By Omodele Adigun
Barring any last minute change in plan, May & Baker Plc is to sell all its non-performing assets to boost its financials during the 2017 fiscal year.
Its Chairman, Lt. General Theophilus Danjuma, who stated this in his address to the company’s shareholders at their 66th Annual General Meeting (AGM) Thursday in Lagos, the said Board had mandated the management to review all business units and undertakings of the company with a view to pruning all non performing and non profitable ventures. He said the future outlook of the company is bright as it plans to consolidate on her great pedigree as the leading pharmaceutical company in Nigeria to conquer the sub Saharan African market. He said the company plans to acquire new competencies in new business areas , expand product portfolio and deepen its market beyond the country.
On the Federal Government’s approval of the 12- year old agreement with the company for local vaccine production, Danjuma said the partners would immediately take steps to reconstitute the board of Biovaccines Nigeria Limited, , the company set up for vaccine manufacturing in the country.
In 2005, May & Baker entered into a joint venture with the Federal Government to take over the facilities of the Federal Vaccine Production Laboratory (FVPL) in Yaba for the purpose of resuming vaccine production which had stopped due to the inability of the FVPL to cope with operational challenges. The project was however delayed due to the non ratification of the agreement by successive governments.
Lt Gen Danjuma said, with the recent development, the company w ould proceed with all necessary steps to actualize the dream of private vaccine production in Nigeria. He said steps are already being taken to ensure that the project kicks off as soon as the Board of Biovaccines is reconstituted.
Also commenting on the issue, the company’s Managing Director/CEO, Mr Nnamdi Okafor, said they were very excited about the approval.”What this is saying to us is that it is good to persevere.It is good to be patient.At the end of the day, we are going to get results. May & Baker has 51 per cent holding, while the Federal government has 49 per cent.”
On the management of the joint venture, he said:
“May & Baker is a child of management, we are going to manage the Biovaccines.The Federal Government will provide the Chairman,everything about management is going to be done by May & Baker.Federal Government knows it is not good in managing businesses. That is why they handed over the management to M& B.