Following the decision of GSK Nigeria to wind up its Nigerian operations, the Securities and Exchange Commission (SEC) at the weekend, said it was yet to receive any formal notification from the company.
GSK UK Group has informed GlaxoSmithKline Consumer Nigeria Plc of its strategic intent to cease commercialisation of its prescription medicines and vaccines in Nigeria. The Company made this announcement via a filing sent to NGX recently.
The company noted that it would appoint a local third-party direct distributor in Nigeria for the supply of its consumer healthcare products. It said that having evaluated various other options, the Board of GlaxoSmithKline Consumer Nigeria Plc concluded that there is no alternative but to cease operations.
“The Board is conscious that shareholders will have many questions; we have been working assiduously with our professional advisors to agree on next steps and we will be shortly submitting to the Securities and Exchange Commission (SEC) a draft Scheme of Arrangement which may, if approved, see shareholders other than GSK UK, receive an accelerated cash distribution and return of capital”, the filing read.
However, a source at SEC said it was yet to receive any formal notification. “Please be informed that SEC is yet to receive any formal notification on plans by GSK to cease its operations in Nigeria. Thank you”, the source said.