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
Nigeria Launches First National Antimicrobial Resistance Survey
By Adedapo Adesanya
Nigeria has launched its first nationally representative survey on antimicrobial resistance to generate critical data to guide evidence-based policies, improve patient outcomes, and strengthen health system resilience.
Antimicrobial resistance occurs when bacteria, viruses, fungi, and parasites evolve to resist treatment, making infections harder to cure.
As a result, surveillance is essential to track resistance patterns, identify priority pathogens, and guide targeted interventions and with support from the World Health Organization (WHO) and other partners, the initiative marks a milestone in the country’s public health response.
Nigeria becomes the third country globally to partner with WHO on a national antimicrobial resistance survey. having been selected based on the country’s strong commitment to AMR surveillance, its updated WHO Nigeria NAP 2.0, and readiness to expand laboratory and data systems.
Africa’s most populous country ranks 20th globally for age-standardized mortality due to antimicrobial resistance . In 2019, an estimated 263,400 deaths in Nigeria were linked to it—more than the combined deaths from enteric infections, tuberculosis, respiratory infections, maternal and neonatal disorders, neglected tropical diseases, malaria, and cardiovascular diseases.
Globally, resistant infections in tertiary care settings cost between $2,371 and $29,289 per patient episode, extend hospital stays by an average of 7.4 days, and increase mortality risk by 84 per cent.
The survey will see the establishment of a national baseline on antimicrobial resistance prevalence to monitor interventions, assess the distribution, burden (morbidity, mortality, DALYs, cost), and diversity of AMR across regions and populations, as well as contribute to the global target of reducing AMR deaths by 10 per cent by 2030, in line with the political declaration endorsed at the 79th United Nations General Assembly in 2024.
It also seeks to strengthen routine antimicrobial resistance surveillance, including diagnostics, sample referral systems, and laboratory capacity.
Using WHO’s standardized methodology, the survey will run for 12–15 months and cover 40–45 randomly selected health facilities nationwide. Patients with suspected bloodstream infections (BSIs) will be identified using standard case definitions, and blood samples will be analysed in quality-assured laboratories.
Data will be collected across all age groups, covering clinical, demographic, laboratory, financial, and outcome indicators. Follow-up will occur at discharge, 28 days, and three months post-infection. The survey will sample approximately 35,000 patients suspected of BSIs to obtain around 800 isolates of the most common pathogens.
Dr Tochi Okwor, Acting Head, Disease Prevention and Health Promotion, Nigeria Centre for Disease Control and Prevention (NCDC) said, “With WHO’s support, we are confident the survey will generate the evidence needed to protect public health.”
WHO Representative in Nigeria, Dr Pavel Ursu, reaffirmed WHO’s commitment stating that ,“Nigeria is taking a decisive step toward combating AMR with an approach grounded in data, science, and measurable impact. This survey will provide the clarity needed to drive smarter policies, stronger surveillance, and better patient outcomes. Nigeria is laying the foundations for a resilient health system, one that protects lives, strengthens trust, and ensures that essential medicines remain effective for future generations.”
Adding her input, Dr Laetitia Gahimbare, Technical Officer at WHO Regional Office for Africa, added:“Strengthening surveillance enhances Nigeria’s capacity to detect and respond to AMR threats, supporting better patient outcomes, reinforcing health security, and building a resilient system.”
Professor Babatunde Ogunbosi, Paediatric Infectious Diseases Specialist at University College Hospital, Ibadan, highlighted the broader impact:, “This survey is about more than data. It’s about building national capacity for research, diagnostics, and policy. It integrates science into public health decision-making.”
Health
Our Vision Extends Beyond Offering Health Insurance Packages—SUNU Health
By Modupe Gbadeyanka
One of the leading Health Maintenance Organisations (HMOs) in Nigeria, SUNU Health, has said its philosophy is proactive wellness, noting that this was why it recently partnered with The Divine Physician and St. Luke Catholic Chaplaincy Centre for a community health initiative.
The chief executive of the company, Dr Patrick Korie, said, “SUNU Health’s vision extends far beyond merely offering health packages and insurance.”
“We are fundamentally interested in proactive wellness—preventing illness rather than just treating it. This annual exercise is a crucial part of that commitment, and we will continue to champion it for as long as we exist,” he stressed.
The medical practitioner led the company’s annual Health Walk in Lagos on Saturday, November 8, 2025. The event drew hundreds of health enthusiasts, including the Chaplain of the centre, Rev Fr. John Okoria SJ.
His active participation reinforced the spiritual and moral commitment to holistic well-being, proving crucial in mobilizing staff and community members, thereby ensuring the vital wellness message reached a broad and deeply engaged audience.
The health walk covered several major streets in Lagos, starting from Ishaga Road and navigating through Itire Road, Randle Avenue, Akerele, Ogunlana Drive, and Workers Street before concluding back at the starting point. Following the vigorous walk, participants engaged in a session of high-energy aerobics and other outdoor exercises, reinforcing the day’s focus on fitness.
“We are delighted to champion this vital health initiative alongside the Catholic Chaplaincy Centre LUTH/CMUL. The turnout was truly delightful, reflecting the community’s deep desire to embrace wellness.
“Collaborations like this amplify our message and commitment to the Nigerian community,” the Brand and Corporate Communications Lead at SUNU Health, Mr Samuel Olayemi, stated.
Health
80 Coronation Registrars Staff Donate Blood in Lagos CSR Initiative
By Adedapo Adesanya
Coronation Registrars Limited, a subsidiary of Coronation Group, in partnership with the Lagos State Blood Transfusion Committee (LSBTC), recently hosted a Blood Drive Initiative at the 5th floor of Coronation Group Plaza. The event saw over 80 staff donate blood to support critical healthcare needs in Lagos State.
The Blood Drive Initiative forms part of Coronation’s commitment to meaningful, human-centred corporate social responsibility, a direct, measurable, and life-saving effort that reflects the Group’s health and sustainability values.
As Prosperity Partners dedicated to creating sustainable wealth for clients and the African continent, Coronation recognises that true prosperity extends beyond financial returns to encompass the well-being of communities we serve.
The company noted that this initiative enabled it to deliver immediate social impact by supporting national blood supply shortfalls through employee-driven action, demonstrate leadership in health-focused CSR aligned with ESG goals and SDG 3 (Good Health & Well-being), strengthen internal culture by fostering employee engagement, empathy, and purpose in a safe, structured environment, and reinforce corporate reputation through public-facing acts of service, stakeholder trust, and media visibility.
Blood donation remains a critical need in Nigeria, where regular blood supply is essential for emergency care, surgeries, and treatment of various medical conditions. Each donation can save up to three lives, and the collective effort of Coronation employees will significantly impact patients in need across Lagos State healthcare facilities.
“This aligns seamlessly with Coronation’s broader sustainability agenda, which views healthcare access as fundamental to building prosperous communities across Africa,” the company said in a statement on Tuesday.
Partnering with a certified medical institution, the drive was professionally managed, medically compliant, and logistically efficient. Participants underwent necessary medical screening procedures to ensure donor fitness and safety. Following their donations, donors received refreshments and appreciation for their life-saving contribution.
“At Coronation, we believe in making a meaningful difference in the communities we serve,” said Mr Oluseyi Owoturo, Chief Executive Officer of Coronation Registrars Limited. “This Blood donation Initiative reflects our values in action, saving lives, building community, and positioning the company as a purpose-driven brand. We’re proud of our employees who stepped forward to donate blood and save lives. This is what sustainable impact looks like: tangible solutions that address real challenges facing our continent.”
The partnership with the Lagos State Blood Transfusion Committee ensured professional handling of the donation process, meeting all safety and quality standards for blood collection and storage.
Coronation Registrars Limited says it continues to demonstrate that corporate success goes hand-in-hand with social responsibility.
“This initiative reinforces the company’s purpose to create a prosperous future for clients and the African continent through transformational solutions,” it added.
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