Health
GCR Affirms Fidson Healthcare BBB(NG) Rating

By Modupe Gbadeyanka
Global Credit Ratings (GCR) has affirmed the national scale Issuer ratings assigned to Fidson Healthcare Plc of BBB(NG) and A3(NG) in the long term and short term respectively; with the outlook accorded as Stable.
Concurrently, GCR has assigned a national scale long term rating of BBB(NG) to the N2 billion Secured Fixed Rate Bond. The ratings are valid until June 2018.
Explaining reasons for the ratings, GCR said Fidson remains one of the key players in the Nigerian pharmaceutical sector, with an estimated market share of 6%. The business is enhanced by a strong marketing base and good distribution network, as well as strong relationships and synergies with various local and international suppliers, which should guarantee a sustainable supply of raw materials and consumables.
The company experienced significant rise in production costs in 2016, on the back of pressure on the procurement process, due to several factors, including the devaluation of the Naira and protracted foreign exchange shortages. In addition, there was production downtime between March and May 2016, as equipment from the old factories was relocated to the newly completed Biotech plant, it said.
Overall, revenue fell by 6.8 percent to N7.7 billion in FY16. Given the relative stability in foreign currency supply since February 2017 and the government support for locally produced medicines, Fidson reported a 79 percent annualised increase in revenue to N3.4 billion in 1Q 2017, indicating relatively sound performance against the FY17 budget, a statement by the rating agency said.
GCR noted that although the gross margin remained unchanged at 53 percent in FY16, rising energy costs, as well as elevated selling and distribution expenses continue to impact EBITDA and operating margins.
Input costs are expected to remain high in the current year, but economies of scale should see margins improve.
Net interest coverage weakened to 1.9x (FY15: 2.2x) in FY16, but improved to 2.1x in 1Q FY17, supported by stronger earnings.
It said the resilience of the margin going forward is contingent upon earnings stability and will continued to be monitored closely by GCR.
“Note is taken of Fidson’s long standing banking relationships, which have allowed for a steady source of funding and favourable terms in the challenging operating environment.
“Gross debt reduced to N4.4 billion at FY16 (FY15: N4.6 billion) as Fidson settled certain maturing term facilities.
“Accordingly, gross and net gearing were reduced to 68 percent and 62 percent respectively (FY15: 74 percent; 72 percent),” the statement said.
However, gross and net debt to EBITDA rose to 302 percent and 279 percent at FY16, due to the curtailed profitability during the year.
The debt profile has improved, with long term debt accounting for 55% of the interest-bearing obligations at FY16 (FY15: 60 percent). While Fidson is planning to raise additional debt and/or equity funding to support production capacity, the expected increase in production volumes from the new facilities should see gearing metrics decline by FY17.
Apart from FY13, Fidson reported working capital releases in all the years under review. The significant release recorded in FY16 was largely driven by trade receivables, which followed rigorous credit control measures and increased recovery efforts.
Bureaucratic delays on the part of the Lands Registry and other government agencies have prolonged the security perfection process for the N2 billion fixed rate bond.
Accordingly, GCR will only consider any additional rating uplift provided by the security package once the security is perfected in full.
Upward rating movement is presently limited by the tough operating environment which has resulted in curtailed performance.
However, upward pressure would arise from the attainment of targets over the medium term, and in particular, a significant reduction in debt. Negative rating action could emanate from sustained decline in earnings profile, which could lead to lower than anticipated debt service metrics and deterioration in all other credit protection metrics.
Health
Polaris Bank Sponsors Free Breast, Prostate Cancer Screenings
By Modupe Gbadeyanka
To commemorate World Cancer Day observed on Wednesday, February 4, 2026, Polaris Bank Limited is bankrolling free screenings for breast and prostate cancers across the country.
The financial institution partnered with a non-governmental organization (NGO) known as Care Organization and Public Enlightenment (COPE) for this initiative.
At least 100 women would be screened during the exercise, scheduled for Saturday, February 21, 2026, at the C.O.P.E Centre on 39B, Adeniyi Jones Avenue, Ikeja, Lagos, from 10:00 am to 2:00 pm.
The exercise will be conducted by trained health professionals and volunteers, ensuring participants receive both screening services and educational guidance on cancer prevention, self-examination, and follow-up care.
To participate in the free breast cancer screening programme, the applicants must be women, must be Polaris Bank account holders, and must have registered ahead of the day via bit.ly/BCS2026, with selection based on early and confirmed submissions.
Polaris Bank said the initiative was designed to promote awareness, screening, early detection, and preventive care, reinforcing its belief that access to health services is a critical foundation for individual and economic well-being.
The organization is already supporting an on-going free prostate cancer screening programme for 250 men aged 40 years and above across Nigeria.
The prostate cancer screening is being conducted at the Men’s Clinic, situated at 18, Commercial Avenue, Sabo, Yaba, Lagos, providing accessible, professional medical support for male participants seeking early detection and preventive care for prostate cancer.
Both initiatives (free breast and prostate cancer screenings) directly aligns with the United Nations Sustainable Development Goals, particularly SDG 3 (Good Health and Well-being) through improved access to preventive healthcare and early detection services, SDG 5 (Gender Equality) by prioritizing women’s health and empowerment, and SDG 17 (Partnerships for the Goals) through strategic collaboration with civil society organizations such as C.O.P.E to deliver community-centered impact.
Educational materials, community engagement sessions, and digital awareness campaigns will be deployed to reinforce key messages around early detection, lifestyle choices, and the importance of regular medical check-ups.
The Head of Brand Management and Corporate Communications for Polaris Bank, Mr Rasheed Bolarinwa, emphasised that early detection remains one of the most effective tools in the fight against cancer.
Health
NSIA Gets IFC’s Naira-financing to Scale Oncology, Diagnostic Services
By Adedapo Adesanya
International Finance Corporation (IFC), a subsidiary of the World Bank, and the Nigeria Sovereign Investment Authority (NSIA) have partnered to provide Naira-denominated financing to NSIA Advanced Medical Services Limited (MedServe), a wholly owned healthcare subsidiary of the country’s wealth fund.
Supported by the International Development Association’s Private Sector Window Local Currency Facility, this financing enables MedServe to scale critical healthcare infrastructure while mitigating foreign exchange risks. IFC is a member of the World Bank Group.
The funds will support MedServe’s expansion program to establish diagnostic centers, radiotherapy-enabled cancer care facilities, and cardiac catheterisation laboratories across several Nigerian states.
These centres will feature advanced medical technologies, including CT and MRI imaging, digital pathology labs, linear accelerators, and cardiac catheterisation equipment, thereby enhancing specialised diagnostics and treatment.
MedServe provides sustainable service delivery with pricing that matches local income levels, helping ensure broader access to affordable oncology care for low-income patients.
The initiative will deliver over a dozen modern diagnostic and treatment centers across Nigeria, create 800 direct jobs, and train more than 500 healthcare professionals in oncology and cardiology specialties.
The total project size is $154.1 million, with IFC contributing roughly N14.2 billion ($24.5 million) in long-tenor local currency financing, marking IFC’s first healthcare investment in Nigeria using this structure.
This comes as Nigeria advances its aspirations for Universal Health Coverage. This partnership provides an opportunity to leverage private investment to complement government efforts to expand oncology care and diagnostic services.
IFC’s provision of long-tenor Naira financing addresses a significant market gap and unlocks institutional capital for healthcare infrastructure with strong development upside while MedServe’s co-location strategy with public hospitals maximises capital efficiency and strengthens the public-private ecosystem, establishing a replicable platform for future investment.
“This partnership with IFC represents a significant milestone in NSIA’s commitment to strengthening Nigeria’s healthcare ecosystem through sustainable, locally anchored investment solutions,” said Mr Aminu Umar-Sadiq, managing director & chief executive of NSIA.
He added, “By deploying long-tenor Naira financing, we are addressing critical infrastructure gaps while reducing foreign exchange risk and ensuring that quality diagnostic and cancer care services are accessible to underserved communities. MedServe’s expansion underscores our belief that commercially viable healthcare investments can deliver strong development impact while supporting national health priorities.”
“This ambition is consistent with our broader vision for Africa, one where resilient health systems and inclusive growth reinforce each other to deliver long-term impact across the continent,” said Mr Ethiopis Tafara, IFC Vice President for Africa.
Health
Lagos Steps up Mandatory Health Insurance Drive
By Modupe Gbadeyanka
Efforts to entrench mandatory health insurance through the Ilera Eko Social Health Insurance Scheme in Lagos State have been stepped by the state government.
This was done with the formal investiture of the Commissioner for Health, Professor Akin Abayomi, and the Special Adviser to the Governor on Health, Mrs Kemi Ogunyemi, as Enforcement Leads of the Lagos State Health Scheme Executive Order and ILERA EKO Champions.
The Commissioner described the recognition as both symbolic and strategic, noting that Lagos is deliberately shifting residents away from out-of-pocket healthcare spending to insurance-based financing.
“We have been battling with how to increase enrolment in ILERA EKO and change the culture of cash payment for healthcare. Insurance is a social safety net, and this mindset shift is non-negotiable,” he said.
He recalled that Lagos became the first state to domesticate the 2022 National Health Insurance Authority (NHIA) Act through an Executive Order issued in July 2024, making health insurance mandatory. He stressed that the decision reflected the Governor’s strong commitment to healthcare financing reform, adding, “When Mr. Governor personally edits and re-edits a document, it shows how critical that issue is to the future of Lagosians.”
Mr Abayomi also warned against stigmatisation of insured patients, describing negative attitudes towards Ilera Eko enrolees as a major barrier to uptake. “If someone presents an Ilera Eko card and is treated as inferior, uptake will suffer. That must stop,” he said, pledging to prioritise insurance compliance during facility inspections. “The key question I will keep asking is: ‘Where is the Ilera Eko?’”
In her remarks, Mrs Ogunyemi, said the enforcement role goes beyond a title, stressing that the health insurance scheme is now law.
“This is about Universal Health Coverage and equitable access to quality healthcare for everyone in Lagos State,” she said, noting that ILERA EKO aligns with the state’s THEMES Plus Agenda.
She commended the Lagos State Health Management Agency (LASHMA) for aggressive sensitisation efforts across the state, saying constant visibility was necessary to address persistent gaps in public knowledge. “People are still asking, ‘What is Ilera Eko?’ ‘Where do I enrol?’ Those questions tell us the work must continue,” she said.
She urged all directors and health officials to mainstream Ilera Eko promotion in every programme and engagement, emphasising that responsibility for health insurance advocacy does not rest with LASHMA alone. “When people come with medical bills, the first question should be: are you insured?” she said, adding that early enrolment remains critical as premiums rise over time.
Earlier, the Permanent Secretary of LASHMA, Ms Emmanuella Zamba, said the investiture marked a critical step in positioning leadership to drive enforcement of the Executive Order across the public service.
“What we are undertaking is pioneering in Nigeria. All eyes are on Lagos as we demonstrate how mandatory health insurance can work,” she said.
Ms Zamba disclosed that enforcement nominees across Ministries, Departments and Agencies have been trained, with a structure in place to ensure compliance beyond the health sector.
According to her, “This initiative cuts across the entire public service, particularly public-facing MDAs, in line with the provisions of the Executive Order.”
She explained that the formal designation of the Commissioner and the Special Adviser as Enforcement Leaders was meant to strengthen compliance, alongside the Head of Service, while also recognising their consistent advocacy for universal health coverage. “This decoration is to amplify their roles and appreciate the leadership they have shown,” she said.
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