaken to ensure successful candidates from African-based vaccine manufacturers can benefit from accelerated support through Gavi’s African Vaccine Manufacturing Accelerator (AVMA) initiative.

In addition to these investments, Gavi will also immediately release US$ 10 million to support countries and partners with outbreak response.

This funding will support implementation of national outbreak response plans, including targeted investments to protect routine immunisation, protect health care workers and ensure readiness for future vaccines. Gavi will work closely with countries, partners including Africa CDC, WHO, UNICEF, World Bank, and donors to ensure these investments complement other efforts.

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