And so after many months of intense intrigues perpetuated by Glaxco Smikline (GSK) UK, Glaxco Smikline Consumer Nigeria has finally shut down operational activities in Nigeria. A sordid tale of a neo-colonial manipulation of a fragile Nigerian Regulatory System, for the purpose of profiteering, with out a thought for the lives of poor Nigerians, who may not be able to afford GSK Drugs and Vaccines, due to new business model adopted by them.
In a Letter dated 3rd August, 2023, sent to the Nigerian Exchange ( NGX), signed by the Company Secretary of GSK Nigeria -Frederick Ichekwai, the Company indicated its cessation of operations in Nigeria, citing nondescript and nebulous reasons.
This is indeed a sad day for the Nigerian Business Community, as hundreds of Workers will be thrown into the labour market, due to the shut down of GSK activities in Nigeria. This is despite the many advocacies against the unconscionable shut down, which is geared towards saving operational costs, thereby making Nigeria a dumping ground for GSK Imported drugs, an unfair trade practice, that could only have happened in a Country, where the regulators do not live up to their responsiblities .
Should the Nigerian Government allow this to happen, many Nigerians will not able to afford the unique drugs and vaccines of GSK, which are for terminal ailments and life threatening diseases respectively.
This shut down of GSK activities in Nigeria will also be a dangerous precedent for other multinationals, which can follow the same model, knowing that Nigerian Regulatory Authorities are indifferent to such unfair trade practices.
GSK Nigeria’s assertion that their closure is mainly due to Forex pressure is false and laughable as the current Forex regime is one of Forex liberalisation, pushed by the Forex Deregulation Policy of the President Bola Ahmed Tinubu Government.
We call on President Bola Ahmed Tinubu, to look into this issue and call the Authorities of GSK Nigeria, being controlled by GSK UK to order, to save the lives of poor Nigerians and save Nigerian Jobs. GSK UK has used the same business operations closure model in many African Countries, but their attempt to do same in China was met with stiff opposition from the Chinese Authorities and a huge fine.
Nigeria as the giant of Africa must show leadership in this issue, by stemming the impunity of GSK UK in its activities in Nigeria as this will be a wedge to further investment shenanigans by some of these multinationals.
